The San Francisco call., 1903-01-19
THE WEEK IN TRADE.

the year 1908 continues II has opened II will
break all commercial records not even excepting
the remarkably good years of 1902 and 1901. From
al sections Of the country come reports OF expanding
trade, lively demand for all OF goods, a fine
ard increasing export business. easy collections abun-
dance OF money high prices and general feeling OF
confidence. There is more tendency TO speculate, it
is true, but this cannot be helped. When times are
fourishing and there Is plenty OF money people will
speculate and cannot be prevented from investing
their funds in all sorts OF undertakings which promise
q profit
As lar as Wall street is concerned, the great New
ork banks have taken a firm grasp on things and
promptly suppress any undue plungng, but in other
parts OF the country there IS no such repression
STILL thus far there Is no excitement in speculative
Nay, and the public seems TO be putting its money
into enterprises which promise stability and perma-
nenoe rather than into wildcat schemes OF the get
roh-quck order. which have resulted 50 dsastrously
IN former periods OF prosperity. In this respect
America seems 10 be becoming Europeanized and to
seek slow, solid increase IN wealth rather than the
short cut across the field OF prosperity-a path which
looks well enough, but which abounds in bogs and
pitfalls
II there was any distinctive feature to business last
week it the immense business in flour wheat and
corn at Western and Northwestern grain centers
Minneapolis reported the largest business in -four thus
Tar in January the history OF the trade and the best
European demand for two months. As for corn the
purchases for export account during the week were on
very large scale with the demand steadily increas-
ing
The other staples while active as rule exhibited
no particular excitement. but firm tone was evident
all along the line Iron and steel we're about the only
exceptions, but these branches were handicapped by
continued scarcity OF and the extreme shortage in
f--.T --f,-- Il
accepting business which they might not be able
to fill Almost ali OF them already booked ahead
for SIX months especially for structural and building
material particularly for the West where tall Office
buildings and industrial plants are being constructed
on large scale The Eastern footwear factories are
generally running full time. but new business is rather
light though the West continues to purchase freely
for delivery next fall Leather rules rather higher
but hides are somewhat weaker
A distinct improvement in the demand for dry
goods Is reported from New York. where buyers are
arriving in great numbers. Wool continues strong
with supplies moderate and closely held, and the
woOlen mills practically ali employed chiefly on
spring and summer goods Cotton textiles are also
IN very good demand with no complaints from the
trade. Provisions have ruled easier of late. with
stocks slowly accumulatng at Chicago, though the
packers profess be bulish the situation and are
holding up the market Lumber is in fair demand
though this is the dull period OF the year.
obbers and retailers IN all parts of the country re-
very satisfactory trade, with stocks OF every
thing more less moderate, showing that the con-
sumptve capacity OF the country has not yet passed
is limit, either TO quantity price while travelling
men sending in orders than usual at this time
oi the year
The country's bank clearings last week ran I'D to
the large total OF S9oSIo ooo an increase OF I46 per
cent over the corresponding week last year with most
OF the large cities showing gains, though except at
New York and San Francisco, where they were re-
spectiyely 2I5 and 1915 per cent they were generally
small The failures for the week were 26z against 774
last year, which is an excellent showing The New
York stock market continued quiet and without espe
oia feature, though the was reported stronger
than Tor many weeks. there being a feeling that the
shoals usual the close of the year had been safely
crossed, and that smooth sailing might be expected
from now on.
Pacific Coast conditions remain bright the distin-
gushing features being the good crop prospects,
abundance Of money, brisk export and domestic trade
and continued activity in real estate, both city and
country the latter being affected by the remarkable
influx Of small farmers from the Western States And
the best Of is that this highly desirable immigration
ahows no signs Of diminishing.