The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1916-05-09

volume of trade is large, and rising
prices are bringing good profits to both
manufacturers and distributors alike.
Strikes have been the order of the day,
but these have usually been the ac-
compartments of prosperity rather
than depression While labor has not
secured all its demands, many conces-
sions have been granted, and the la
boring classes generally are getting a
full share of the country's prosperity.
This means enlarged purchasing pow
er among a large population, which in
itself is a stimulating factor. Interior
jobbers and department stores are
buying freely and stocking up in an
ticipation of good autumn trade.
Building is reviving in the west. Rail-
roads are reporting earnings 201o and
over ahead of last year Bank clear
ings confirm trade activity, being over
500 larger than a year ago. Aprils
new interpretations for the principal
states aggregated s224.OO0.O0O, COM
pared with $77,000,00 the same
month in 1915. In the textile trades
there is considerable activity, though
more or less unsettlement caused by
labor difficulties. The steel industry
for the first time in a long period
shows hesitancy. Prices have at last
reached level that restraints orders
and imposes caution upon all new en-
| terprfses. Possibly the high peak has
been reached. The mills are sold we'll
ahead into 1917. The gen.
equal to a year ago. 1t is estimated
{ - hot ~. Of he int xrvhn cot
acreage has been lost and that the
coming crop will be over 100, 100000
bushels less than year ago. There
is a large surplus however, left over
from last year to offset this decrease.
A larger acreage of corn is anticipated
owing to the decrease in winter wheat
Cotton acreage thus far reported
shows an increase of 7@o over last
year, when there was a decrease of
1870. The present trade ac-
tivity cannot continue indefinitely; its
very feverishness being proof of its in
stability. Initiation is rampant, and
the end is not yet in sight, and under
ordinary circumstances no br k
would be expected until credit became
overexpanded. At the moment credit
is not deranged, and beyond the some
what closer scrutiny of names and con-
Germs, the banking situation appears to
be generally sound and satisfactory.
Conditions, however, arising from the
war are so extraordinary that the old
| guides to opinion are completely over
Swallowed. Even our own financial
situation cannot be gagged correctly
without taking into consideration the
vast amount OF international financ-
ing which New York has undertaken
during the past eighteen months. The
financial future of this country has
been woven into that of Europe to an
extent never even dreamed of before
the war, nor even when it began; the
transactions between Europe and the
United States having run up into the
billions in a relatively short time
When the war is over this new finan-
cial intimacy will not stop, but will
continue in some other forms, for
Europe will not be able to finance all
of the projects requiring support, and
many applications for capital which
formerly went to London, Paris and
Berlin will come to New York. Ir
this direction new openings will be
found for American capital, banking
manufactures and foreign trade. Oul
ship of finance has left the harbor. II
is now upon the high seas in charge OF
comparatively new pilots who will re-
quire all the foresight and ability
which they can command, especially
when competing with the long exper-
fenced statesmen -merchants and man
ufacturers of Europe"