The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-01-26

ItSclI IN business Improvement
writes Henry Clews, the New York
banker, in his current weekly finan-
cial review. and he goes on: Since
the reopening of the stock exchange
values of active stocks have risen ON
an average Of from 5 to Z points. and
in some cases the advance has been as
much az 10 points and over. So far,
the rise has been accomplished with
out any important realizing either by
foreign or domestic interests. The
market shows a steady broadening OF
activity and gives every indication OF
a sound and healthy change for the
better. Among the most encouraging
elements have been the ease of mon
the adjustment of credit to war
conditions End the extraordinary ex-
pansion in our export trade. Cheap
money makes many securities look
very attractive, and is a powerful fac
tor in stimulating the speculative pur-
chases. The investment demand has
not been up to usual January proper
tons. but is improving and is quite as
good as might have been expected
under the circumstances. The low
rates for money stimulated the inquiry
for long term bonds. which are likely
to sell at considerably better than cur
rent prices. The activity in our ex-
port trade is phenomenal. We are
still sending large quantities of grain.
cotton and war material to Europe.
These movements will inevitably con-
tinue for some time to come. and
would be even more active were it not
for the difficulty Of finding outward
freight room. In view of the heavy
decrease in importations. conditions
favor gold imports. These. however.
are likely to be resisted by European
governments because Of the desire to
retain gold during the war. Nearly
every European nation has established
large credits in the United States. pre-
to pay for the exigencies of
war. Great Britain, moreover, has
prohibited new capital is
sues until more sure of it's own war
the result of which will be
to make still greater demands upon
the United States for funds. This
country has lately given an amazing
Of financial strength. which
IT, money markets of the world. One
result of the war has been to turn the
of American manufacturers
to the great opportunities in export
trade An active campaign is already
being carried on in this direction
which Is likely to result in an impor-
tant expansion of American foreign
trade in manufactures. Hitherto raw
products have constituted too large
of our shipments. We de-
sire to sell the products Of our mills
to foreigners as we'll as the products
of our farms.
General business shows signs of
Bank clearings, which
are generally accepted as a fair ba-
of trade conditions. at all
points in the United States showed "a
decrease of only per cent in the first
week Of January. The heaviest shrink
age was, Of course, In the eastern
states, where financial and industrial
combined to emphasize re-
action. Outside of the eastern states,
however, the reaction is not particu-
larly severe, and many localities show
handsome gains, over last year. partic-
ularly in the grain districts. The total
in that particular; week were
50, Act, GOO. 600, against 1854 00O. 900 year
ago. In the same week Of 1912 the total
clearings were only 1924 .0OO, 600. SO that
this years figures are not SO discour-
aging as sometimes supposed. To
extent the present depres-
sion in business is a state of mind
In ~, Avo toll nj ind
trial centers where initiative usually
begins. With a continuance of the pres
ert improvement in confidence further
business activity should be expected,
when the coming of spring
permits the resumption of outdoor
work. The teel trade is showing more
or less Improvement. The United States
Steel Corporation is now running at II
per cent of it's total capacity for steel
ingots, compared with 25 per cent in
when depression was keen
set. Fair orders have been placed for
rails, rolling stock, etc, and present
low prices are quite likely to stimulate
the demand for construction material.
In the textile trades there is also q wild
ening of activity. Cotton goods are in
better request owing to low prices. and
a decidedly optimistic tone prevails in
some branches Of the textile industry.
notably the hosiery trade.
1.-The railroad situation is not en-
tirely satisfactory owing to the small
volume of traffic on many lines, espe-
cially in the south, where delay in the
cotton movement has retarded busi-
ness. The conflict of authority be-
tween state and federal regulation of
rates arising out of the recent rate
decision is also a drawback, although
it only delays somewhat the date
when higher rates go into effect. On
the other hand, the roads running
through the grain district are enjoy
ing a larger traffic, and our trans