The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-08-01
HELPS OUTLOOK.
Rain in Corn Belt Improves
Business Conditions.
Industrial Situation Is Better
Than 1t Was.
TALK OF CONGESTION.
Railroads Are Having All They
Can Attend To.
Foreign Markets Are Absorb
ing the New Crop.
TALK OF CONGESTION.

q
Weather, crop and trade conditions
are seasonably favorable though irreg
ularity and weakness in some staple
prices reflect establishments ofconsump-
ton to enlarged production. Copious
rains in the corn belt and in the west
ern cotton region have removed some of
the uneasiness existing as to the out
turn of these two great crops, and
despite this backwardness the outlook
for general trade has been measurably
helped. Iron and steel buyers are still
backward. Prices of the cruder forms
tend lower pig iron and billets both
declining this week. though a formation
of a pool to maintain prices in the lat
ter product is noted. The industrial sit
uation has improved. the railroads are
having all they can handle, with talk
of congestion again being heard, and
the country's returns of cereals and
food products promise better than a
year ago in so far as quality is con-
cerned.
"A favorable feature this week is the
reported in provement in foreign de-
mand for breadstuffs, considerable
quantities of new wheat and old corn
being reported taken. Accompanying
this has been an Improvement in the
outside interest in the cereal markets
Worlds stocks show little or no charge
for the week.
The first six months of 1903 witnessed
a record breaking production of pig
iron, and the same is true Of the fiscal
year ending June 80 In addition, s56,-
coo tons of pig iron were imported ana
the imports of other iron ana Steel
partly manufactured, make our I'M
pC.ls of foreign iron equivalent to !,
6T6 900 tons This. added to the produc-
ton Of 1920. 600 tons, indicates total
consumption in the past fiscal year 81
20, 1876. 600 tons. total of 3,OOOouO tols
larger than that of the previous year
THE industrial situation Is, on the
whole, satisfactory.
THE situation in the cotton goods
trade is apparently no clearer. Relin-
ports of American cotton from Europe
are reported heavy. and large numbers
of spindles are idle. The same Is true
in the English industry, where snort
time rules Despite the almost certain
ty that the crop has made favorable
progress during the last week. prices OF
new crop cotton are quieter now than
two weeks ago. A fair summer bust
ness. is doing in dry goods. WOODEN
manufacturers are doing a fair business
and buying steadily of raw material 10
cover orders already booked. The result
is notable steadiness at the highest
price reached for raw wool. No special
activity is noted in leather and shoes in
the east, though a number of buyers
are still in the Boston market. Hides
are rather irregular. but shoe shipments
from eastern points are S2 per cent
larger than this week year ago, and
for the season full 16 per cent.
Railway earnings indicate an aggre-
gate for the third week nearly IA per
cent larger than the same week year
ago.
fBusiness failures for the United
States this week number 190 against 1873
last week and 1853 in the like week of
1902 For Canada they number Il, as
raerE
r. G. Dun & Co.'S weekly review OF
trade says:
Further evidence of the solid basis
upon which legitimate trade Is estab-
lished has been finished by the equanlm-
fty with which commercial and nnanclal
institutions regard the recent specula-
tive collapse. Much more harm has
been done to the country's manufac-
lures and trade by the inflated prices OF
cotton than by the depression in stocks
Reports are almost unanimous as to the
heavy distribution of merchandise and
this is shown statisticaly by the IN
crease in railway earnings thus far re-
ported for July 12.5 per cent over last
years and 23.1 per cent above 1901. As
a rule retail trade in summer fabrics
has continued heavy. and jobbers report
fall business opening well. Labor is well
employed throughout the country eX-
cept where voluntarily idle. Agricul-
tural news is favorable. Foreign trade
Is maintained, both exports and imports
from this city showing gains over the
corresponding week last year.
Moderate improvement is noted in
the tone of the iron and steel industry.
There is a striking absence of urgent or
ders. however, especially in lines out
side Of railway equipment. There is less
anxiety regarding the danger Of over
production. although dozens of new
blast furnaces are in course of con-
struction. and an active capacity of
30. 900. 900 tons annually now assured.
y =. Gables report spirited bidding by
European rail mills for large contracts
in America that home producers can
not consider, owing to their oVersold
condition. Coke is moving freely. but
the Alabama coal strike still disturbs
furnace men. Another decline has
taken copper to about 16 cents
Textile industries are still waiting
for REIMBURSEMENT or evidence of per-
manence in the present position of
prices for raw material In cotton
goods orders are placed only upon con-