The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1921-11-12
Bank Bulletin Touches Every
Phase of Industrial Activity.
Authoritative and Official InfOr-
nation Given to Investor.
NOVEMBER ISSUE IN NAILS
Improvement in Unemployment
Situation Is Noted.
Money Rates Are Easier and
Bonds Sell Higher.


ton the Kansas Reserve State bank
has begun issuance of monthly pub
LEGATION covering general conditions;
The bulletin reaches every phase "
industrial activity. credit and trace
conditions. The new publication is
being mailed to patrons of the IN
stitution interested in investments ana
contains authoritative and official IN
formation of much value to the pus1-
ness man and investor.
The November issue of the banks
Business Forecast, as the paper is
called, has been placed in the mails
It was complied October II and re-
views conditions for the previous
month with a summary Of the more
| important features for the nine
months period. Data for the pubhca-
ton is prepared from national au-
thorities and the paper is mailed free
to persons interested in general con-
didonS discussed IN 1lnanclal ana puS4-
ness reports.
Some improvement in the unem-
ployment situation and an Increasing
output from the heavy manufactur-
ing centers, coupled with heavy build
ing operations are the favorable fac
tors apparent in this months review
of business conditions" says She re
port. ION the financial side we find
money rates easier sterling exchange
| Strengthening, heavy bond sales and
real improvement in prices of Gov
eminent issues.
What the Bulletin Contains.
Continuing the bulletin says in part:
Bank cIearings at the principal
cities for September totaled % bill
lion dollars compared with 81 billion
dollars the previous month and Sc
billion dollars for September of last
year, the decrease being % per cent
Exports of merchandise during Sep
tar 0aI
dollars compared with 372 million dol
lars the previous month and sos mil
lion dollars in September, 1920. I'm
ports for the month were $50 million
dollars compared with 1875 million dol
lars the month before and 1853 mil
lion dollars a year ago leaving US
| favorable balance of trade of las mil
lion dollars compared with lit million
dollars for the previous month and
| 242 million dollars in September OF
| last year. The balance of trade in
our favor for the nine months was
1,679 million dollars compared with
| 1,722 million dollars for the first nine
months of 1920. With the exception
| of July both imports and exports set
a new mark for the year in the month
| of September.
Imports of egeld for. nine months
were 563 million dollars compared
with 1919 million dollars for the same
months Of last year and exports were
L collars WIFI EOS
million dollars a year ago leaving a
gold movement in our favor of $40
| million dollars compared with a ball
ance against US for the same months
of last year amounting to so million
dollars
Imports of silver for the first nine
months of this year exceeded exports
by nearly 10 million dollars while for
the same months of 1920, exports ex-
| ceeded imports by rs million dollars.
Business failures during September
numbered 1903 compared with 1884
the month before and 66S in Sep
TENDER of last year. Liabilities of the
failed concerns were only 81 million
dollars compared with As million dol
lars the previous month and SO mill
lion dollars for September, 1920. Fail
ures for the nine months were $40
compared with 5000 for the same
months of last year and liabilities were
4S7 million dollars compared with 20S
million dollars last year.
Dividend and interest disbursements
in October will amount to 356 million
dollars compared with ,237 million dol
lars in September and $50 million dol
lars in October of last year. Divi-
dends will account for 81 million dol
lars of the amount compared with
SO million dollars last year and in
terest payments will be 265 million
dollars compared with PSI million dol
lars a year ago.
Corporate maturities for November
will total 40 million dollars compared
with SO million dollars in October and
SO million dollars in November of last
year.
Shares traded on the New York
Stock Exchange during September
numbered 1921 thousand compared
with 1929 thousand the month be-
fore and 1915 thousand a year ago.
Bond sales were 327 million dollars
compared with 22S million dollars the
previous month and 2S2 million dol
lars year ago. Trading in Liberty
Loan Bonds totaled 207 million dol
lars compared with 1913 million dol
lars in August and 40 million dol
lars in September O. last year.
Gold holdings of the United States
reached a new high mark on the first
of October at 3,453 million dollars
compared with 2.7O5 million dollars a
year ago and 2,906 million dollars two
years ago.
Gross earnings of the. principal
steam railroads for August totaled sos
million dollars compared with 555
J million dollars for the same month
last year but operating expenses were
/ only 3S2 million dollars compared
! with $50 million dollars a year ago
so that net earnings for the month
I amounted to 1913 million dollars
| against a deficit of 125 million dollars
a year ago. making an, Improvement
4 in net earnings for the month as com
! pared with last year Of 24S million
! dollars.
Freight car loadings for the week
ending October first totaled sOI.o7S.
the high mark for the year. aItho
i somewhat below the corresponding
week of last year when 992 thousand
! cars were loaded and of the same
week in 1919 when 95S thousand cars
were loaded. LoadiEgs of merchandise
including all manufactured products
exceeded even last years total. which
was also true of grain and grain
products.
Crop conditions for the country are
! far below last year and the only i'm
portant crops showing a gain in pro-
/ duction over year ago are buck
wheat and beans Condition of all Of
the principal crops are 9 per cent be-
low average at this date. The only
I crops which are per cent or better
I shc.1-a