The San Francisco call., 1903-01-05
THE NEW YEARS BUSINESS BOW

ir7egularIty, bur with general cheerfulness and
4 confidence in the future The statistics for 1902
s-l, now coming in and make agreeable reading,
while there is nothing so far in sight indicate that
the commercial literature for 1908 Will be different
iron itsspredecessor All parts OF the country are
sending bright reports OF expanded and active
trade good prices, easy collections and few failures
A fine s'gn is the voluntary advancement OF wages
by a number Of immense industrial and railway cor
poratons, affecting hundreds OF thousands OF wage
carners Another is the statements OF individual cities
telling OF marked business activity in 1909 and pros
poets for Its continuance IN 1908. Prominent among
these cities are Chicago which says that its iobbers
have more orders on their books than for years,
mat lis banks have per deposits and 5
PCT cent more loans than at the opening of 1902 and
Int 100000 tons OF pig iron was made or handled
ti-re IN 1902 Kansas City, which showed a gain in
1901 IN spite OF the corn shortage last year
-d the winter wheat shortage this year Portland,
Oregon which reports business in 1902 larger than
in any previous year: St Louis which sends in a
marked expansion in business; San Francisco, which
reports export and domestic trade first class with
most excellent crop prospects, and so on. New
ork OF course must not be overlooked, and reports
ans in almost all lines OF trade in 1902 over 1901 the
-Vcrage increase ranging around to per cent,
hich Is rather above normal rates OF interest
y
lan in 1901, though, as already mentioned much OF
increase is Offset by the increased cost OF opera
0n. due 10 higher material advanced wages scarcity
o fuel. and so on Scarcity OF cars though less
acute, Is still reported. and the West Is offering the
railways more grain Tor transportation than they viii
accept Wholesale distribution at present is light
usual just at the turn OF the year. and the retail
trade also exhibits the regular falling OF after the
holiday rush. but these features always character
ze this time OF the year
The staples continue in good condition for pro-
ducers and sellers. Wool is tending upward with an
active inquiry and large shipments to the mills while
wOoens are quoted active and firm. Cotton for
domestic consumption IS quiet but large buying for
China is reported The boot and shoe factories are
generally running full time with plenty Of orders.
while leather IS showing signs OF rise Provisions
continue less quiet all over the country and
the tendency is rather downward than upward There
Is nothing in the iron and steel trades which
report continued activity, with most mills ordered
far into the year
Wall street opened firm ard buoyant after the
holiday. and though money was higher the bank
statement was the best FOR long while; there was
an undercarrent Of strength visible and il was evi
dent that the public needed but wink to take hold
OF the market. Easier money is being freely pre-
dicted by many ant desired by all. but perhaps this
is hope based the expectation that Congress
HriI give more elastic currency before long At
any rate. the feeling Oh the street is much brighter
than month or so ago Tor the tide OF money gener-
ally FIRMS about this season and instead of flowing o;t-
ward 10 the West 20 move the crops comes flowing
back 10 financial headquarters to be used in the reg
l,lar requirements OF the market Otherwise there
~ss nothing new IN the situation az New York
The feature OF the week ia our local market was
The final establishment Of cable connection with
Honolulu. What this means TO trade ought 10 be
Immediately apparent TO even the most casual OBJ
It's Ultimate effect viii be TO form another
&5eT n the mesh that IS gradually arranging itself
around San Francisco IS center and making If one
Of the half-dozen prominent financial marts OF N.
world. San Francisco exchange" will be more
frequent commercial expression hereafter ;han II has
been 10 say nothing OF the great advertising the city
VIII get in the Transmission OF international news
through the press. This city IS going along with the
rest Of the American procession. We growl at orr
own lethsrgy sometimes, which is not bad sign
(o- lazy man never complains OF his own iaziness)
but if viii take tic trouble 10 look back four or
frye years and see what we have accomplished and
how We have grown il viii open oa- eyes.