The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-01-14
OUTLOOK BRIGHT.
Manufacturers Report Good Vol
ume or New Orders.
Best News From Iron ans Steel
Industries.
RAILWAY EARNINGS
An Increase of 5.S Per Cent
Over Last Year.
Large Contracts for Equipment
Are Being Placed.

New York. Jan AR G. Dun &
Co.'S weekly review Of trade says:
"Erratic weather produces irregular
1ty in retail distribution of merchandise
at many points, and southern business
IS quiet because OF the depression IN
cotton, but the general outlook is con-
gidered very bright Manufacturers
report that confidence is warranted by
the number of new orders. while de-
liveries on old contracts are OF salts
factory volume. The best news comes
from the iron and steel industry. while
footwear factories are busy. wooden
mills in exceptionally good condition
and activity is assured among cotton
spinners as soon as the raw material
market becomes settled. Failures for
January thus far compare very favor
&Dly with last years n urnS. Railway
earnings increased SIS per cent over
those of 1904 and foreign commerce at
this port for the last week shows a
gain of s6.151. 1867 in imports and loss
of only 1891. 1913 in exports.
Although business is distributed
somewhat irregularly. owing to the
local conditions as to supply of fuel and
other materials. the iron and steel in
dustry is moving steadily forward Sta
tistics Of pig iron production and con-
sumption at the opening of the year
testify to even greater prosperity than
was anticipated. Nor is stability
threatened by speculative imitation Of
prices as yet although that is a danger
that usually menaces any revival of in
duStrial activity. Coke ovens IN the
Connellsville region are producing at
maximum capacity and there is no
handicap to progress in Pittsburg. but
storms and strikes still effect fuel sup
ply at some other points. Railways are
placing large contracts for all forms of
equipment and the demand for billets
and bars is so urgent that premiums
above list prices, are recorded on some
transactions.
Thus far the new year has not
brought the anticipated demand for
leather, but tanners are confident that
the activity win not be long delayed.
Prices are fairly steady.
Failures this week numbered 324 in
the United States against 324 last year
and % in Canada compared with "a a
year ago.
Bradstreet says:
Activity in industry, particularly
iron and steel and allied trades fur
nishes a contrast to conditions In dis
tribution. in which there is some
frreEularity, with seasonable quietness
predominating in all but a few sec
tons. The undertone of the general
situation is. however, one of strength;
the potential demand is thought to be
very large Stocks in all hands are
light and the feeling is one of con-
f1dence.
''Midwinter quiet rules in the whole
sale trade in most lines, and specula-
ton in securities and staples is quiet
to dull at generally steady prices
Generally speaking, manufa curing
industry having three to four months
business booked ahead, is running
very full and displays more surface
activity than does new business. The
season for clearance sales in retail
lines is well under way, and a large
distribution is being stimulated by
special prices and by seasonable
weather conditions in most sections.
A notably quiet trade at present is
that of cotton goods, which feel the
effect of recent price declines in the
raw material in backward buying.
This is most notable at the east and
at some large central western mar
kets, and is responsible for reports of
a smaller volume of spring business
doing than a year ago, when cotton
and cotton goods were advancing rap
Idly Some cancellations are reported
in this line in the southwest. Aside
from this. however, the volume of adj
vance orders is of good proportions.
Hardware manufacturers report three
60 four months orders ahead; the
shoe trade is looking UP at the east.
with buyers taking higher priced
goods more freely; the wooden goods
the strength of the raw material,
which is being bought heavily in Ar
gentina and Australia for American
account. The iron and steel trade is
Il.
the coke situation has improved and
famine prices are no longer asked,
and soft coal has been helped by cold
weather and a better supply of cars.
Bank clearings show gains not only
over last week, but over this week a
year ago. Railway earnings returns
indicate a very full business proceed
ing through the country, and failures
are rather less than the annual nor
NAL cleanup involves, though the
south contributes more than at cor
responding period in recent preceding
years. Collections as a whole rank
as fair to good, though the south still
complains and some extensions are
asked for there.
Business failures in the United
States for the week ending January
IL number 295, against 27S last week
SO in the like week in 1904, 234 in
1903. 291 in 1902. and $50 in 1901.
In Canada failures for the week num-
Der "a, as against IS last week and
80 in this week a year ago."
Bank Clearings.
New York. Jan. 1.-THE following table,
compiled by Bradstreet, shows the bank
elearings at the principal cities for the