The San Francisco call., 1904-04-04
CONDITION OF TRADE.

line
How much of this loss is attributable to bad weather
yet be determined but IT ndsputabe that
the weather is responsible for considerable of it. Tenn
peratures have ruled low and times have been so
severe as to almost suspend business in the northern
States while bad roads and snowdrifts have him
dered wagon and rail transportation Scarcity of cars
too reported from sections. Again. the season
has been very backward to the marked detriment OF
spring trade and altogether the elements have conspred
to set 1904 back comparison with With clearer
and seasonable weather throughout the country
business may revive possibly overtake the record of
1908 later
But it must not be inferred from the foregoing that
American trade is dull Far from it. The whole country
doing large business, only the activity is not as pro-
nounced as in Ioo while the margins OF profit not as
wide The bank cearngs continue to show loss week
after week the preceding the decrease last
week being p per cent with all but three important
cties-St Louis New Orleans and Kansas City-in the
wrong column, while the aggregate clearings fe to
IzoS 10000 The loss at New York a84 per cent
Boston 1913 per cent Pittsburg $40 per cent and SO
on The gains of the three cities mentioned above were
small ranging from 38 to 40 per cent The failures
for the week 2oS against I73 for the same week
last year. and included very large trust company at
Cleveland.
The staples make only fair showing. Manufacturing
returns are conflicting some sections holding their
ground while others report idle mills The Minneapolis
days several times of late owing the poor demand for
-four the cotton and wooen mills have much idle ma
chinery while the New England footwear factories
pert natural reaction from the abnormal activity OF
TIL past four FIVE years The iron and steel industries
are sending in fair reports though they often
tradctory and do therefore indicate especial
tivy in this line Provisions apparently getting
Queer and the tendency prices for pork products
downward rather than upward while the output of hogs
much larger than that of last year and apparently in
creasing.
The packers of Chicago and other Western centers
have succeeoed in loading up the provision trade with
large quantity of stock which they trying to
work of, while the packers embrace every opportunity
to lade them High prices for cotton
have rendered cotton manufacturers extremely cautious
in their operations already mentioned while firm wool
have also tended restrict the purchases of
wooden manufacturers. The railway earnings still
running behind those 1908, and though the falling off
is slight being only per cent in March, it is still
a falling off.
But thee are yet favorable features. The crop pros
poets are good all the country and the winter wheat
taking the belt a whole is in fair condition. with
better crop weather reported in regions during the
past few days Agricultural implements have thus far
this spring made the best showing record and lumber
and other building materials reported in better de-
niand Stronger and active hide markets in the
West reflect more movement in the tanning industry.
The planters and the South generally have reaped
rich harvest from the advance in prices for
cotton
The banking interests throughout the country report
funds large supply with interest rates normal and the
bankers themselves sanguine of the future while
those of New York persistent bulls general trade
conditions ard encourage by all possible the
pansion of all legitimate and reasonably safe enterprises
When it is considered that only year ago these
banking contracting loans and discourage
ing and actually checking expansion in FORM this
about their part only significant highly
reassuring.
The situation in Wall shows little change but
values the whole improving. 1t is recognized by
everybody in touch with the financial situation that the
monetary conditions of the country excel
lent basis and that the standard stocks the present
plane are as good be found anywhere
but still people taking hold of the market as
freely as could be wished. They apparently need
further and complete recovery from the great
losses sustained in the shrnkage in values of
last year 1t expected however that when the pur-
chasing capacity of the public is restored
renewed activity in the stock market will be witnessed
With the Northern Securities decision at last out of the
way with plenty of money hand and stock quotations
comparatively low, there is why such expan-
sion in investment buying should not very soon.
In California the prospects for the coming year con-
tinue brilliant There have been some losses from
foods but the portion of the State is enioyinp an
excellent outlook The central northern DOR
tion thoroughly drenched by the heavy rains
of February and March, while the south, where
the prospects for several months extremely dubious
has now received sufficient rain practically insure at
least fair crops. The however, is backward as
the incessant have checked farm work. and in
many sections weeks elapse before the lost
time can be recovered. Almost all farm products are
bringing prices ren1uneratve the farmers ,n