The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-05-02
Sentiment L. Much Improved in
Financial Circles.
Prices of Securities the Highest
Since Last October.
ABILITY TO BORROW
On the Part of the Railroads
Helps Steel Business.
Bank Clearings Show Marked
Gain Over Previous Week.

New York. May 2.-R G. Dun &
Co.'S Weekly Review of Trade says:
Sentiment was greatly improved in
financial circles by the successful is
sue OF new railway bonds, prices of
securities attaining the highest posi-
lion since last October. The outlook
Tor the steel business briehtened
when 1t was shown that the railways
could borrow money for needed work
ana the good progress OF the crops
promises well for the future in all
branches of business. Insofar as cur-
rent conditions are concerned. how
ever. reports indicate a small volume
OF trade and only fair collections
Nominally there is no change in
quotations OF iron and steel. but pres
sure to dispose of accumulated stocks
in furnace yards has produced several
sales OF pig iron at substantial con-
ceSsfons. Prices of finished steel are
usually maintained although the
opinlon Is expressed In many quar-
tiers that concessions would bring out
much-needed business. Thus far
there Is practically no increase in the
active capacity Of plants in this indus
try east of Chicago. but at the west
conditions are better. Tin plate mills
continue to lead a point of activity.
the leading producer reporting 90 per
cent OF capacity in operation, but few
other department are turning out
over so per cent Of a normal produc-
Bradstreet's.
Bradstreet's says: Weather condi-
| tons have been unfavorable to dis
trfbutive trade this week, and rather
quiet trade is reported the country
over. Jobbfng trade has remained
quiet with business confined to small
| filling in orders. Fall business has
shown no particular increase in &C.
tivity and orders are still scarce. The
disposition seems to be to let the job
Der carry the goods and manufac-
| turers are likewise disinclined to make
up stocks ahead of orders Collec-
| lions are still slow and extensions
asked for or granted are still a fea-
ture. Thus far Industrial output
shows little or no disposition to ex-
pand. Curtailment is still the feature
in textile lines, and some leading CEN
tiers reported production 40 per cent
off the normal. Foreign trade is quiet
as whole, but some improvement is
reported in export demand for cereals
after the smallest weeks shipments in
two years. The best points in the
situation are the more cheerful feel
ing as to the ability of railroads to
| borrow and the undeniable good out
look for the winter wheat crop.
Business failures in the United
| States for the week ending April 80
number 2S2 against 254 last week, 163
in the like week Of 1907. 1879 in 1906,
10 III 1SOo anu Ito IN 1SU4. Canadian
| failures for the week number % as
against SO last week and Is in this
| week a year ago.
Wheat. including our exports from
the United States and Canada for the
week ending April 80, are the small
est for two years. aggregating $780,
600 against 2.417,003 last week and
2.234,756 this week last year. For
the forty-four weeks Of the fiscal year
the exports are 79,417,285 bushels,
against 143, 800,621 in 1906-07. Corn
| exports for the week are 4O7.OO2
bushels against 371,347 last week and
1,917,695 in 1907. For the fiscal year
to date the exports are 44,O22,407
bushels against 81 .428,937 in 1s06-c7.