The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-12-24
Volume of Transportation Ex-
ceedS Capacity of Roads
Even in Face Of Drawback Gre
ated by Drouth.
RAILWAY EARNINGS
Up to the Best of Year and
Exceed Former Records.
Bank ClearIngs Are Better Than
Year Ago.

Holiday trade and retail business gem
orally hold the center of the stage,
wholesale business and speculation in
stocks and staples quieting down. In
some lines of industry, too, seasonable
influences make for quiet. but a mark
ed exception is noted in iron and steel,
which display activity and strength, and
still further advances on crude and I'm
fshed products.
'-On the other hand, the drouth in the
upper Allegheny mountain regions and
an New England affects blast furnace
operations, coke production and the out
put of paper and other mills dependent
upon water for power. In the upper
Ohio valley the low and unsuitable wa
Ter supply affects railroad operations TO
some extent Aside from this single
draw back. however, transportation is in
enormous volume and exceeds car ca
pacity in some Industries, notably BIZ
luminous coal. Railway earnings
(gross) are up 10 the best of the year
and exceed all previous periods at this
time. Net returns indicate present prof
stable operation about making UP for
lessened earning earlier in the year.
Clearings have slumped off from pre-
ceding weeks enormous totals, but St1ll
largely exceeded returns of a year ago.
"A preliminary survey indicates close
TO, If not in excess of, record proper
lions in holiday business except in some
portions of the south and the Pacific
coast, good collections. except at q few
southern and western points, easy mon
ey in all directions, good volume OF
spring business already booked, and the
general feeling one of conservative OPP
timism-
Production of iron and steel is close
to full capacity except where interrupt
ed by local conditions of coke and car
supply. but evidently fails to meet con-
sumptive industry, which is large and
insistent for pig iron, structural mater
fal bars. plates, bolts and a variety of
less 1rr-r, "a NJ
are higher. Among the metals tin and
copper alone show weakness Leather
IS firm, despite weaker hides, due to
poorer quality of offerings. Lumber is
steady and a large consumption is look
ed for next year.
The textiles show more variance in
price. due mainly to the absence of spec
ulation and large receipts, despite the
holding back movement at the south.
Wool is strong; supplies are limited,
one third of next years clip is sold
in advance. and the high cost Of mater
fal makes for higher finished products.
The volume of shoe orders is good
and sufficient to furnish holiday season
employment to factories.
Business failures in the United States
for the week ending December %, num-
Der 249 against 239 last week, 243 in the
like week in 1908; 166 in 1903; 219 in 1901,
and 213 in 1900. In Canada failures for
the week number 81 as against 81 last
week and Is in this week a year ago.
As DUN 6 Co. Sees 1t.
r. G. Dun & Co.'S Weekly Review
of Trade says:
Demand for holiday goods has ex-
ceeded expectations but trade in staple
merchandise is seasona bly, quiet. Bust
ness conditions are satisfactory manu-
featuring plants producing freely, ex-
cept where insufficient water supply
restricts operations and a large volume
of option trading was recorded for the
week at the leading community eX-
Ffa17e
cities are encouraging Traffic returns
continue favorable. Railroad earnings
for December thus far exceed last
years 7-6 per cent. Foreign COM
merce at this port during the last
week showed increases of $1,415,369
in exports and $2,OS9,05S in imports
as compared with the same week in
1903.
Low water in the ConnellsvilIe re-
gion is the only disturbing factor af-
fecting the steel industry. Coke out
put and transportation are both unsat-
ssiactory In consequence and fires are
banked as the supply of fuel becomes
exhausted at the blast furnace. In
stead of having no extensive effect on
the industry as was at first hopefully
predicted this scarcity of water is
seriously retarding recovery in the
Pittsburg region and it will be some
time before normal conditions are re-
stored.
There is less disposition to defer
orders for steel rails and a large part
of next years production has been en-
gagged or is now under negotiation.
Other forms of railroad equipment
are more active Jobbers are placing
orders for pipe on a scale that indi-
Gates expectation of higher quotations
and there is unusual interest for this
season in structural material Wire
and unplate works are reported as
running close to the full capacity.
Conditions in the cotton goods mar
ket are calculated to induce con-
SerVatism and trading is restricted 70
immediate requirements. Prices are
fairly well maintained.
Business in wOOlens is brisk. buy
ers evidently anticipating an advance
IN the newly opened heavy weight
goods Other lines are also coming on
the market at lower prices than the
position of the raw material seems to
warrant and ii is suggested that the
duplicate orders will not be taken at
original figures.
Irregularity continues in the hide
market. bun declining while branded
stock held firm, some packers having
contracted for deliveries up to Feb
rudry L Limited receipts maintain
previous advances in foreign dry hides.
Seasonable quiet rules in leather.
New England footwear factories
nave received few new orders during
the past week, the usual holiday dull
ness pervading the market. The en-
couraging feature is the absence of
weakness. no concessions being offered
to stimulate trade.
Failures this week numbered PSI
In the United States against 2S4 last
year and thirty-two in Canada COM
pared with twenty-five a year ago.
Bank Clearings.
New York. Dec 24.-The following table
compiled by Bradstreet. shows the bank
clearings at the principal cities for the
week ended December p, with the per-
centage of increase and decrease as com
pared with the corresponding week last