The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-10-01
Marks the Opening of the Last
Quarter of 1904.
No Alarming Features In the
Business Situation.
TRADE is STIMULATED
BY Prospects for Profitable
Agricultural Results.
Railway Earnings for September
in Excess of Last Years.

New York, Oct. 1-R. G. Dun & Co. S
weekly review of trade says:
THE last quarter of 1904 opens with
much brighter prospects than prevailed
a year ago. At that time securities
had fallen an average of $34 a share
from the top point a year previous and
there was a general disposition to cur
tail manufacturing ard commercial OPP
erations because of the heavy losses.
The nation was entering on a period of
conservatism. augmented by numerous
labor controversies. At the present
time there are no alarming features.
striker are few and unimportant. while
the indications of growing confidence
are numerous.
Business does not show the hesita-
ton customary during the closing weeks
of a presidential campaign and the
prospect of profitable agricultural re-
suits stimulates trade, especially among
retailers at the west and south Build
ing operations are expanding, providing
q better demand for lumber and ma
terials. Clothing and kindred lines are
stimulated by colder weather,and clear
ance sales are we'll attended. Manu-
featuring plants are decreasing the
proportion of idle machinery, the chief
complaint coming from cotton mills,
which suffer from the disparity be-
tween prices of raw material and I'm
1shed products.
Movement of wheat is heavy. but
retarded by inadequate traffic facili-
ties a some points and railway earn
ings for September exceeded last years
by 6.5 per cent. Foreign commerce at
this port for the last week showed
small decrease in exports and a gain
of s., 163, 346 in imports compared
with 1908. Security markets have risen
$14 above the corresponding date last
year and money is easy and abundant
with the exception of steel rails,
which are not on parity with the
rest of the market. prices of iron and
steel have apparently attained posi-
ton of stability and tardy contracts
are gradually coming forward. There
is also a good inquiry for merchant
pipe, list prices being strictly observed.
Ship builders are seeking plates and
there is a. wholesome movement of ma
chinery and tools
Textile manufacturing plants are
still operating on reduced time, par
ticularly as to the New England cot
ton goods division There is no accu-
mutation of cotton goods, but purchas-
ers persist in disregarding future
needs. confirming business to immediate
requiem ents only Export trade is
less active, but it has served to reduce
supplies. Wooden goods are more ac-
tive, mems wear deliveries being on
time and larger orders for dress goods
are recorded.
Liberal purchases of packer hides
and calfskins have hardened quota
tons somewhat in the western mar
kets, especially for late saltings, and
limited receipts sustain foreign dry
hides. Eastern shoe factories are re-
late fall delivery, but orders are not
quite numerous as last week
Failures this week numbered 223
in the United States, against 226 last
year. and eighteen in Canada, COM
pared with ten a year ago.
Bradstreets says:
The word Improvement sumnar-
ICES briefly the course of trade and
general industry this week. Although
the movements as for a time past are
along conservative lines, the undertone
is rather more optimistic than at any
previous time this season Reasons
for this are found in the continuance
of propidous weather conditions, a
tendency to enlarge final estimates of
grain crop yields, more activity in pig
iron and better collections, based up
on enlarged crop movement. Confir-
nation of these reports is found in in
dicated increases in bank clearings
both in New York and outside thereof
as compared with September a year
ago and in continued gains aggregat-
ing per cent in gross railway earn
ings over 1903. Money is, on the
whole, firmer, rejecting belated crop
movement necessities A striking alb
sence of political agitation as affecting
trade is noted and the feeling general
" is that the year will close better
than it began.
Notable features are the improve
ment in jobbing trade at nearly all
western points in dry goods, shoes, gro
ceries, millinery, hardware, paints and
drugs. Reports of better collections are
very general Warmer weather tends to
retard retail trade somewhat but on
the whole helps crops to mature better
than was at one time hoped. Southern
trade feels the effect of the rapid move
ment of cotton to market in better Job
bling demand and easier collections. Pa
cific coast trade shows some expansion
though heavy rains in California have
been damaging to grapes, raisins and
vegetables A heavy demand for wheat
for shipment to the east helps business
but burdens railroads handling it Wa
ter transportation to the eastern sea-
board is being considered. Eastern
trade shows a fairly good tone on rath-