The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-06-18
GOOD FEATURES.
Crops Have Improved and Lake
Tie Up Has Ended.
Railway Earnings Continue OF
Show a Decline.
BETTER THAN IN 1902.
Transportation Generally Shows
Improvement Over Boom Year.
Bank Clearings Show Enlarge
ment Over Last Week.
BETTER THAN in 1902.

New York, June 1S.-Bradstreet's, re-
viewing the state of trade, says:
Favorable features this week are
the further improvement shown in lead
ing crops and the ending of the tieup
on the Great lakes Wheat. oats and
cotton have improved but corn is still
backward owing to the cool weather.
General trade and industry have re-
manned quiet and may be said to have
marked time The notable underiy-
ing future of the entire situation is
the feeling that with an average crop
of wheat and large yields of the other
cereals and Of cotton now in prospect,
a good fall and winter business is to
be looked for. Pending further prog
ress in this direction the tendency is to
await events. Prices of leading prod
ucts have felt the influence of crop
news, wheat, oats and cotton declining
while corn has remained very steady
on reports of backward conditions and
small supplies offering. Railway earn
fngs reflect current quietness in bust
ness and the decreases of 3-5 per cent
OF gross in May and of per cent in
April net indicated last week are con-
firmed by fuller details. Transporter
ton business generally is better than
in 1902. Bank clearings, a more iTnme-
date reflection of current business.
show an enlargement over last week.
4 but grand totals will still show recess
sions from a year ago. The cross-cur-
rent of ebb and flow noted at different
cities, however, may possibly be sig
nificant of a change in the tide. Col
lectons still reflect the influence of a
backward spring in retail trade, and
are complained of as slow at a. number
of centers. Money continues easy and
stock market activity is largely profess
sional.
Crop advices to Bradstreet's tell
mainly of Improvement This is most
hi
of which has become general in the
Southwest and in California Spring
wheat is also making progress along
satisfactory lines An average crop
of wheat has been raised in Texas but
the yield in California will be below
the average owing to damage by dry
winds. The stand of corn is good but
the weather is too cool for the best
growth. The California grape and
raisin crop will be very large, and
southern peaches promise a heavy
yield Eastern vegetable and fruit
crops are reported injured by back
ward weather. The southern oats
crop, now being harvested. was in
1ured by dry weather in Nay.
Reports as to the cotton crop are
almost universally favorable, the only
exception being noted In Arkansas,
where heavy reduction is probable
because of overlooked lands. The
Texas crop is growing finely, first bales
being reported nearly a month ahead
lower Mississippi valley is making
good progress and in Georgia and Ala
bama is reported growing finely.
THE leading industries generally
display quietness. Iron and steel are
dull and production is being curtailed,
but price weakness is less manifest,
possibly because large consumers are
making inquiries, and with a clearer
crop and political outlook, will prob
bly, buy literally at the cOncededly
close cost prices for raw material. The
ending of the lake strike has brought
about a resumption of ore shipments
down and coal uD. Anthracite coal
is in exceptionally good demand for
this time of year, but bituminOus is
dun and weak The lumber trade is
rather irregular, being very much de-
pressed on the Pacific coast fairly &C
tive in the Northwest but rather dull
at the east. Low prices for yellow
pine and hemlock are inducing a
change in demand to those sorts from
white pine"
As DUN Sees 1t.
Summarizing the commercial situa-
ton, r. G. Dun & Co. say:
Industry suffers from an epidemic
of ultra conservatism, enanating ap-
parently from the theory that a period
Of depression must come every ten
years. While the coincidence OF a pEeSl-
Dental election furnishes another pre-
cedent. As result. stocks of mer-
chandiSe have been reduced, railway
traffic is lessened, preparations Tor fu-
ture business are curtailed, and less
money is distributed in the form OF
wages; while those having capital to
invest conf1ne their attention to the
highest classes of bonds or hold back
for still lower security prices. All these
factors have combined to produce 4
reaction entirely out of proportion to
the natural readjustment that was
really started by abnOrnally high
prices of raw materials and other ex-
cessive costs of production resulting in
accumulation of goods that could not
be sold at a profit. Retrenchment has
made considerable progress, wage earn
ers as rule recognizing the import
ance of accepting reductions in pay.
The Lake strike has been adjusted, !
leaving little friction between employer |
and employe- As the season advances