The San Francisco call., 1904-06-06
COMMERCIAL CONDITIONS.

the increasing duness in general trade There is the
same increase stocks of manufactured products. the
same plethora of money and the dmnution in the
demand for goods especially for those descriptions de-
mandng the greatest expenditure of money.
But there signs of any trouble or OF violent
disturbance in business conditions Everybody sees
that the feversh activity of the FIVE six years follow
ing the first election of President Mckinley has passed
and that the country has entered era OF trade
quetude in which conservatism will be the dominating
force Nobody expects anything in the nature OF panic
for there is nothing in prospective conditions
TO cause one Besides, there is too much money III the
country 1t simply transition from boom to regular
normal trade conditions.
In fact business is really very dull 1t only the
contrast with conditions that makes appear
Our foreign trade keeping right to its recent volume
as a rule and domestic distributve trade making
very satisfactory showing In reviewing the country
trade for the fiscal year up May Bradsreet says:
1T is worth noting that while imports for ten months
are per smaller than last year, exports per
larger and exports fact the largest ever
corded for period exceeding the hitherto record
fiscal year by I per cent 1t is hardly likely that
this latter gain be maintained during May and June
however The excess Of exports imports during the
ten months present fiscal year $44885632I which
larger by $So55I4o2 than the excess year ago, but
is smaller than the years from 1890 to 1901, inclusive
This exhibit speaks for itself As long the country
can keep UP such showing it is all right Times may
quieer without getting really hard 1t is very
probable that from now for indefinite period very
few new enterprises least those of gigantic char
acter which the country had become accustomed dur
ing the past several years will be undertaken, and the
nation will content itself with proceeding in the good,
oldashioned of buying and selling fair amount OF
goods at a modest profit without scrambng like pigs
at a trough who make the most money and
get rich the quickest.
Our net incomes then will doubtless turn large
+ba aced
ured the calculation for the American people have
been burning money reckless. say almost
criminal way since the great boom started just be-
fore the Spanish Our extravagances, both conf
mercal and private have been the wonder of the civilized
world, and is high time call halt. That en-
terprses have received decided check demonstrated
by the fact that interpretations during the first four
months OF this year scarcely one-third OF those
created in the same period of 1908 and 1902.
The leading factor the moment IS the condition OF
the crops. for them much of the prosperity of the
country depends. Fortunately the outlook i'll this drec
tion is good. Cotton and spring wheat all
looking very we'll though the generally fort
night late The and conservative observers
among great financial interests express the opinion
that with good crops may reasonably expect trade
revival along the fall but is doubtful The Call
has already pointed out whether there will be any i'm
provement present conditions before for the
close Of the year always quiet. and especially in
supplies of money business stands good chance for
least moderate activity after the of the year
The usual upon which commercial circles base
their calculations still unfavorabe, already stated
The volume of May business was lighter than that OF
April and showed a falling off from the month last
year Railway earnings also smaller, with the conf
panies reducing operating expenses in directions.
Bank clearings smaller and failures numerous,
though the latter included large enough
especial attention. The clearings last week PA
per cent less than for the corresponding week 1905
the aggregate clearings touched the low point of
$I5747Soooo. The average OF these weekly clearings
past year has been about $4,000 and for
several years prior to this generally along about
100000 These reduced figures show the shrinkage
during the past few months better perhaps than
anything else in the way of statistics. The only cities
showing gain last week ST. Louis. Kansas City
and New Orleans. and the falling off comprehended al
most the whole country from the Atlantic the Pacific
Still not all the unfavorable. number of
lines sending fair Some
Eastern, Western and Southern points reporting a
better demand for fall goods. New England points to
a very fair movement in footwear The three Pacific
Coast have hustle sufficient farm produce
TO satisfy the and foreign inquiry for forage
and crop conditions all the excellent The
outlook for another fine year the Pacific Coast
matter what happens the other parts of the country
We may quiet down with the of the nation. but from
present indications enjoy another prosperous
year
Eastern industrial companies is estimated will pay
out about $I56ooooo during June in dividends,
pared with $IS8ooooo year and $ao,ooo,ooo two
years ago. The passing of the dividends
amounting to $5o84o52 United States Steel caused
the reduction in part but this partially offset by
increase of per cent involving $o75ooo in the Standard
Oil quarterly dividend.
The quarterly statement of the Fall River, Mass rAl
dividends just issued that despite the high price
10th nd