The San Francisco call., 1904-06-13
A MORE ANIMATED ASPECT.


nci aticn do business In these respects the aspect
OF trade better than for some weeks.
In no part the country this improved feeling
more manifest than in Wall street While trading
rued light, there selling pressure nor even any
pronounced tendency qudate, and, in tac the pro-
esscnals inclined to sell anything bearing
standard brand. a better demand for good bonds
apparent and as demand for bonds is almost invariably
followed by better demand for the higher class of
dividend paying stocks the street became more buoyant
Some well posted operators went so tar as to ex-
press the opinion that moderate rally in the market
might be expected after the political conventions
were out OF the way though the wish might have been
father to the thought.
The fact is everybody seems in stocks.
There few bears while the bulls numerous But
nothing be done in the way of bull campaign with
the active participation of the public, which still
hold aloof and cannot be induced TO buy on large
scale. They watch the quotations day after day and
apparently deeply interested, but they take it out in
watching. the fox watched the grapes Astute OBJ
in close touch with the stock market said
that the public had sunk money in Wall street
than anybody aware of and that would be several
years their pockets would be repenshed to the
speculative capacity and looks their predictions
coming At any rate while good stocks
unquestionably low and money wonderfully plentiful
and cheap and readily accessible solvent borrowers,
and the leading hnancers employing all their blan
dishments induce the investing class take hold of
the market they turning deaf to the siren
and staying out of the
The leading factor present is the condition of the
crops In fact is freely said that they will dominate
all trade conditions this year. the effect of the Presi
Dental year" has been largely discounted Prospects
for bounteous yield of everything excellent and
is probably this condition which imparts increased
hdence the commercial situation Wheat, cotton and
bid fair be very large crops and the minor prod
OF the farm behind them, though the
is several weeks backward.
Gold exports have apparently ceased for the time
being least and receipts of Japanese gold at San
Francisco again offsetting the shipments of gold
from New York Europe and indeed, exceeding them
the moment talk of the unfavorable effects
of gold efhux is heard The New York banks say that
with the regular production of the country the receipts
from Japan and the Klondke, reinforced later by
cotton and grain bills Europe combined with the
stock hand, which in itself is abundant there
need be apprehension concerning gold exports from
Another favorable showing which is attracting con-
siderable attention the exports of
features from the United States, shipments of
factured iron alone during the past months
ing to S8ooooooo almost SIooooooo than during
the corresponding period last year And this spite OF
the great falling off in the domestic demand for iron and
steel, which has done much to depress stocks and
general trade and make the country bilious 1t quite
possible that if the steel combine had been managed
by conservative business instead of of madcaps
reckless punger who apparently abored under the
deluson that gold double eagles grew bushes like
backberrics and that the crop inexhausble, the
recession in trade might have been much
marked and perhaps avoided altogether Ten years from
now, when perspective gives broader and
prehensive view of this will probably be found
that the and steel the great rank weed
the upas tree, that grew up in the financial and
mercal garden and bighted all the cultivated plants in
the plat
For the rest business is quiet and devoid of especial
has continued decrease without interruption since
March I. Stocks of food products and manufactured
goods have largely increased and still increasing
The markets OF the West full of provisions and it
has been found after many years observation that
mercal inactivity is almost always preceded by heavily
supplied and declining provision market and vice
The demand for cash wheat Chicago and other West
points is extremely slow The Minneapolis -four mills
found necessary down days last week
owing the poor demand for -four The textile mills
of Pennsylvania and New Jersey have lately been obliged
to do the same, and Tor the reason. The New
England footwear factories alone reported fair demand
for their product No further reductions staffs of
the great railways reported but all the railroads
retrenchng, and their earnings continue to show
small decrease, say per cent, from the preceding
year.
significant commercial sign is the readiness with
which employers of labor find to fill the places Of
strikers This has not been the until quite recently
and goes show the decreased activity in general
business. AS such is significant barometer 10
conditions.
Turning from the country large to the Pacific Coast
fnd conditions fully cheerful they have been at
any time There is the same steady influx of home
seekers, the cutting of large land holdings to