The San Francisco call., 1904-02-20
SPRING TRADE
IS DEPRESSED
Midwinter Conditions Inter-
fere With Commercial Activi-
ties Generally in the East

NEW YORK, Feb. 19.-Brad-
streets weekly review of trade to-mor-
row Will say:
Midwinter conditions are a bar to
growth in spring trade and interfere
greatly with transportation and out
door activities generally. Still a fair
increase of business is noted in jobbing
circles at leading Western and South
western centers and the best week $
jobbing business so far this year is
reported at leading Eastern markets.
The feeling is that while spring trade
will be later than "a year ago this
drawback can be largely offset if good
weather supervenes later. While fav-
orable to some lines, notably coal and
heavy winter wearing apparel, the
general effect of the unbroken cold
weather upon industry is not favor
able. Important failures are more
numerous this week. some banks and
insurance companies, the latter at
Baltimore, contributing largely. Money
has tended to harden slightly.
WAR HAVING EFFECT.
War influences cut a large figure in
the course of prices, which with few
exceptions has been upward. Flour,
wheat, corn, oats and pork all made
new high records. those of wheat and
-four being the highest reached since
1893, and tea, butter tin and copper
also advanced. Cotton and coffee were
conspicuous exceptions to the general
advance, but this was due to contin-
uance of the liquidation under way FOR
some time past, and pig iron weakened
as the result of backward demand, en-
larging production and reported in
creasing stocks.
Trade is still rather quiet on the
Pacific Coast, though good rains in
California and expected large business
with Alaska help the outlook.
r. G. Dun & Co.'S Weekly Review Of
Trade says:
Inclement weather alone prevents a
revival of business. Outside work is
retarded and traffic impeded to an ex-
tent that cannot be accurately meas
ured, but is obviously sufficient to neu-
tralize the favorable effect of many
encouraging factors. while winter
wheat is threatened, although not yet
definitely injured, and early farm
preparations must be postponed. Sew
eral leading branches of manufacture
are increased in active capacity and
thousands of interior buyers are plac-
ing partial orders at the principal cit
les. The temporary advantages of the
war are felt in the market for staple
commodities, notably foodstuffs, but
while this helps the domestic producer
it harms a much larger number by
enhancing prices to home consumers.
RAILWAY EARNINGS FAIR.
There is little friction between en-
ployers and wage earners. Despite in
terruptions by storms railway earnings
thus far reported for February were
only 4 per cent smaller than a year
ago. when there was so much severe
weather. Foreign trade returns for
the last week at this port show an in
| crease of $1,152,012 in value of ex-
ports as compared with last year, but
| imports were slightly smaller. Finan-
cial conditions are satisfactory, money
remaining easy and foreign exchange
undisturbed by the complications
abroad. Foreign trade started the
new year most satisfactorily, as shown
by official returns for the month of
January. Two factors contributed to
swell the value of exports, prepara-
tions for war in the Orient and high
prices for farm staples.
Liabilities of commercial failures
thus far reported for February aggre-
| gate $5,344,692, of which $4,000, ,911
were in manufacturing, S2,515,179 in
trading and $824.602 in other CONNER
cial lines. For the same period last
year liabilities were $6.364,2S5. Fail
ures this week number 2S7 in the
United States, against 247 last year.
and 20 in Canada, compared with 26
a year ago.