The San Francisco call., 1903-01-26
PROSPEROUS BUT HUMDRUM.

- IRREAT conditions in business are humdrum
From Maine TO California there is nothing
- OF the ordinary to report Wall street
ise fails 10 get up any sensation, the Venezu-
elan difficulty being regarded with Indifferent eye,
and the scalpers and plungers have nothing work
on except the usual railway deals and other normal
circumstances Of the share market. The feeling is
rather strong the whole however, as money con
t.nues easy, the country IS highly prosperous and
everybody seems TO expect the good times continue
indefinitely 1t would be good opportunity
a bull campaign but the great banks, which driv
ing the chariot at present, refuse to let it get too
near the and promptly suppress any attempt to
und1iy initiate prices. The repressve operation is
simple and consists chiefly in calling in a lot of loans
and Tightening up the money market The syndi-
Gators and piungers withdraw into their shells, the
pressure IS relaxed money works around easier again
and the FURRY is over
40 such repressre measures are needed by gen
cral trade. which is running smoothly along in its
accustomed conservative course All sections OF the
country are sending in good reports. The bank
cearings dropped of again to an aggregate OF ST.
5S6267ooO, increase OF 70 per last year
al the large cities except ST. Louis and Baltimore
showing gains generally small The largest gain was
al san Francisco. 8I per cent, and the other coast
stiles made an excellent showing, the gain at Los
I-l L
and al Seattle 200 per cent Very few Eastern cities
exhibited any such gains hence it is natural to infer
that business is comparatively better on this coast
than across the mountains.
Considerable expansion in spring trade is reported
and its volume is severely taxing the transportation
opacity OF the railroads, which still hanpered
by the shortage in cars. 1t seems impossible to get
freight handle all the traffic offered the rail-
way companies. Instances reported of business
seriously checked over large areas by this vexatous
shortage. The railroads no longer pretend to fur
nish all the cars demanded They supply what they
have and let it 60 al that They place large orders
Tor new cars with the different works which say that
they loaded with similar orders running far into
the year. and that newcomers must take their places
in the line and wait Shortage Of fuel is also hamper
ing business IN many sections and many pigiron fur
being added to the idle list in consequence
These two shortages, however, are the only un-
favorable trade conditions observable throughout the
country.
The staples as a rule are firm. Provisions continue
dull, with q gradual accumulation OF stock 10 be e,-
pected after the abnormal scarcity of the past year
or two ard the tendency OF the market is downward
The demand for wheat and corn is sharp everywhere
and the great wheat district in the Northwest be-
ginning TO talk Of greatly reduced stocks In fact
Minneapolis has already commenced to ship wheat
% the interior mills. England and France again
in the American markets for wheat and the CONT
mental buyers raising their bids Dry goods
clothing and boots and shoes all reported active
though q spell OF mild weather throughout the coun-
try is at present deranging the plans of dealers Iron
steel and hardware reported active and the lumber
market is in good shape The cotton and wool tex
tiles are firm and raw wool is ruling strong all over
the country. Farm produce as rule is active and
kept cleaned up at all markets, while prices continue
above the normal The past several years have been
very prosperous for the farmer and the merchant and
manufacturer have shared his prosperity, a happy
combination that does not often occur.
Such is the condition OF the American trade to-dav
As said before, it is humdrum at the moment We
are apparently still the crest Of the wave OF pros
Derty with nothing ahead OF to cause any appre-
henson.