The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-09
GOOD PROGRESS.
Dun and Bradstreet Both Re-
port Steady Improvement
In Commercial Circles in Direc-
tfOn of Normal Conditions.
FAILURES ARE FEW.
Prices of Commodities Still on
the Down Grade.
Bank Clearings Show a Falling
Off in Most Cities.

New York. Nov. 9.-R q. Dun & Co.'S
Weekly Review of Trade says that
there were fewer commercial failures
In the United States this week than
for two weeks past, rejecting the i'm
provelnent of conditions as forecasted
in the reports received up to last night.
Scarcity Of money, unreasonable
weather and the holiday combined to
make the volume of business smaller
than usual this week, but the situation
Is moro encouraging because of more
general belief that the financial storm
Is being weathered remarkably well.
About 100000 in gold was secured
abroad before the Bank of England
raised the official rate of discount and
returning confidence is witnessed by
deposits of boarded money
1t will take some time to restore all
this cash to circulation, but the treas
ury has given further relief and the
banks are issuing notes freely. Lead
Ing industries are handicapped by lack
OF funds and so many contemplated
undertakings have been deferred that
working forces are reduced especially
at steel mills. Prices of commodities
have declined still further and exports
should be increased thereby, but for the
last week foreign commerce at this port
showed a loss Of 81, 691 in value of
merchandise exported as compared with
the same week last year, while imports
gained $16,061.
New York, Nov. 9.-Bradstreet's says:
Good progress has been made in &C
commodating the country to the
changed financial condition; this, too,
with strikngly little friction, consider
ing the scarcity of currency and wide
spread substitution of credit instru-
ments for actual cash. At the same
time wholesale and jobbing trade has
quoted down very perceptibly, and the
disposition in industrial lines has been
Cllrtail rTO0nofi0D whnraVar nOSSih1A
the aim being to avoid unnecessary or
possibly burdensome accumulation OF
stocks. There is in fact. rather more
optimistic tone prevailing this week
than last. the outgrowth of the better
feeling at the east, the large arrivals
of gold from Europe and the idea that
basic conditions both as regards tho
purchasing power of the people and
the absence Of large stocks, are better
than in some preceding years of stress.
There are, 1t is true, increasing evil
dences that the level of commodity
prices has been forced unreasonably
high, and that the process of readjust-
ment will compel numerous revisions.
In this respect the easing of iron and
other metal prices, the further de-
cline in cereals, and the sharp falling
off in live stock quotations are taken
as an earnest of revision in other
lines yet to come. From two sections,
the northwest and south, complaints
are numerous that the absence of ac-
wheat and cotton to market; but the
countrywide issuance of bank and
corporation checks in small denomin-
ations has eased the currency situa-
ton greatly, the domestic exchange
markets are much more settled, and
the general acceptance Of credit in
struments is expected to allow of ne
cessary business being done, pending
the readjustment of the volume OF
business to the supply of current cap
itaL Collections are rather slower, |
but there has been a slight easing in
the premium for actual currency at
the east, the runs on the various fin |
ancial concerns are apparently a thing |
portant as in either of the preceding |
two weeks, and the wave of distrust |
has perceptibly subsidized, rendering |
the work Of rehabilitation and repair |
q matter of time only.
Business failures in the United |
States for the week ending November |
z, number 225 against 223 last week, |
146 in the like week Of 1906, 166 in |
1905, 1S4 in 1904 and $50 in 1903. |
Canadian failures number "a as
week a year ago.
Wheat including -four, exports from |
the United States and Canada for the
week ending November aggregate
last week, 4.155.s11 this week last
year and 5.46s,645 in 1901. For the
last 10 weeks of the fiscal year the ex-
ports are 73,727,40S bushels against
es.s22.s72 IN 1867 and 111,461141
in 1902. Corn exports for the week
are 711,501 bushels against 666,340
bushels last week and S70,92 in 1906.
For the fiscal year to date the exports
are 1s,027,774 as against 15,4SS,0s4 in
1eo6-7.
Bank Clearings.
BradStreet's bank clearings report for |