The San Francisco call., 1904-04-11
TRADE SITUATION FAVORABLE.


| The markets of the country generally in
normal condition, than for some months,
and whether we look agriculture finance mer-
chandising find the monotonous conditions.
Speculation coffee and wheat has subsded dur
ing the past month"; Wall exhibits little
feature
The general situation. however, is favorable The ad-
vent of spring enivened the retail distribution of
goods the cities and started up farming operations
which lends of increasing activity the nation
AS far this is concerned, still doing large
business The bank cearings of the country again
ceeded the index number of two billion last week.
amounting the aggregate to $2ooI o77ooo, and the
shrnkage from 1908 only 81 per cent, with the
gains and losses about equally distributed among the
largest cities. pronounced falling off in the cearngs
at New Orleans indicates the subsistence of the furious
speculation in that city for several months and
shrnkages of I47 per cent at New York and $50 per
cent at Ptsburg show how operations in general trade
and finance the former and iron and steel the
latter point standing in comparison with the
spending week in 1908 Chicago, where the grain and
provision trades center is 81 better than last
year. The failures for the week 23s, against 3I7
last year.
The staples in a humdrum condition the moment,
but they exhibit particular feature which must not
escape attention The record for March shows very
significant prices eight of thirteen classes
products including breadsufs, meats textiles, hides
and leather and building material. declined. The gen.
era level of prices fell off about per cent for the
month, but is still in of at this time,
and far from the highest for years past In fact
frequently mentioned during the past six of eight months,
the general tendency quotations for everything the
country toward lower plane of values This points
a decreasing of living, but it also indicates a
corresponding decrease in the the
ducer whether farmer manufacturer. The exhibit,
taken whole, sufficiently proves that for time
past there has been and slow but recession
from the boom conditions of several years ago 1t is
unattended by excitement without strain and is prob
ably good thing for the country 1t is certainly be
preferred sudden and violent break, which condition
we characterize by the sinister word, panic. These
gradual recessions give everybody ample warning and
plenty of time put their business fences in repair.
Supplementary the price exhibit for March is the
merca record for the first quarter of the year. which
showed general decrease in the volume of trade.
compared with the corresponding quarter in 1908
The financial conditions continue excellent. Money is
i'll abundance all the country and likely continue
significant feature in this connection is that
engagements for gold to be shipped Paris
tracted attention and Offset by liberal receipts
of gold from Japan San Francisco. Indeed it quite
likely that the shipments to Paris were nothing more
than the continued journey of the Japanese gold through
New York Europe. where japan has large bills
for material to pay and in this view of the case
there really gold exports at ALL
Bankers continue to point seductive fingers Wall
and the that everything
in that line is safe thing for those who wish buy.
They say that with stocks S per cent dividend
paying basis and money available per cent, there
is little danger of any getting his fingers burned by
taking in line of judiciously selected standard
securities But the public taking hold of the
ket freely and shows inclination to wait a while
longer and how the cat jumps By and by they may
suddenly wake up and greedly go for shares which
Wall street will have another bull market. Even
it is, the trend of quotations upward and many
good stocks considerably higher than few weeks
ago.
The crop prospects of the country, which much
depends, excellent Fine weather all the great
wheat belt is encouraging the sowing of spring wheat
the growing plant looks green and fourishing and
though conditions rather below the normal they
better than they have been, authorities esti-
mating the improvement since the first of the month as
high per cent This condition is encouraging and
mparts feeling of confidence to the whole country
The prospects this highly satisfactory
The crop outlook could be better and prices for
all farm products excellent everybody looks forward
to continued good times Our city and interior banks are
still lberally supplied with funds and few complaints of
collections heard while failures are generally small
and not The export trade of the coast con-
nues large and the domestic demand for all sorts of
goods is active. The of trade California could
not well be improved upon
The stubborn efforts being made in Paris by repre-
sentaves of the United States of Colombia to impede
construction the Panama canal cannot serve eyer