The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-02-09

financial review, and he continues
The Improvement Is slow. too SLOW
to satisfy American optimism, blu
each week shows q distinct gain. boil
OF sentiment and in the volume O.
trade. 1t is well, perhaps, that thu
gain is slow, inasmuch as 1t will thu.
prove more permanent, while prema.
! ture convalescence would surely invite
unpleasant setbacks.
; The soundness CT the present for.
ward movement is beyond question
1t Is based chiefly upon the album
} dance of loanable funds at reasonable
rates and a good demand for our ag-
ricultural products at generally salts
factory prices. Undoubtedly the far
mers of this country are prosperous.
and this gratifying condition. coupled
with the sound banking situation, Is
the prime source Of our present ma
tional strength. These are the factors
enabling us to overcome derange-
ments which followed the war and to
endure the industrial paralysis
brought on by a prolonged era of pub
lie unrest and hostility to big business.
They have. as yet, by no means spent
their force. and in addition there are
other factors serving to strengthen re-
Operative tendencies. Chief of these
Is the political situation. Both con-
gress and the administration are now
rejecting the more reasonable atti-
tude Of the public toward large cor
porations. The abuses of the latter
which so aroused public opinion no
longer exist. Our great industrial
leaders are doing their utmost to sat
isfy the public and 20 give others be-
sides themselves a fair chance. Out
OF all the bitter discussion which has
been going on for nearly q decade
there are signs of q better under
standing between capital and labor,
and prospects of more harmonious
relations. Notwithstanding hard times.
The fourth of March is close at hand.
Congress will then adjourn and the
country will have a rest of at least
nine months from new legislation
The new congress which assemblies
next December will be less hostile to !
business interests than the one about |
to expire. The administration shows |
a most welcome desire to build up and |
not tear down big business. This
change in the attitude of the federal |
government. which promises to extend |
to state and municipal authorities, will |
do much toward permitting the re-
storation of confidence. without which
business revival il absolutely impos-
sible. Moreover. the political outlook
Tor the next two years is for compare
lively little new legislation, for the
reason that the administration has
completed its program of
promises. The country
now needs rest to adjust itself to
the new requirements The war Of
course is still a dominant factor in the
financial situation on this side of the I.
Atlantic. 1t shows itself chiefly in the L
excess OF exports over
imports. Our imports are declining |.
sharply because foreign sources of |:
supply have been cut off by war, while /,
our own demands are somewhat re-
'tricted by business depression. The
effect Of declining imports is shown in
he large losses of national revenue.
o remedy which some temporary ac-
ion on the part Of the government
nay be necessary.
THE American railroad situation
shows improvement from various
.rately. particularly at the west. Some
'oads are already feeling the benefit ,
II the interstate commerce decision,
md managers generally have been ,
more hopeful since the latter event.
Better traffic and better rates. even to +
small extent. will materially affect
abroad policy and result in their t
placing orders more freely for rails
md other equipment. all of which t
must benefit the much depressed steel Z
which at least seems to
AVE turned from the ebb tide.
The financial situation in New
FORK is eminently satisfactory, con- g
idering the strain through which it s
las passed and the worldwide de-
noralization resulting from the war. a
lore and more foreign nations are a
urning to this side for financial aid.
low that the British government has :,
efused to permit new capital applica-
ions until its own requirements are 2
IMPLY satisfied. Other foreign gov o
rnments have already placed very
nusual credits in this market which n
'tll be used for the purpose of
lnancing the extensive orders for war
Materials coming to this country. An -
Their form OF financing Is presenting
self to Americans. that is the float
lg of new enterprises in other parts
the world which have until recent
? been placed in London and other o.
European markets. It must be re-
rendered that with such financing O.
ONES the much needed orders for
pods. Our manufacturers will be N
eager to secure the orders
,r merchandise. 1t remains to be
zen whether they will be as ready -
8 Europeans to accept the customary