The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-07-25
CAN'T HIDE 1T.
Wall Street Operations Fail to
Conceal Conditions.
General improvement Noted in
Business Situation.
GAIN OF Is PER CENT.
Railway Earnings Are EXcep-
tiOnalIy Good.
Trade Reports and Crop AdVices
in Harmony.
GAIN OF Is PER CENT.

New York, July z0.-6rduStreet
saws:
stock market liquidation at the ex-
pense of industrials affects sentiment
and ignores but does not conceal inn
provement in the corn and cotton crops.
change for the better in industrial
conditions at New York and other dis
turbed centers, and a continued cheer
full feeling in western and southern
trade circles. The markets for the
cereals also reflect selling but here the
moving feature is the good crop ad-
vances at home and abroad and the
pressure of the excellent quality of the
new wheat arrivals. The iron and steel
markets and those of other metals feel
the reflex action of depression in Sc
curities and buying is closely restrict
ed even with dropping values, while
the bulls in cotton have given nearby
months and spot cotton another twist
on which record prices have been re-
corded. thus rendering the position OF
manufacturers still more unSa tiSfac-
tory. Strike troubles are reported the
cause of dizziness in eastern Lumber
markets and the embarrassment or
some large building concerns. The shoe
trade east and west seems to be in an
exceptionally good position. western
houses having all they can do, while
eastern shoe shipments are in advance
of all previous records Railway earn
ings are exceptionally good, showing
a gain of Is per cent. for the first half
of May. Trade reports are in harmony
with crop advices.
The partial end of the building
strike at New York leads to hopes of
better business, while the strike at
Philadelphia is weakening Savings
bank balances at New York are re-
ported to have been decreased by ne
cessittes of striking mechanics. Symp-
toms of Improvement in textile demand
are reported at New York Wool is
hrmer at the east as manufacturers
enter the market to cover sales of
goods for spring delivery, which are
improving. Eastern shoe shipments are
"A per cent. larger than this week a
year ago and Is per cent ahead of the
season. Anthracite coal is active and
shipments are large"
r. G. Dun & Co.'s weekly review of
trade says:
The tenor of dispatches from nearly
every section of the country indicates
that there is less than the customary
midsummer dullness in business and
collections are more promptly met than
usual. A large proportion of the unions
have signed working agreements with
the employers in the building trades of
this city and fully one-half of the men
have returned to work. Earnings of
railways reported for July exceed last
years by 1913 per cent, and those of
L
retards distribution of merchandise in
western sections. Foreign trade at this
port for the past week shows a gain of
$2,569,209 in value of imports as COM
pared with the same week last year,
while exports decreased $500, 022.
Good news as to the progress being
made toward settlement of labor dis
putes was neutralized by the decline in
securities in so far the iron and steel
industry is concerned. There were many
4 hnt he fv,fo
strikes would be less frequent in the
immediate future and there was a gem
eral disposition to sustain prices. But
the heavy liquidation and new low rec
ord prices for steel issues had much in
fuence on conditions in the actual bust
ness. Nearly half a million tons of
steel rails have been ordered for next
years delivery and other heavy steel
shares are attracting close attention.
The trade will benefit by the greater
stability of prices secured through the
revival of the billet pool. Bessemer has
steadied, bring out new orders but there
are still evidences of weakness in other
classes of pigiron. General resumption
of structural work in New York is the
most important element in the steel in
dustry at present.
Footwear factories have much work
In sight buyers having placed orders
freely, and there are still many repre-
sentatives in the Boston region from
earlier records Quotations are fully
sustained and new business is well dis
tributed. Thus far there is no reflection
of this activity in the leather market.
Heavy receipts of live stock following
the accumulation of poor quality hides
early in the year explain the unsatisfac-
tory situation in the Chicago market,
and foreign dry hides have also lost an
other fraction. The unexpected hap
pened in the market for woolens. It
was confidently believed that new lines
of staple piece dyed goods would be
opened at fully maintained quotations,
but the American Wooden company re-
duced prices to about the same level as
existed a year ago, despite the material
increase in raw wooden and several
other items in the cost of production.
The cut was evidently made to secure
business rather than because of any
weakness in the market. Buyers are
still able to delay placing any large
amount of business with the cotton
mills, and there are daily additions to