The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-04-14

Mexico incident to- tho harsh treat
ment Of the Spaniards. and the ex-
treme dullness Of the iron trade are
detailed by Henry Clews, the New
York banker. in his weekly financial
review. az being the factors that have
contributed to the continued inactive
ity and weakness Of securities in the
stock market, the condition Of which
reflects in many ways the situation In
the world Of trade and finance. An
improvement in the iron industry.
thinks Mr.. -Clews. i dependent vefy
largely upon the railroad situation
And on this score. he writes:
There Is confident feeling PREVAIL
ing that the interstate commerce COM
missioners are going to grant an in
information as can obtain. hardly
think it will be tho per cent rate
asked for by the railroads; and as the
commissioners do not originate freight
rate advances, they will intimate that
a fresh application, naming lower
rate. will be considered. There can
be no doubt whatever that President
Wilson favors an increased rate. but
he cannot even suggest what rate
should be named. The per cent rate
asked, therefore, IL not unlikely to be
turned down; at the same time en-
couragement will bessiven to make q
new application at lower rate, and
this will probably take place at an
early date. OF course the decision
against the roads will be attended
with some disappointment. but the in
timation that q lower rate will be
granted will carry with it a moral in
fiuence that win be very effective and
lead to the impression that should the
lower rate not prove ample. an addi-
tional ono may be granted to make 1t
per cent, IL absolutely needed by the
railroads. Sufficient unto the day il
the evil thereof 1t is hoped the COM
missioners will hasten their decision as
rapidly as possible. The commission
ers. being appointed by the president.
are comparatively free from political
influences; and should be guided more
by judicial than political or class con-
sideratfons.
General business conditions are
more or less depressed" Mr.. Clews
goes on. mot alone owing to restrict
ed volume but also to continued
threatening political conditions. Rail-
road earnings make an unsatisfactory
showing. The total of 50 railroads
for the third week Of March aggre-
gated $12,90O,0OO, against $13,6OO.0O0
q year ago. These figures do not in
dictate any great loss in the volume Of
traffic, but they fail to take in the
large increase in expenses and conse-
quent loss in net results. which are
undeniably heavy. The increase Of
$4,000 in the number of idle cars on
April IL also suggestive of traffic
conditions. Much Of this decrease,
state Of traffic resulting from severe
March weather, and better results
should be expected from now on. Z
1.-The most encouraging element In
the situation was the government crop
report on winter wheat. indicating q
record breaking yield of about 6OO,-
100000 bushels. The condition re-
ported was 95.6, the highest on rec
ord. In all probability there will be
more or less deterioration during the
balance Of the growing season, but it
IL to be remembered that the govern
ment estimates of acreage and yield
are usually below, the mark: SO that
If only ordinary deterioration takes
place, the country. u still reasonably
sure Of big yield of wheat. which
is one of our most profitable crops
Generally speaking, the season II
backward as to temperature: but the
soil In all parts of the country is in
unusually good condition, and the alb
sence Of unseasonably warm spells has
prevented any premature development
and lessened the dangers of late frosts.
1.-The most effective support to the
market at this time is the certainty Of
easy money for the next three or four
months. This ease Is worldwide, and
will facilitate the placing Of many is
sues which had been deferred for
more convenient periods. In Europe
there has been a distinct improve
ment in financial and political condi-
lions. and this should at least have
some indirect effect upon the Ameri-
can market 1t would cause no sur
Pl A5C IL VIC CAROItC0 ulOE0 OT- less XOkO,
for this can readily be spared under
present financial conditions Much in
terest is attached to the $65, 900
New York City bond sale next week.
which is confidently expected to be
successful. There Is a continued good
demand for desirable municipal is
sues. and Of course none rank higher
in pubic estimation than those of this
great city.
THE outlook Is still one that de-
mands more or less caution. It re-
mains true that conditions are gener-
ally sound, yet business is dull, chief
ly because Of lack of confidence. That
lack of confidence is very largely due
to general unrest, unsatisfactory DO