The San Francisco call., 1904-03-07
SPRING TRADE STILL BACKWARD.

parent for several weeks, but last week it
pecially pronounced Deep in many parts OF the
country and extremely cold weather almost everywhere
except on the Pacific Slope have respectively retarded
transportation railroads and country roads and thus
mpeded the distribution of goods and deferred the de-
mand spring goods, which should have opened
era weeks ago.
These unfavorabe features reflected by the coun-
ry's bank cearngs. which showed decrease for the
week of 1872 per cent with almost ali the very large
cities the column of losses. The decrease New
York 288 per cent and while much of it prob
ably due the lack of activity in Wall street. it cannot
be gainsaid that the holding off of the usual spring de-
mand for merchandise the of a good deal of
Pittsburg which reflects the condition of the iron and
steel industry fell off cent; Chicago. the center
of the grain and provision trade lost 4 per cent; Bat
more, probably account of her recent fire, per
cent, and San Francisco 1873 per New Orleans,
owing the continued large speculation there
gained 500 per The aggregate clearings made
little better showing than last week. though they were
still below the billion mark, being $Ioo76S7,ooo.
The for the week 236 against last year
The above exhibit is unfavorable. 1t may be almost
wholly due the ncemen weather, and such the gen
era opinion expressed in the regular weekly CONNER
cial reports from all the country The opinion is
general that with the of good weather the
deferred spring demand will and business
its suspended activity. Another condition. illustrating
the effect of unfavorabe weather upon trade, is found
in the railway earnings, which show loss OF az per
in February compared with last year. For FIVE
years these railway earnings have shown uniform
gain the preceding year, but months ago the
increase began to diminish and they showing
an actual loss
In spite OF this falling off in the volume of business,
however collections reported good almost all parts
of the country and funds plentiful everywhere The
failures, while than in 1908 rule
large and of them have been sufficiently ser
apprehension.
The current speculation in staples, alluded last
week, continues, but is abatng and longer everish
In provisions it has begun to wane the outside spec
ulators have last woke up what everybody except
themselves has for month, that they have been
eagerly buying high priced goods which the West
ern packers have been industrously unloading the
greedy and uneasoning purchasers The spectators
find themselves carrying load of pork and beef prod
which they rumnate their leisure and get
rid of best they may.
is heard of 1cotton, too though the market is
still unusually active and attracting good deal of at
tenon The situation in coffee is similar that in pro-
visions The collapse of the upward movement, which
began with legitimate basis of low prices during the
closing months of 1908, due inevitable reaction
from a and feverish speculation The liquidation of
this particular speculation during Febru
ary much that only have the pungers to
grief but the regular dealers have become scared off
the market and purchasing than they actu-
ally need, and then with less trepidaton
SO much for plungng i'll the necessares of daily life
These, well stocks, burn the fingers But if the
American will insist specuating and rushing reck-
essly into trading where angels fear to tread
he take his medicine when is handed him
with leaden spoon. it always is. later
The American money and stock markets continue in
the condtion/as for some weeks past both being
quiet and featureess The former easy with plenty
of funds reasonable rates. and the latter is fat The
public still refuses romp with the Wa1-street tiger
and stock market without the public is like the play
of Hamlet with the character of Hamlet left out there is
of business worth talking about. The war;
too has its effect, by depressing the foreign bourses
which unfavoraby affect stock market through
sympathy, the stock exchanges all the world
present comparatively quiet places
Such is the commercial and financial situation through
out the East AS will be seen is the reverse of SEN
weeks with the exception that the copous rains
northern half the State parts OF the San
Joaquin Valley have placed the country most excellent
condition for farm work and given prospects of spen
did crops, upon which basing estimates for
another year of prosperity Our banks have all the
money necessary the light stocks of grain, hay hops
dried fruits and other products of soil, which we
depend largely for prosperity practically assure
of good prices for 1904 crops and what more do
want? Our local and export trade both keeping
UP well, real estate transactions and large
building operations active and the great influx of the
population of homeseekers continues. The last is
the best sign of the times have. If the railroads con-
their present broad and intelligent policy of at
tracing homeseekers this by means of reduced
of transportation, shall be surprised when the
census is taken how the State has grown
And increased population will make stronger