The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1917-09-11
BUSINESS AND THE WAR.

BUSINESS AND THE WAR.
Should the war last another year.
as many believe, says Henry Clews
reviewing the business outlook the
present rate of expenditures by our
government, which has not only its
own operations to finance but those
of the allies, may act as depressing
factor. So also may the attitude of
the government toward the railroads
and shipping interests. On the other
hand there are many encouraging
conditions. Congress may soon ad-
journ The country is sound finan-
cially and commercially. We are sure
of the most prosperous year in agri-
culture that we have ever experienced.
The same is equally true of all the
chief industries.
Wages are high and farmers and
working men are likely to be free
spenders. This means an active con-
sumptive demand for many lines of
merchandise. Transportation prob
lens are less acute than year ago.
New tonnage is being turned out at
tremendous rate by Great Britain and
the United States and other nations.
which means that there will be less
difficulty in transporting food and
munitions across the Atlantic than has
| been the case in the last six months.
| AS a result exports will continue right
along, Notwithstanding the embargo
on food shipments now in force and
which has caused a setback in our
/ nrIr raj Ian
is also less acute than was the case a
few months ago. Big traffic during
the next three. or four months is a
practical certainty.
For the seven months ending with
July 10, six of the larger railroads.
according to the interstate commerce
commission. had total revenues of
$1,2S0,6S1 900, an increase of more
than $13S, 100000 from the CORE
spending revenues of 1915. Their net
revenue during the came period was
1888, 100000, compared with $780,
100000 a year ago. Better results
should appear during the closing
months of the year, as traffic is heav-
Ter. Some concessions have been
made to the roads and net returns
should correspondingly improve. es-
pecially as the shortage in-ca is be-
ing largely compensated for by CO.
operation among the railroads.
The campaign for the distribution
of. the second war loan soon. will be-
gin. There is reason to believe that
higher rate of interest, which. is to
be authorized by the war loan bill
| tives, will be available. AS an offset,
the new bonds will be subject to the
surfaces upon large incomes, but not
to the basic income tax or to national,
state or local taxes, except those on
inherttances, etc. During the course
of the campaign it is not improbable
that every legitimate effort will be
exerted by all patriotic financial in
terests to induce a cheerful and sus-
tanned position in general investment
circles.
No change can be recorded in the
war outlook. continues Mr.. Clews.
Peace talk is very active 1t is ap-
parently inspired by consciousness of
weakness in German circles No one
believes Germany is ready to submit
to the terms which are sure to be in
sisted upon by sthe allies, who are
making vigorous preparations for a
strenuous and decisive campaign next
spring. A few striking tendencies are
obvious in current events; first, the
rising strength of the allies in men.
morale and munitions, and, second, an
equally steady fall of the same in all
OF the central powers. These con-
trasts in strength between the oppos-
ing forces are growing rapidly; they
are materially intensified by the eco
nomic starvation of Germany. and
when spring arrives with a big, eff
Gent American army fresh in the
field, backed by practically unlimited
resources then there may be reason
able hope for peace dictated by the
allies; peace that will be based on
victory and based on just reparation
and restitution. No wonder the CEN
trail powers would like to make peace
and go home before the storm which
they brewed breaks furiously upon
them and gives them a taste of the
suffering they have so cruelty inflicted
upon others.
Senator Watson of Indiana in Oman