The daily silver state. [volume] (Winnemucca, Nev.) 1903-1907, 1903-06-30
INCREASING CONSERVATISM

These are quiet days in trade. From
one shore of the country TO the otheT
come the same report of diminishing
movements OF merchandise and apathy
in the speculative markets. Under the
most favorable conditions this lnactlV-
itv will probably continue until the
midsummer vacation is over, and no
revival can be expected until then
The midsummer lull in business Is
becoming more pronounced every yea
and if the tendency in this direction
continues in the course of a few years
more we need expect to do nothing OIL
Importance from the first OF June 10
the first of september. San Francisco,
like the eastern cities, is falling into
this midsummer breathing spell, and
though we have an excellent cool bus
mess climate during the three sum
mer months it cuts no figure with US
We 90 put of town and take our vaca-
ton, climate or no climate.
The condition of trade in the
try as a whole, however, seems to be
essentially sound. True, the leading
staples are quiet and their quotations
have been gradually declining for
some weeks, but nobody expected that
tine inflated prices of the past three
OF four years would last forever. This
decline is so gradual as to be almost
imp~erceptible, but it is going on just
the same. Ever few days some de-
sCriptions of iron and provisions
both excellent barometers of trade
drop off a fraction or so. We are now
hearing considerable daily talk in
Chicago about the increased supply
Of hogs throughout the country, which
indicates lower prices for cured meats
from now on. stocks of provisions
there are accommodating, too, and the
demand is not what it was several
months ago-another bearish sign.
Then, too, although the raw iron has
been going Town for some little time
the finished products have kept up, the
r uN1lAolAAd 6PPdA CAAAS OtAhS
OF late, however, these same finished
products have commenced to weaken
and the consumption is reported fall
ing off. Lumber, likewise, is reported
less brisk, though in some sections OF
the country the demand seems TO be
as good as at any time during the past
several years. Dry goods have just
joined this procession OF laggards,
which seems to be getting new recruits
right along.
This dropping condition can no long
er be charged to u%nfavorable weather
or labor troubles, for both these ad-
verse factors are less pronounced than
they were some weeks back. The fact
is the country has reached the limit OF
its purchasing power and has turned
away from the glittering showcase
% the bargain counter. This fact is
cropping out in all sorts of quarters
and directions. We are hearing a
good deal at present about the sus-
pension OF certain great enterprises
here and there, because the projectors
are unable 10 float their bonds as they
expected. No matter on which side We
turn we ind that our recent cheerful
reckIessness has been succeeded by
caution and that we are not as flush
as we were. There is plenty of money
everywhere. but people are not scat
tering it around as they did. Solvent
borrowers can get whatever funds
they need at reasonable rates of in
terest, but they are not borrowing as
heavily as they were. And so it is
all along the line. and it is a good
thing that we are going more slowly.
S. F. Call.