The San Francisco call., 1904-04-18
ASPECT OF. TRADE.

was unfavorable; second stocks of some important
staples showed marked increase with less consump
tion and third conditions became threatening
number of points.
The weather has been serious drawback to business
for several months 1t back the regular spring de-
mand least month"; and when the tide of trade be
comes checked for any length of time seldom fully
makes up the deficiency when its flow resumed There
certain when certain kinds of goods are
used, and if the time for using them by they
longer wanted Thus spring goods longer in
demand in a wholesale way, and though the retailers
may sell less the wholesalers and obbers are
devoting their attention to goods and in
the larger houses the business already
off the boards and the buyers looking for fall and
winter assortments. This illustrates how backward
season may down the regular spring summer de
mand for merchandise 20 small volume
This year the weather has been unpropitious that
has not only seriously reduced the volume of spring
trade but has done less damage the growing
crops Thus the wheat crop was kept back during the
winter and though spell of fine weather fortnight
ago produced marked improvement in conditions. the
reports last week suddenly turned unfavorable again
From Kansas, Oklahoma, the Middle West, the Ohio
Valley and the Northwest all of poor reports
received. The-weaher cold, with and mud, at
the very time when the crop needed warmth and
In North Dakota and the Red River Valley in partic-
uar reported that the farmers would be able
get their fields before the of May and that
under the which still fingered there foot OF
mud These bad reports appeared suddenly and all
in together, and though subsequently par
TALLY contradicted evident that crop conditions
favorable they had been.
Cotton, too, has felt the effects of the cold weather
and the crop has been cut down by frost in
Texas and along the northern part of the belt This
had its effect the market and led de-
mand for cotton Thursday, when 1880 bales were
III N-fo, A.
change transaction of oooo bales made, it be-
ing the largest single spot transaction the history of
the Exchange The spot quotation showed particu-
lar change but the downward trend of the market
checked
As for the increasing supplies of the important
staples, the condition is not altogether but is be-
coming pronounced. At first it confined to
iron and steel goods 1t then appeared in provisions
which produced in large quantities by the Western
packers persisenty unloaded upon the trad
ers, who bought largely and with equal persistency
The market reports OF the newspapers called attention
this, but the outsiders buying just the same
and did wake up what they doing for sew
eral weeks. Then they found themselves loaded with
large lines of pork products and not much of market
work them off Now is reported that stocks of
dry goods from producer consumer, larger than
desirable, while sales smaller.
There also call leather footwear as the very
wet weather has diverted the demand to rubber goods
and the inquiry for wooden goods not up expeca-
The and trades still sending in con-
hcting reports, sections reporting business
panng and others the The general condition
of this industry, however to be better than it
several months ago. But the demand is urgent at
best and buyers exhibit eagerness procure supplies
of the material Building materials meeting
with any inquiry the weather and many small la
Dor complications throughout the country restricting
building operations.
Statistical conditions, hardly what could he
desired The bank cearngs continue show decrease
the aggregate cearings, which for number of years
have generally exceeded $2ooooooooo, now almost
always below this amount. Those of last week were
SIo75 582oooo The weeks failures were 225 against oIa
last year. though of them were heavy enough TO
attract attention beyond their local sections The rail
road earnings during the first week April were per
smaller than during the corresponding week last
year. and the for the first quarter of the year
WILL it is thought show that the railroads are barely
holding their in comparison with the past year or
two.
Turning from this rather unfavorable exhibit of
domestic trade in general to the money and stock
markets find a favorable state of affairs
Money is reported in liberal supply at low rates
of interest everywhere and the outflow of gold
from New York to Europe is fully offset by imports
of Japanese gold at San Francisco Standard stocks are
paying their regular dividends but the railroads are bor
rowing too much and large blocks to suit
the investing public, hence business the Stock Ex
change quiet During the past few days the consen
of authorities the future of the market seems
have undergone change there is less optimism
and fewer predictions of forthcoming bull movement
owing largely the impaired prospects of the wheat
crop mentioned aboye.
The conditions i'll California show no particular
change Variable weather during the past week has al,
A. Al