The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-07-28
So fl''s = q. 3. Z : -
CROPS, THE THING.

Clews. the New York banker. In his
current weekly financial review. is the
crop outlook, which continues with few
exceptions eminently satisfactory.
THE agricultural sections Of the west
are already beginning to feel the slim
illus Of the, huge wheat CROP Merchants
are anticipating a larger demand foz
their wares. while the railroads are
making active preparations for market
ing the enormous surplus of wheat. Al
ready there are signs Of local traffic
congestion. For weeks past there has
been a marked contrast between the
optimism of the West and the pessim-
ism of the East. The former may be
somewhat extreme. but 1t is quite like
ly to have sufficient force to moderate
Eastern discouragement. and will UNI
doubleday do much toward paving the
way for a moderate business recovery
throughout the country. Revival in the
East is today almost entirely a matter
of confidence. When that revives. trade
will revive; but no real recovery Is to
be expected until there Is some cessa-
ton of disturbing legislation and gov
eminent activities. many Of which may
be justified and necessary but are
nevertheless severely drastic and high
ly disconcerting. In a few weeks Con-
gress will cdjourn and that will afford
some relief. Many Of the uncertainties
dependent upon government action are
now a matter Of history. such as the
tariff, the banking law. the Mexican
problem. etc. Very soon the trust Ques-
ton will also be settled. and this dis
turbance will be out Of the way. After
the elections. which are only three
months away, the country may antici-
pate a period Of political quiet and be-
fore this occurrence 1t is not at all inn
probable that we shall witness more
active and higher market in antici-
patton.
THE money situation continues sat
isfactory. Slightly former rates may be
anticipated when the crop movement
fairly begins; and, though the new
banking system is not likely to be In
working order for some time to come,
our banks will be amply able to meet
all Requirements without difficulty. es-
pecially in view Of the certainty OF
Treasury aid, II needed. 1t should De
remembered also that as an extra pre-
caution the Aldrich-Vreeland act was
continued in force until June. 1915.
Some interest was exhibited in the re-
newal of further gold exports. but these
should cause no concern. The United
States is a rye producer OF gold. and
is quite able to stand a considerable
efflux without particular strain. In the
twelve months ending June our excess
of gold exports over imports was &c.,
900, 900. This seems like a large amount.
bit it is not much more than half OF
our annual production. The gold has
gone where it was most needed in or
der to strengthen weak spots.
"Our foreign commerce returns for
the fiscal lear ending June are not
without their encouraging features.
Our exports we're valued at 81, 1854 .000. 900,
having been exceeded only once in obr
history in 1913 when they amounted to
s., 1866, 600. 900. Our imports during the
twelve months amounted to 81 1894. 900, :
600. beating all records, the best pre-
vious year being 1913 when the total
ports was. Of course. largely due to the
lowering OF the tariff. which made it
self felt with increasing force during
the first six months of 1914. The loss
in exports was mainly caused by the
shrinkage in agricultural products.
which in turn was partly a result of
smaller shipments and larger consump-
ton at home. thus lessening the sur
plus for exports. 1t would not be sur
prising If our foreign trade soon turned
back to normal conditions. which
favorable to exports and less favorable
to imports. 1t is estimated that we
shall have fully 00.000.0 900 bushels OF
wheat for export this year. or practi-
cally three times the amount shipped
a year ago. Heavy engagements for
estimated at about 5000 ,00t
bushels-have already been made this
week.
1.-The foreign situation is not entire
through an economic reaction, although
it does not promise to be very severe
or of extended duration. Like our
selves Europe is suffering from dis
turbing political activities. The Balkan
problem is still q matter of anxiety
and the Berlin and Vienna bours~i
have been scenes Of considerable spec
ulative activity for the decline in CON
sequence. This was no doubt In antici-
patton of the threat Of Austria against
Servia. Paris has also been temporarily
unsettled, partly in sympathy with Der.
lin and partly by the tendency Of cap.
ital to leave the country as a result
Of excessive legislative hostility. Lon
don. too, is in rather b sober mood ow'
ing to the lister difficulties and trad,
depression. but conditions there ar,
considered generally sound"
Topeka IS READY.