The San Francisco call., 1904-03-14


tinctl improved the of the country during the
past week. the marked bettement OF general business
Its effect decided increase in the demand for
merchandise which shows that the delayed spring trade
Is al last under way.
This spring trade is now where it should have been no
later than the first of February The latter date late
enough in average years, but when the spring revival
deferred to middle of March the country feels
the ull
The improvement seems general Collections
ported better the dstributve trade is expanding build
ing operations being resumed and there air of
briskness activity all the country Railway
transportation still impeded by local bad weather
some points, but this is condition always expected
during the winter months and unavoidable in country
so wide in area and comprehending many different
climates the United States. The railways have suf-
fered rather than usual from weather dur
ing the winter now drawing to close and the earnings
for February showed loss of per cent from the
responding month in 1903
The bank clearings have been making unfavorable
time past and those last week lost 26z
per cent as compared with the week last year.
with New York 37.3 per and Philadelphia 1873 per
cent in the wrong column. But the situation in these
clearngs this improvement that of the
other important cities showed gain for the week
whereas late the whole line has been practically
ming behind Even Baltimore, with her disastrous fire.
exhibited gain last week of 1873 per cent, while Pitts
burg the the iron and steel industry, gained
1o.3 per cent This may be taken affirmation of
the more cheering reports coming in regarding the
condition of iron and Steel the demand being better and
prices frmer with very good movement in structural
material for building, bridge work, etc.
The loss at New may be largely ascribed the
abnormal lassitude prevailing in Wall where bus
duer than for many years, there being no de-
mand of any consequence for any class of securities In
fact business in stocks and bonds declined to such
degree during the week that the trading Thursday
was the smallest since 1906 There long intervals
of complete ideness and minutes between trans
actions 1t was like the exchange OF secondrate
try city on dull day The previous record of dulness
$4,000 shares August but the sales
Thursday amounted to only 1890 shares.
The fact the liquidation in Wall street. about which
so much said last year. has been more
than heretofore thought and has driven thousands of
active patrons of the stock market out OF the market
only for the time being but forever. large per-
centage will again regain their speculative feet
and it now seems crop of public spectators
must grow before the Stock Exchange resume its
wonted activity So much for booms. Conditions, too
rather favorable than otherwise for stock specula
ton, which emphasizes the present stagnaton just
much more Money is plentiful values undeniably
low and the chances for rise better than for de-
Cline but the public be induced take hold of
the market A'burned child fears the FIRE.
Aside from the improvement in iron and steel the
staples show little change from the preceding week
Provisions are quiet Chicago, with of the stock
in the the outside trade, and the packers selling
rather than buying The hide market be look
ing up and steadiness is shown by quotations.
Wool is steady enough, but the manufacturers buy
ing only from hand mouth though stocks are not
large The excitement in cotton continues subsde
and the agitation in the coffee trade is passing
history In fact all of the staples have quieted
down considerably during the past fortnight and no
longer exhibit any sensational features.
Conservatism supplanted by spasm of speculation
during the past month two reasserting itself and
he
of commercial disturbance in form other. has
ceased TO be dominant factor in any line Even wheat
which for years has been particularly sensitive even
prediction of European complications, does
spond the daily and at present is
almost wholly by the natural law of supply and demand
and the condition of the crops There is plenty of this
grain hand and in sight all the world, and the
market is unusually quiet and featureless
Conditions in California and its two northern sister
States remain satisfactory and about as previously
stated The rain succeeded finally in extending
to the southern counties, giving them good wettng
and with few spring showers the region south of
Tehachap will yield good crops. AS for the and
northern counties, they have been drenched In most
of them the farmers already crying enough and
clamoring for dry weather, month ago they
wanted rain Our crop prospects for prac
ticay assured and what especially gratifying great
demand for field products seems to be opening up
The Oriental war demands are calling on our mar
kets for large lines of barley oats, hay and other forage
and they continue will hardly have enough left for
our consumption and regular export trade This
of course, good prices for indefinite period and
consequent good times all the Hence the
feeling of confidence which has prevailed during the
past FIVE years continues undimnished and everybody
expects another good year There is certainly nothing
in sight now to lead anybody to expect otherwise.
ROOSEVELT ON PARTY'S MISSION.
- RESIDENT ROOSEVELT has broken the e,