The San Francisco call., 1903-01-12
TIE NEW YEAR STILL LOOKING
WE'LL

II HERE is little feature to trade at present. The
new year has lea of well the first week show
ing bank clearings for the whole country o.
per cent larger than for the corresponding week in
1907 with most OF The large cities showing gains
while the failures for the week $50 against 37S
last year Collections are said to be normal and the
Gstributvc trade OF The country is fully as large as
Is at this time OF the year. In fact the
sumptyc demand for goods has lately been enor-
NOUS, though there VIII probably be lull ior some
l.5tie time now, usual after the holidays
Scarcity OF fuel in the Eastern manufacturing cen
iers the disturbing element at present One effect
OF this fuel shortage Is to diminish the output of
iron and steel products and these lines are reported
queter than they have been in spite OF many orders
Tor forward delivery still untitled. Cars as well as
fuel are still in undersupply and the movement Of
lumber and grain is consequently diminished.
Barring these hampering conditions, which are
incidental and in no wise connected with the inherent
prosperity depression OF the country, business is
running along smoothly. The staples, however,
showed some disposition TO waver last week East
boot and shoe manufacturers reported that orders
were smaller than those of the preceding week and
OF the corresponding week last year, though hides
and leather were firm. Corn and cotton were weaker
but as the easing of Of quotations resulted in bet
teT shipping demand for both goods there was little
or complaint. The demand for cotton for foreign
export is turning out much larger than anticipated
some time ago The demand for wooden goods es-
pecally for fall delivery has not come up to expecta-
Ions. but the movement in rubber goods has been
So brisk that supplies have been greatly diminished
Provisions quiet everywhere though the Chicago
packers are proessedy bulls on the current situation
and supporting the market Country produce
in general is meeting with large demand at all the
normal; much indeed, that there are com
paints from all the country OF the high cost
OF living.
Wall street has been tame for week or more and
thanks to the conservatism and watchfulness of the
banks, the wild animals OF that arena have become
pretty well domesticated Whenever any undue
plunging develops the banks call in their loans.
money becomes tight. the plungers retire from the
ring and the equilibrium is restored This attitude
OF the banks has established general. confidence
among she financial interests and the tone of the
market IS much better than duripg the closing
months OF 1902 There is still a disposition to
speculate freely, but It is accompanied by tendency
TO proceed with caution
Our local situation remains about as before The
trade OF the port continues lively and large quantities
Of produce and merchandise are being shipped to
foreign countries. The domestic trade is also brisk
and 20 complaints are heard from any quarter Al
most all OF the products OF the State are well cleaned
up and the farmers and fruit growers now hold but
a small percentage Of the crops of 1902 Thus far
this season the weather has been ideal both for the
grain and fruit grower and large acreage is being
seeded TO cereals. while the nurserymen report a
heavy inquiry FOR fruit trees for new orchards
gratifying feature OF agriculture at the moment is the
large number OF small farmers coming into the
State from the East and West and the majority are
looking for land either as lessons or buyers. II the
railroads viii continue to encourage this highly
desirable immigration by giving reduced rates the
prosperity OF the State viii be greatly enchanced