The San Francisco call., 1903-12-14
TRADE ON A NORMAL BASIS.

TRADE seems to be about normal plane at
present There is no depression of any conse-
ouence nor is there any particular activity in any
line In other words situation about usual just
before the holidays the wholesale trade is about
to take stock therefore quiet and the retailers and
obbers doing OF the business No activity need
be expected until along in the middle of January and in
some years it does appear until the Ist OF February
1t is worthy of that the feeling of apprehension
not to saw dependency, which the country
during early fall months has passed away The enor-
nous liquidation in Wall street has ceased and with 1t
the depression whichis apt accompany sharp decline
in stocks Trade reports now coming in show better
of affairs than expected several weeks ago
mercantile agency has just out broadcast set OF
questions the important lines as to the condition
of their trade in comparison with 1902 and the returns
are satisfactory New England reports gain OF from
10 to B per boots and shoes, cottons and rubber
with the outlook in lumber and woolens problematca.
The lumber sales are IS per less than but the
situation in wool is improving. The Southwest reports
general increase of per cent but the Northwest
reports decrease of about cent In the Southern
States the conditions favorable and the sharp
advance in has made business lively IN that por
ant section of the country. The dry goods market at
New York is reported unsatisfactory condition.
The Pacific Coast sends in excellent reports. with
and local business up average of this time of the
year.
Against this good exhibit, however. there are some
lines which are making good showing. The rail
road earnings noe keeping their previous gains
and money is returning New York from the West
slowly than expected This is serious, how
ever for funds much plentiful and accessible
than anticipated months ago, and the
is delayed some weeks particular derange-
will result far present indications go.
The best three batometers trade making
an improved showing The bank clearings have last
got over to the right side of the book and last week
la than durinc he NO
week in 1902 1t has been time since these ex-
changes showed gam the preceding year. Condi-
in the trade better, orders, though still
small, be increasing and there is much less de-
preston in prices Some recognized authorities in this
line say the has been reached and that
forth any change conditions will probably be for the
better Time will sell 1t is said that the quar-
ter is making poor showing The provision trade is
looking up Chicago where the cash demand is reported
fine, and though the packers trying to force down
prices for cured they accumulatng stock in
their cellars, the supposton being that they expect
sell these holdings at higher prices later If the
exhibit of these three bArometers be accepted good
indicators of the condition of trade then general business
is on better basis than for several months past Though
still prices expected all along the line, pro-
duction is steadily overtaking consumption thought
that the recession will continue to be gradual If this
proves then effects will accompany the
decline in prices.
gratifying feature of the general situation is the
cellent condition of the farmers They be fnan-
cially strong all the land Large crops and good
prices for several years have placed them class
their feet and they prepared to hold their
produce until they satisfactory prices The
cotton planter OF the South is velvet. The wheat
planter of the West and Northwest is getting good
price his grain and the fruit and grain growers the
Pacific Coast have done well for several AS
for diversified farming it paying excellent dividends
everywhere Hops hides, wool, dairy produce and the
hundreds of minor products bringing good returns
and wherever we look we find the agrculturist doing
we'll Perhaps is this condition that imparts renewed
confidence the business situation for long the
farmer prospers the of the country will visited
by any serious depression
The stock market continues quiet and devoid of espe-
cial feature Stocks firm day and weak the
with no particular tendency either direction at the
moment. There signs yet that the public have
returned the speculative field and the market there
fore continues almost exclusively professional. Money
is still good supply all the country as already
pointed much lower than expected
some months ago. We importing gold, another good
sign. Our foreign balances running more in our
York say that of foreign obligations have
been cudated and the steady imports of gold tend to
confirm this statement Taken in the aggregate the
condition of trade throughout the country is excellent
But overlook the fact that the of abnor-
may high prices and that the tendency toward
more conservative plane.
an Nrrcr 49,