The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1904-03-31
HONEY And. TRADE.
Current Business Conditions and
the Outlook.


high Ncr York authority thus. gives
The situation ln general trade ~
The collapse q the powerful manipulation
oonneesed. viii be bcneieisi when the. after
nlafh IS over; inasmuch IS this great slaPle
wlii be ruled once more BY natural ana not
srffe.s1f -.-Tl.-,.es which seriously injured
both n.l oWuc:s and operators ia all parts
~ Rho w1lil Tho South would have lneFlta-
a. secured olod prices Tor cotton TINS year
v .rhauf ne aid al these dangerous specl-
latife Operations. simply pee2lse iAe Ngii-
demands r-erc o-crtal-irg supplies. whlcn 80
Ear as The American crop Nas conceIleu, 49,
strictly moderate BY a polcy CT eA16seL@-
ton ard excessive speculation prices 49,
carrc l 90 dizzy height. tnc eHect On Nniel i
VIII a. au unusual Increase IN acreage ana
Jess profitable prices 10 growers Tor next crop
than Trey would have received under the or
rfra--- ev-ar o- supply and demand The
South would hsve enjoyed greater more
permanent end more evenly dislrlputee l pios
nerit- without the cotton corner OF lyo5- !,
which has produced rcthlng except iorci-
ole irra-eernert The effects OF which VIII De
worldwide. not - speak OF me ll,li,l' -
stimulus given -o developing olher colloh re-
.-iors IL competitors with America
TIE GENERAL OUTLOOK.
--In the general outlook favorable elements
Vred0miuate Tho widespread ana pronounced
recovery in iron Is, perhaps the most aIsp ,
frs.e factor of any this industry sun Delns
fers Prices of iron and steel have advanced
materially during The past month ana III
uaccs and mile which had been Idle Tor months
are starting up With. the breakup Of spring
construction work Is being resumed, ana TIE
,lros.e rs ne for al least several months bet
Ter business ia the iron trade. If not longer
The textile industry is also likely 10 feel the
hen nj OF cotton being once more governed oy
natural conditions. although hesltancN must
disappear slowly until the maj consequences
sof the Sully failure are known Another Ia
a. able feature o. the ease Of money. which
misses % continue until crop demands assert
n themselves There s. more or less eXpecta-
ZION ~ gold exports but this IS usual at TINS
season and the declines IN cotton ana gram
81 they result IN treer exports OF lnoSt sNa-
ules viii tend 10 discourage gold shipments
3D. spite of Panama canal payments which
are likely 10 be less than once anticipated
some disturbance may be expected as usual,
tn connection with the April settlements but
TINS IS only temporary The most serious rae
ror fu The money market is. Of course the
war between Russia and Japan and the prob
ability % a var loan by either Of the powers
involved Neither japanese nor Russian bonds
are likely to be taken 70 any amount IN TINS
market still their issue might precipitate
selling % Americans in the foreign marke Is
and thus cause temporary depression here
Within month we ought TO witness some de-
cisive engagements between the rivals.
THE RAILROAD REQUIREMENTS
THE railroad situation is improving. With
rhe approach Of mlder Heather trafnc Is
resuming normal volume. and earnings con-
tinue a. a rule. TO show satisfactory gains,
while in some instances the economies eN-
pected from recent improvements are already
rnaterializlng- The controlling element. how
ever m the stock market Just now Is the
readjustmeut II relations between the trans
continental lines following the disruption OF
the merger plans by the Supreme Court
EAelllal44 Adilnel4 must exist 1-tNtSn NH1Se
powerful rivals. but upon what basis Is GER
taluly not yet asCertaiued. Adjusting the
balance OF power under the conditions
Is an exceedingly delicate operation, and while
there Is little chance Of a repetition Of the
Ea~ panic of 1901. still there is the possibility
a. harmony being deferred until a test Of
9Th decides the relative positions Of rival
VICE. Since the absence of perfect har-
tnCry 10 rhe plan Of the Northern Securi-
ries liquidation is The cause of the present
reaction 10 follows that 6nal settlement OF
The difficulties which exist viii be accom-
panied by "a sharp recovery. Meanwhile a
more or Jess unsettled market is probable. "