The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1903-09-28
MORE VARIETY 10 TRADE.

weeks back The midsummer Ietharey has
l. been succeeded by the regular fall movement
and from now on We may expect less monotony and
more fuctuaton
x be admitted, however that the general
tenor OF the week was rather negative than other
wise. That merchants are getting cautious and that
the demand for goods is as sharp as was year
shown by the increased ability OF the mills and
factories 10 make prompt deliveries, whereas for
era years back the buyers have been camoring for
their goods often in vain. In other words produc-
ton Is catching up with consumption. In fact in
lines It has only caught up with but actually
passed it, This is especially noticeable in iron and
steel and coal, number Of furnaces and mines having
during the past three days announced that
they would hereafter run diminished time OF close
down altogether in order to keep the markets from
getting overstocked Against this however, is to be
noted increased activity among the cotton mills and
excellent reports from the footwear factories.
Another negative feature is the comparatively few
complaints OF Car shortage, though it must not be
forgotten that the corn and cotton crops are late and
that the railroads have greatly added their rolling
stock during the past two years. The gain in rail
road earnings thus far in September is 81 per cent
September. 1902 and I7.2 per cent 1901.
The zenith IN these railroad earnings has undoubt-
edly been passed, for the volume of trade throughout
The country is not large last year. nor is the
demand for all sorts OF merchandise lively and in
sstent for immediate deliveries In fact announce
ments Ct partial and often complete closing down of
line Of mills or factories constantly received
from widely distant parts OF the country and no more
talk OF a scarcity OF labor is heard 1t is beginning
70 be the other way
The bank clearngs OF the country decreased last
week 40 per cent as compared with the same week
last year with about half of the largest cities the
wrong side OF the exhibit The aggregate clearings
were sI,7747I7,oOo The failures we're 232, against
2oz last year The city Of New York reports notable
quietness in general trade.
The staples to have begun downward cur
rent OF late. Wheat corn cotton, provisions live
stock and some minor staples have eased off more or
less in price during the past few days with quieter
markets. Lumber and building materials of all kinds
are also showing less activity in many parts of the
country The dry goods market is likewise reported
ouieter, though a fair trade is in progress
Like the merchandise market, speculation emerged
from its Information last week and with Wall street as
the storm center became sensational For one or two
DAYS prices declined with sinister persistency that
set the street trembling. On Thursday the market
seemed TO have lost its bottom altogether but on
Friday there was a partial rally. Just what caused
the decline nobody seemed to know but the wise ones
when questioned shook their sage heads and uttered
that portentous word, liquidation" 1t is con-
venient explanation to have in stock ready for imme
date delivery when one does not know what else to
say. There were plenty of dark forebodings and
rrmors help along the decline, but none of them
were realized No dark cloud broke over Wall street
no gigantic failures were announced no crazed inan
cier put pistol to his worried head-nothing hap
pened Whether II a actual liquidation
L was impossible TO say. It might have been the
closing down Of the steel mills to curta production
and many operators were inclined to this view Any
how the market went down and was not slow about
II either.
On this coast conditions remain heretofore II
business has become less eager and in the East
this market has thus far shown little sympathy True
the grain markets have gone down during the past
few Gays, but canned and dried fruits, hops WOOL
butter and eggs and beans have either gone up or
pointed toward rise, the net balance OF the farm
produce, on which all so largely depend here re-
msirs about before Real estate continues active
and the stock OF money among merchants banks and
the genera public large and accessible as at
any time during the past five years the inference
is nsturs that no matter what is going on elsewhere
all right.