The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-05-19
THE SILVER LINING SHOWS.

I
much improved. Henry Clews, the New
York banker. writes in his week.,
/ financial review, that the development
| Of the. week as a whole have been IA
vorable. And he continues: "Notwfth.
standing familiar disbursements ant
pessimistic habits to which many arr
weakly submitting. there are severa
| very important and fundamental rea'
| sons for taking more confident view
of the future. The crop outlook II
more encouraging than for many years;
and even If some setback should &C.
cur, az is not improbable. the margin
Of advantage is SO great as to still at
ford splendid promise. This Is espe-
cially true Of wheat. and the corn out
look is also excellent and promises a
liberal increase in acreage. Moreover.
the fruit outlook is satisfactory. and
indications point to a fair increase In
the acreage OF cotton. May has been
a cold month in all parts of the coun-
try: consequently some crops are rath-
err backward, but a few days Of warm
weather would quickly recover all lost
ground from this cause. Another salts
factory element is the general soundness
of business conditions. Persistent liqui-
dalton has weeded out nearly all weak
spots. There is little over-trading or
over-expansion, in any direction For
some time past business has been con-
Quoted on a hand-to-mouth and bed
shown a very considerable decline.
There are no over supplies Of desirable
merchandise. and basic conditions gen.
orally are exceptionally sound. The
situation is positively ripe for a fresh
forward movement in trade and indus
try as soon as confidence is restored.
Confidence is the chief element lacking.
still another favorable element is
the growing impression that before
very long some concessions will be
made to the railroads in the matter OF
rates. These concessions will probably
be kept down to minimum, but a
genuine disposition to deal justly by
the railroads would undoubtedly have
a more favorable effect than the mere
concessions in rates. An improvement
in business would also be more bene-
fetal to the roads than any increases
they are likely to secure In the matter
of freight charges. 1t Is unfortunate
that the disclosures regarding New
Haven should have been made at this
time. Such misdeeds as those charged
invariably bring retribution at one time
or another; but justice and not ven
geance should be the spirit in which
the government deals with all inter-
ests: and punishment for such mis-
deeds should be visited upon those who
committed proved crimes rather than
Upon innocent stockholders who have
already suffered severely for the bad
judgment If not wrongdoing of others.
"Indications point to prolonged ease
in money, at least until the crop de-
mands begin next autumn. Dull BUSH
ness is, Of course, the explanation OF
this condition. Considerable gold ex-
ports are anticipated. Yet there is no
expectation that these will have any
important effect upon the local mone-
tary situation, for this county has
plenty of gold to spare for meeting
Europe's needs, the effect of which dn-
directly will be beneficial to ourselves
The gold movement will be somewhat
facilitated by the course Of foreign ex-.
change. Imports are increasing under
the new tariff schedules. and this will
tend to diminish our customary excess.
So that apart from European necessi-.
ties. we would be apt to send gold at
this time, especially as money COM:
mands better rates in Europe than
here.
This market has had to contend dur
ing the past week against an unfavor-
a BILE European situation. The financial
strain in Paris and Berlin which first
with the Balkan war has evil
IDENTIFY not yet eliminated. Recently it
has been aggravated by the losses In
Cured in Brazilian, South American
and Mexican securities, while the
growth of the Socialistic vote in the
French elections has deepened the
general depression. On the other hand
the financial embarrassments in Lon
don have been successfully tided over
and there is a decidedly more hopeful
feeling at that center. European ma
tons have revived their scramble for
gold upon somewhat unexpected
SCALE The twelve great banks OF Eu-
rome now hold nearly $4,000. 100000 OF
gold, or about $2S0, 100000 more than a
wear ago. The causes for this accumu-
lation are not clearly made known.
though apparently due to the worldwide
of distrust. The Bank of
England has not as yet reinforced its
reserves to any extent. and may be
expected to be more active in the COM
netttion for the precious metal.
"At home the most unsatisfactory
feature ia the prevailing lack of con-
fdence. due to very familiar political
and the unreasoning II not
vindictive antipathy towards business
enterprise This is q. state of mind
which will have to exhaust itself. APP
the end is not yet in sight
because the distemper is being actively
famed for political reasons. Neverthe-
less. faith in human nature, sober Sec