The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-09-27
BUSINESS STILL GOOD.
Scarcity of Money Affects Nobody
but Spectators.


money market. almost a fuel famine
and some damage to crops, industrial
and commercial activity continues una
nated and the magnitude of plans for
the future indicates that the confidence
has not been shaken. Scarcity of funds
has thus far caused no hardship except
to specula tors and the stringency will
remedy itself by contracting loans on
stock exchange collateral, together with
such aid as may be offered by the treas
ury, which is partly responsible through
absorption of funds. Injury to crops
by frost has no more than offset the in
creased acreage, while high prices fully
compensate producers. 1t is not time
for pessimis1n, although securities have
declined sharply. Railway earnings for
September thus far exceed last years
by 6-8 per cent and those of 1890 by 16.5
per cent. Pressure in the iron and steel
industry has been somewhat alleviated
by larger receipts of coke and liberal
imports of pig iron. yet the outlook is
by no means devoid of unfavOrable fed-
lures. No fuel famine exists, although
the furnaces are consuming receipts of
coke as they arrive and it is impossi-
BILE to provide for more than immediate
needs. Some idle plants have resumed
and now operate from day to day with
the constant menace of an interrupted
movement of fuel, which would sus-
pend operations. At the west this fac
tor is most serious, coke commanding
$40 ton more. while in exceptional
cases s13 has been paid. Owing to the
numerous influences now in evidence,
there is less disposition to place large
contracts for distant delivery of pig
iron and sales are chiefly of small lots.
Foreign iron is freely received and other
consignments are under consideration.
More steel rail orders have been placed
abroad Needs for structural shapes
are increasing, much work being held
back by slow shipments, and orders are
reported for delivery nearly two years
transportation facilities the railways
are purchasing literally of rolling stock
and other equipments and great inn
provements in terminal methods are
planned.
"A further slight advance in footwear
indicates that the healthy demand has
made it possible for manufacturers to
secure compensation for the recent
sharp rise in materials Country hides
show the principal declines of the week,
but even foreign dry hides are easier.
Although cotton is firmly held. the
market is quiet. as buyers are content
to take only such quantities as are need
ed for immediate distribution. The sit
va tion is not satisfactory for producers,
owing to the high price of raw mate
rails, butethe attitude of purchasers of
goods indicates that they do not con-
slider the present position of raw cotton
one that can be sustained. 1t is too
early for supplementary orders in mems
wOolens and worstedS, yet there is some
tone of all staple lines is firm, while in
some instances advances over opening
prices are asked. No concessions are
possible in the wool market, which has
decline IN meats has received a check
and sugar is firmly held, with refiners
behind in delivery.
Failures for the week numbered POI
in the United States. against 227 last
year land go in Canada. against "a
year ago.
Bradstreet's says:
Large yields of nearly all crops have
been secured, jobbing trade activity is
undated. manufacturing industry in
nearly all lines is running at full speed,
retail demand is Improving, railway
and water transportation interests are
pushed to handle business offered, ard
the only unfavorable feature in the sit
uation is the growing tension exerted
by the anthracite coal strike, which
now finds cold weather almost here and
Industries in many lines threatened
with interference caused by the en-
HANGED price of the bituminous product.
Collections in a majority of instances
remain good, most of the exceptions be-
ing noted at thessouth, where the feel
ing, owing to reported shortages in
yield of cotton. is trifie less optim-
ist:e.
"Western iobbing trade reports are
almost surprisingly good, despite the
advanced stage of the season and the
activity previously noted
AT the south heavy rains during the
cotton picking season have been an UNI
favorable feature SO far as affecting the
gathering of the crop already open is
concerned, but beneficial to the late
crops in Indian Territory, Texas and
Florida, and in fac. wherever they have
fallen.
"At the east business is reported good
in nearly all branches of the New York
dry goods trade and the outlook is very
encouraging. The strength of cotton
goods, based largely on the position of
the raw material is notable. Wooden
goods are in an excellent position, mills
are busy on mems wear goods and large
orders for spring have been booked In
women's wear fancy fabrics are in es-
pecia1 favor. Eastern shoe manufactur-
ers note fair volume of orders, enough
to keep leather firm, though some sales
have been made below recent prices.
Tight money is credited with some eff
leather owing to the small margin of
profit in the business generally.
| Among the industrials the feature of
transcendent interest is still the enor-
| nous demand. greatly in excess of the
supply, for iron and steel in its cruder
forms The scarcity of coke is as
marked as ever and number eof fur
naces are now shut down with ensuing
great loss to operators who are unable
| to take advantage of the present enor-
NOUS demand. Buying of foreign iron
and steel is liberal despite advices from
| the central west that consumers find
difficulty in utilizing some of that al
ready imported. Bessemer pig and steel
billet sales are rather larger at Pitts
burg tfan for some time past Sales
for future delivery are readily made at
| from s21.50 to $22 and for steel bfl1ets
| at SCI to $32. There is still a marked
| of IS per ton is noted for quick delivery.
Structural steel producers are crowded