The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-03-09
TRADE CONDITIONS SOUND.

according to He nry ClewS, the Nc"
York banker, and an economist OF
recognized authority Congress ad-
journed, much to the relief of bust
ness men with large Responsiveness
and the war, while lacking in decisive
events promises to be of shorter dura-
ton than sometimes feared.
Home conditions are certainly be-
coming more satisfactory, Mr. CleWs
continues in his weekly financial re-
view There is no doubt that domes-
til trade conditions are generally
sound. The volume of business, 1t Is
true, is very moderate. This is par
TALLY due to lack of confidence -and
universal conservatism. The numper
of unemployed is large; railroad earn
ings and bank earnings conhrm traoe
inactivity, and the spirit of economy
mas almost everywhere supplanted the
spirit of extravaganza. Without the
war we should have probably had to
face some reaction, and the wonder Is
! that depression has not been worse
| Throughout our agricultural regions,
there is little cause for complaint; the
situation in the grain districts being
| generally satisfactory owing to the
large foreign demand and good prices
for all food products. The cotton
belt is an exception, inasmuch as it
feels the reduction of foreign demand
as we'll as the lower prices which
growers are forced to accept. What
the next season will bring to the south
/ is an interesting problem, since IL is
| certain that less cotton will be grown
and more grain. Canada, too, is max
ing strenuous efforts to increase her
wheat crop; so that the next harvest
will plainly reflect war influences
Europe will be obliged to grow less
on her farms during the coming sea-
son, and it will remain for other por-
tions of the world, especially North
America, to make good the dell
ciencies One of the most satisfactory
symptoms of recovery is the slow but
sure increase of activity in the iron
trade. Orders are coming in more
freely for many steel products, and
the proportion of unemployed plants
is steadily decreasing. Better prices
are also occasionally obtained; al
though the industry still has much
room for Improvement before normal
conditions are attained. There is,
moreoI err a better feeling and some
lessening of depression in the cotton
and wooden industries. which for
months have been much embarrassed
by dull business and serious uncertain
ties in the cotton and wool markets
arising from the war. The distribut-
ing branches of trade are generally in
sound condition, and though the vol
ume of business continues below nor
NAL, jobbers are usually carrying
small supplies and their credit posi-
ton is sound. With the advent of
spring some improvement is newt
able. Construction work will begin
and transportation will resume sea-
sOnal activity
''Our foreign trade is still much de-
ranged, and imports show a persist !
ent decline which will temporarily
impair the national revenue from |
customs and may necessitate sOme.new |
government financing later on. EX- |
ports are well maintained in spite of /
restrictive conditions and the latest |
returns show a continued liberal ex-
cess of exports. This large balance is, !
of course. being reduced by the unseen
items in the foreign trade account, |
but exchange has been lowering !
around the gold importing point and |
further sums of the precious metal
siderable amounts having arrived this
week. The influx of gold is being dis !
couraged, however. partly by the re-
turn of securities from abroad, and |
partly owing to a disposition among !
bankers on both sides to allow |
gold to remain where it is most need |
ed, which of course is on the other |
side. There is evidently friendly |
understanding between the bankers in |
New York and London and if neces- |
sary London will be able to obtain lib /
eral credits in this market which will |
defer or restrain unnecessary gold i'm |
ports. The grain movement has near |
ly reached it's climax: and when the |
DardaRelles are opened the outpour /
of Russian grain will check our ex-
ports and restrain high prices here.
The money situation is exceeding /
ly easy. Demands for business accom-
mediation are of course small, and |
funds are now returning from the |
agricultural districts. The outlook is
consequently for easy rates for some
time to come. excepting the slight
stringency which may develop as
usual around the first of April. There !
is unquestionably larger amount of |
funds awaiting investment than is
generally supposed. Lack of conf
dence has induced many investors to |
hold back for more assuring condi- |
tons. The belief that European /
liquidation is incomplete and that the |
placing of enormous government is
sues abroad will insure better rates
for capital has also been a factor in
making investors hesitate. Security I
holders have had to face very dis
couraging influences abroad and at
home. So far as the war is concerned, /