The San Francisco call., 1901-12-16
ABNORMAL TRADE CONDITIONS

THE condition of trade is abnormal for this time
OF the year. Usually during the month of De
ccmber the wholesale business of the country
falls off, being superseded by retail buying for the
holidays But this year there is not only lively
tail trade all over the country, but undiminshed
wholesale trading as well. This double activity is
seldom seen and accentuates the phenomenal
volume OF general business Almost every section of
the country and almost all lines OF trade report the
same heavy movement in merchandise and produce
The West and Southwest are large buyers OF grain
fruits and ieedstus owing the partial failure of
the crops through last summers long hot dry SPELL
and the best OF is that they have plenty OF
money buy with The Atlantic and Middle States
report factories in full blast with large orders
running far into nexI year and the Pacific Coast is
enjoying one OF the best years history as far as
outward shipments Of its field products go. There
hardly anything produced in California or its
two northern neghbOrs that is not in good demand
either for the East or foreign countries.
The general export trade of the country however.
seems to be slowly diminishing Shipments OF
brcadstuifs, livestock cotton and oils while larger
than at this time last year. smaller than during
October For the calendar year 10 date, however
shipments Of these products are ; per cent larger
than during any previous year. High prices, more
than any falling of in the demand are causing the
current dininution in foreign exports.
The failures fewer than in 1900 at the moment
those last week being z33 against 247 for the same
week last year.
The staples, considered individually. are lively and
good condition for producers and sellers Wooden
goods are in brisk demand dress goods especially
and raw wool continues to sell off well all points
Shipments of boots and shoes continue to exceed
those of last year and most of the factories are run
nng ull time Leather rules firm, but hides are still
quoted easy Cereals seem to have touched the crest
OF the current rise and the tendency is toward lower
quotations again. Countrymen no longer crowd the
Board OF Trade OF Chicago scrambng for wheat
while realizing in wheat, and has been enor-
nous for week. The decline in prices however. is
uninportant and less than might have been expected
The demand for iron and steel continues unabated
and commercial reports say that probably never be-
lore was there SO much forward business booked as
at present. If this industry were not hampered bv
chronic scarcity Of its showing would surprise
the public; but many furnaces being driven out
OF blast owing to their sheer inability to obtain the
cars to move iron to and their product from the mill
1t would seem as if this dearh of rolling stock would
make material decrease in the earnings of the rail
roads, but they actually show gain OF lis in No
Ve1nber over the same month last year
The feeling in Wall street continues nervous and
unsettled and the bankers and other conservative
hnanciers are warning the public to go slowly and
Win caution- Ihey say that are in an era of ex
travagance, not economy; that the current activity in
trade is more in uxuries than in necessities. tb,t o
are spending money when we should be savin, i.
tat our exports are falling off and foreign trade
balance IS beginning TO point against us; that scar
city and high prices OF farm products do not mean
prosperity; that the present phenomenal wave 20
commercial activity cannot last forever and so y,
These bankers arc shrewd and careful men. Tbev
generally know what they are talking about. Tbey
that there certain signs in the sky which only
the willfuly blind will not see and are advising
slower and more conservative pace. The advice is
good, even if we doing "land office" business
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Just about this time good many society men have