The San Francisco call., 1903-09-14
CONDITION OF TRADE.

Z
The volume OF business appears smaller than
~ n this time last year. but il was then abnor-
rasn large and nobody conversant with the drift of
commerce expected it TO continue at high pressure
indefinitely The shrnkage is partially illustrated by
q loss in the bank cearings of 4Io per cent from the
corresponding week in 1902, while the aggregate
ccarngs have still further decreased to SI42oy42o,ooo,
the smallest showing for several years Another un-
Satisfactory sign in this direction is that every mpor-
1ant city in the country except Kansas City EXHIBITS
loss that at New York being 54-z per cent, largely
due no doubt TO the marked decrease in stock spec
ulation in Wall street Boston and Philadelphia
show losses OF 20 and "a per respectively while
Chicago enjoys the smallest decrease, 1t being only
per cent As far these clearings are an indica-
ton the country doing less business than IN 1902
but 1t may quite profitable in net results The
failures for the week I72 against 2o5 last year.
and there were none large enough to attract atten-
ton beyond their locality
There were several favorable features last week
Some sections OF the country reported better fall
demand for goods than last year. and more favorable
weather stimulated the retail trade in others. 1t
is now ksown that the crops of the country will not
be as enormous as expected along in the spring but
none OF the great farm staples show serious falling
of The wheat crop has steadily diminished in size
with the advancement OF the season. and the last
Government report issued Friday, indicates a
combined winter and spring wheat yield OF about
6zooooooo bushels against anywhere from 7oo,oooooo
10 100000 confidently figured in the early
spring. Prices are good however, and more net
money may be realized from the diminished crop
than Il IT had been larger The South reports excel
lent prospects for corn, cotton, rice and sugar.
Lumber still rules firm and active in the West, but
The Eastern markets are still or less inactive, as
capital has not yet recovered from the sharp it
got last spring WHEN the whole country seemed to be
either on strike about to- go and the cost
OF material and wages had advanced to point where
extended building operations had become more or
ess hazardous.
The feeling in the iron and steel trades IN still
somewhat pessmistic ard buyers are holding off,
while some descriptions have declined still further.
Provisions have shown more animation at Western
packing centers and supplies OF cattle and hogs are
reported more plentiful and gradually increasing, a
natural consequence Of the boom in livestock Of the
past four or five years, during which many stock
raisers have accumulated fortunes
The New York stock market continues tame and
without any particular tendency in either direction
Fluctuations OF late have been and the public
are holding aloof. No is heard of the forma-
ton OF gigantic syndcates with capitalzatons
Their day has passed for the present New York
bankers say that the supply Of undgested securities
has not even yet become eliminated but it has been
reduced a point where it IS longer serious
menace TO the stock market and the business interests
Of the country The bankers also pointing out
that stocks as a rule down to plane where
they can be purchased for investment purposes with
reasonable safety and that many of them are now
positively cheap from a dvidend-paying point oil
view Thus reassured the public may again enter the
GUNNER vacation
its last DAYS.
Conditions on the Pacific Slope continue cheerful
Moderate crops which are quoted above the normal
prices. keep the farmers and merchants in good
hunaor, credits excellent and the banks well supplied
with funds Nobody is complaining and everybody
expects another good year The volume OF domestic
and foreign trade is large collections are as good
they have been any time and failures neither
numerous nor large In fact. taking the whole coas:
into consideration. conditions may be described as
brilliant