The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-03-23
CONFIDENCE IS REv1v1NG.


CIews the New York banker, in his
current review of the conditions that
prevail in the world of trade and
finance. "Our fiscal affairs" he con-
tinues, ''are modified upon a war
basis. Nearly ALI the emergency cur
rency issued in the form of Aldrich-
Vreeland notes or clearing house GER
tificates has been retired Our bank
/ ing system is exceptionally strong:
and the federal reserve system, with
minor exceptions, is working very
/ satisfactorily. Our gold supply is
simply enormous, reaching about ST.
S0O,00O,000, which is vastly more than
necessary for our requirements. There
is consequently no need of our i'm
porting gold, although foreign ex-
change rates favor such an influx Our
merchandise exports are upon an
enormous scale, and promise to so
continue for months to come. AS i'm
ports are declining, the trade balance
in our favor is steadily rising. To
some extent, the void in imports is
being filled by a return of securities;
but much of the balance remains on
this side in the form of foreign credits
which are steadily growing in impor-
lance and volume. New York for the
time being is the chief open money
market in the world, and all, or nearly
all, of the belligerentS have establish
ed large credits in this market to be
used chiefly for the purchase of NUM-
lions of war. Until the war ends,
contingency unhappily not yet in sight,
this situation will probably be main
tanned. The war is still the dominat
ing influence in Our financial affairs,
and the United States is the only coun-
try thus far receiving any offsetting
advantage whatever from the stagger-
ing waste of life and property now
devastating Europe. Spring has ar
rived and the struggle will now be
waged with renewed bitterness and
vigor; no end being in sight at this
writing, except such must develop
from exhaustion or breakdown.
1.-The home business situation, while
far from satisfactory, shows improv-
ing tendencies at work. OF course
business is depressed; that could not
be otherwise, circumstances consider |
ed; but the same policy is to make the !
best of things and steer a steady |
course between blind optimism and |
deadening pessimism. Confidence is
slowly reviving. Many industrial ac- |
tivities will resume with the coming |
ready on rising scale. The steel
trade is expanding slowly but surely, |
and is now running on a 60 per cent |
basis. Unusual quantities of manu-
featured steel are being exported also |
large quantities of war materials. |
American ship owners are enjoying
positive boom, such as they have not
in years. Implement max
erS are beginning to feel effects of the I
enjoyed by American farm
ers. which has done so much to offset T
Industrial depression in other parts of {
the country. Our cotton industry is
under better conditions, 7
thanks to the lessened uncertainty re-
garding raw materials and labor Our
however, are still seriously
hampered by diminished revenues and
expenditures, that the
outlook is still a problem for
weakened lines. Nevertheless it would
seem as if the worst concerning the
'ailroads had already been expert
enced; and a very important factor
their future is the steady
subsistence of popular agitation
against railroads and other large cor
oorations. The disposition to injure
capital by ill-advised legislation and
is distinctly on the wane.
Not only at Washington, but in state
governments, a more ra-
ional and just spirit is developing,
hat is sure to encourage a slow but
teady revival of confidence among
BUSINESS leaders as we'll as investors
he labor situation here is better than
n any other country of the world at
his time. American labor is free
tI1o Of :
ion of unemployed may be large,
specially in great cities, whittier the
hiftless always drift in the winter. Z
SUIT the number of jobless is much
mailer than might have been expect
d in view of so much depression, be-
ause war has stopped immigration
nd induced a large number of aliens
o return to fight for their native
ands across the sea. This spring few j
f any aliens will come to the United
tates from Europe; and after the
var is over labor will be in such large
emand for reconstruction purposes
S to restrain any sudden influx to
his side. Public attention has been
argely concentrated upon the new
orm of blockade adopted by Great
Britain and her allies. Thus far this !
novment has not seriously aggravat- !
d the export situation, but the out
ook is full of rather serious posi-
ilities. Yet, so long as a patient
nd considerate spirit is maintained
etween our government and the al r
les, the danger of trouble will be re-
uced to a minimum. 1t is fortunate t
hat congress is not in session. Our
resident is weighted with tremen-
Gus responsibilities, in the meeting
f which he merits the support and !
.ot the criticism of the public in his
resent policy towards the belliger- I
nts. which while maintaining strict ie