The San Francisco call., 1903-12-28
CLOSING DAYS OF THE TRADE YEAR.

of the year and perhaps we'll along toward the end OF
January Business is always quiet at this season
With the Of the year comparative from
the different lines will begin to and will then
know definitely how 1908 stood compared with 1902
1t expected make the brilliant showing of 1902
the banner year. whose record will probably stand for
some time Commodity prices have shrunk
more or less this year and there has been vast decline
the stock market, which will down the aggregate
figures from those of but the situation now really
better than last year this time according to present
indications Then we were looking with apprehension
for the appearance of kind OF financial
tile the consequences OF which could not be fore
but which would create or less disturbance
The storm expected but fortunately con-
fined TO decline the stock market, general trade be
ing little affected, and then only the close of the year
and only indirectly Now that the storm has and
the inflated and abnormal conditions in Wall street have
been corrected on sounder basis than at the
close Of 1902 The annual figures when they in
may show smaller totals many lines, but the shrinkage
and has been benefit rather than
detrment TO trade Hence may look forward to
good though perhaps queter year in 1904 At rate
as present signs GO will feel less uncertainty
except from the shadow of the Presidential election,
which is appearing the horizon of trade.
Private reports from Wall received at the close
of the week said that the January disbursements for
dividends interest etc. would fall about $2oooooo below
those of the preceding year and that they would prob
ably not be $I34oooooo, whereas $I45oooooo had
been expected This of is surmise The amount
will be large in any event and will tend to still further
already easy money market In fact the predic
ton being made that money will presently be
glut Whether this prediction will prove true not
the OF the money market since last has
been agreeable surprise in all quarters serious
stringency had been feared during the crop moving
period but it only did appear, but money was
actually easier than for preceding years We
we'll supplied with funds everywhere particular tight
ness being reported from any quarter.
General trade conditions show little change. One
couraging feature last week Improvement in col
ections but against this noted that the suspen
sion of manufacturing plants for the annual stock tax
ing repairs, etc, more pronounced than for some
The failures for the week 2S4 against 200
year, while owing the decrease speculation the
bank cearngs at New York I67 per cent behind
those OF 1902 The iron and steel industry reported
outlook all along the line with the general opin
ion the controlling interests i'll the trade that fur
her reductions in quotations no longer necessary
especially orders for the early part of 1904
showing increase From this it inferred that the
lower prices had begun stimulate trade
The showing in cotton sensational. Although the
high prices for the staple checking the demand and
the mills buying than is positively neces
sary TO fill current orders and steadily decreasing
their output and the Chinese and other export demands
have fallen off sharply. the volume of business in this
staple during the past months has been
The price has advanced above all records for quarter
million of bales day has not been unusual. Again
November, while merchandise exports aggregated
$I6ooooooo $35ooo,ooo than in November 1902
nearly the whole of this increase $32oooooo in
due high prices and the backwardness
of the crop Conservatism characterzes every de
partment of the cotton goods market.
AS to the general export movement, while our No
vember exports only twice exceeded, imports
amounted only $77oooooo, compared with $S5,oooooo
last year This left of exports this year of
$83oooooo against less than $4ooooooo year ago SO
favorable trade balance easily explains the in
fux of gold and suggests its further continuance for
period, the present tendency being for diminished inn
ports regardless of the export movement although the
promises good results for the month.
The New England footwear factories receiving
few orders. but Eastern wool buyers have reap
peared in the market and purchasing with free
dom and the wool market is accordingly showing more
activity. The purchases by have absorbed the
moderate offerings of hides and the lower grades of
leather reported irmer Provisions remain about
they during the preceding week. with supplies
ample for all requirements and the market showing no
especial activity.
The far Western railroads moving per
tonnage than year ago and the decline east
of the Mississippi is per cent, there still
net gain of about per for December over 1902
The reports sent to the mercantile agencies by the
different cities of the country continue cheerful are
accompanied by confident expectations of another good
year trade The reports from California notably San
Francisco tell of excellent conditions in the wholesale
trade The southern part of the State is sadly need
of and if it does not get good wetting the
bean and cereal crops down there may short
year The State north of San Francisco has thus
far received plenty of moisture and reports farming o
erations proceeding usual, with cheerful indications
everywhere.
To summarize, the condition of trade in the United
c4.4o c1Oea n