The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-09-05
BUSINESS TONE
CONSERVATIVE.
A Tendency to Eliminate Spec
ulatiOm Movements Noted.
Crop Developments Are Gener-
ally Favorable.
JOBBING TRADE GOOD.
Scarcity of Cars is Not So Great
as Formerly.
Gross Earnings of Railroads
Continue to BE Large.
JOBBING TRADE GOOD.

New York. Sept .-Bradstreet's
says
Crop developments have been most
ly favorable, fan jobbing trade reports
indicate further improvement and mon
etary conditions show less tension. The
tone of general business is conservative
and the tendency is to eliminate any
thing in the nature of speculation or
overextension from business. Manufac-
turing industry shows continued ac-
tivity except in such lines as cotton
and silk production, which note the in
huence of special conditions and some
lines of iron and steel. Evidence of
an approaching slackening in the out
put Of anthracite coal is to be seen.
some Improvement is noted III car
scarcity trouble and gross earnings of
railways continue large. but increased
cost Of operations of heavy improve
ments limit net receipts. Failures show
only the usual midsummer volume so
far as number is concerned, but Au-
gust suspensions foot up a larger total
of lab. litfes. pa -ticularly of small fnan-
cial institutions and manufacturers.
Collections are stiH rather backward,
though some improvement is noted
where backward crops have been re-
allied upon.
The tobacco crop promises well in
Virginia, Connecticut and Ohio The
New York state crop report is esti-
mated at 50. 600 bales. a gain of 23,OO0
bales last year and $1,000 bales two
years ago. The Oregon hop crop is
slightly smaller than in 1902. but prices
are better.
rDry goods are in better demand from
New York. Philadelphia and Boston
johbers, but business with first hands
IS limited by uncertainty as TO the out
look for raw cotton prices and the
small stocks of goods now being car
ried. In wooden goods a good demand
for spring weights is noted. but worst
eds drag slightly. Wool is firm on de-
mand sufficient to cover sales of goods.
Lumber is active and firm at the west.
but rather slow and draggy at the east,
where labor conditions are not alto
gether settled. Solid jewelry manufac-
turers are busy at the east. but the
labor situation here is also unsettled.
Boot and shoe shipments are still above
the 100000 case mark at eastern centers
and far ahead of last year. Leather is
in hand to mouth demand. but a large
aggregate business As moving Prices
of iron and steel. az whole. show
strikingly little change. The hardware
trade IS fully up to expectations
r. G. Dun & Co.'S weekly review of
trade says:
"A striking contrast appears when
comparison is made with the CORES
ponding week last year. Prices were then
tending upward in many branches of
industry, new business was coming for
ward more rapidly than it could be
handled, and in the security market all
records for activity and high prices were
being surpassed. Later events have
demonstrated that the situation was un-
healthy, and speculative excuses have
been followed by reaction and readjust-
ment. Conservatism was then the ex-
ception; it is now the rule Prospects
for steady gains and their maintenance
are brighter under the present system.
Legitimate trade will continue to suffer
from the losses in speculation and the
high rates for commercial loans will
initiate against industrial expansion.
but in the long run a larger degree OF
caution should prove beneficial Buyers
are still coming to the leading markets
in great number and testify to the sound
condition of business at the interior.
Manufacturing plants are busy through
out New England aside from cotton
mills. and there is notable activity in
wearing apparel at the south, while
prospects for large fall retail trade are
bright everywhere. Already there IS
traffic congestion at several points, de-
spite the fact that crops have only just
begun TO move. and railway earnings in
August show gains OF 80 per cent over
Lass year and ia per cent over 1908.
Unprofitably low prices have had the eff
feet Of curtailing production in the iron
and steel industry.
Labor and other costs of production.
with the single exception of fuel. are
much higher. while consumers are slow
10 purchase even at the extensive de-
cline that has occurred during the cur
rent year.
Rails and other track supplies are in
good demand. especially for prompt
shipment. and more orders are placed
for structural material for bridges and
buildings. A brisk demand is noted for
merchant piDe. Sheet mills and some
other divisions % the industry are in
an uncertain position owing to the Ia
Dor situa ton. More machinery will be
idle next week at the cotton mills. the
new croD of raw material coming for
ward very slowly. and available stocks
being held at Drohibitive prices. Buy
ers Of cotton goods in the primary
markets still adhere rigidly to the pol
icy of covering only immediate re-