The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-08-08
THE BUSINESS OUTLOOK.

MrHenry Clews the Wall street auth
r,,-itv on matters of trade and finance,
notes a dizziness in business but is con-
WINGED that it is not due to the presiden-
tial campaign as is usually the case. In
the latest issue of his Weekly Financial
Review he says:
There is an abundance of money seek
ing investment. At present this is not
going into either bonds or stocks; but
both investment and speculative buyer S
are waiting until the market develops
more visible strength The reasons for
anticipatins a better market later on are
plentiful and sound. The most serious
impeachment to speculative operations
has been the Chinese situation Fears
that serious foreign entanglements of
some sort might arise which would de-
range the foreign money markets, draw
gold from New York and send back
American securities, very naturally de-
tered any upward movement in this
market. Other retarding influences have
been the crop uncertainties and the signs
of trade reaction shown by declining
prices and curtailed production in the
iron and textile trades Election doubts
have not been a factor worth notice thus
far
In the crop outlook he is unable to dis
cover signs of a shortage. On this SUBJ
5ect he says:
The crop situation shows improvement
owing to more favorable weather during
the last week or ten days. The serious
damage to wheat has been confined to
the spring wheat sections of Minnesota
ano the Dakotas. Where only ABOUT nan
crop Is expected Business in those
sections and the railroads also will be
unfaVOrably affected by this loss; but
elsewhere the outlook is promising. In
spite OF the damage and the shortage On
the Pacific coast the indications favor a
yield of about $50, 600 900 bushels of
wheat compared with SAT 600 600 bushels
last year Higher prices. be it noted, as
cess of last year. Corn is in excellent
condition; and, if the next few weeks
pass without injury from frost, the yield
may reach over. 2 600 900 900 bushels and
prove one Of the biggest on record. a
fact of much consequence to the bust
ness interests and railroads of the west
and southwest. The south is now more
prosperous than for many years; in fact
it is doubtful if the south was ever in
better condition than today. Cotton
costs less to produce than formerly but
Is bringing very profitable prices to both
grower and distributor. The south is al
so benefiting greatly by the diversified
ton of industry, the wonderful develop
ment of cotton manufacturing and the
iron industry creating an era of prosper
ity to which that section has long been
stranger.
In the matter of railroad earnings he
considers the outlook particularly bright
as is evidenced by the following:
Railroad earnings are generally show
Ing wonderfully good results when it is
remembered they compare with two phe-
nOnenal years. Such gains cannot al
ways be expected. AT the same time ex-
perses are often Increasing very heavily:
hence unreasonable expecta lions of ex-
ira dividends are likely to meet with
disappointment A number of roads have
lately increased or paid their first dfyi-
dends, and this fact has proved the
strongest support which the market has
mad There are a number of 4 DER cent
dividend payers with permanent pros
poets, which are likely to sell at consid-
erably higher figures when the invest
ment demand again sets in. A good
many buyers are holding of for lower
prices, who may at any time be obliged
t. shift their position.