The San Francisco call., 1904-04-25
BUSINESS IS QUIETER.

creasng stocks of merchandise and slowly decin-
ing prices Bad weather reported from all over the
country, the temperature being low and the ground
charged with moisture The weather feature the
serious, continued to retard the regular
trade. The cold checked the disributive demand for
spring goods and the growth of wheat and other vegea
ton and the moisture prevented the farmers
many of the country from working in their fields
All these circumstances combine down the volume
of trade.
There another factor diminishing the volume of
trade and that IS the approach of the Presidential cleo
ton Presidential years always quicer than others.
As the year advances may look for increase rather
than decrease in this retardng influence, the
poets for active year trade not bright Political
transitions apt produce such wide changes in
the financial, tariff and industrial conditions OF the
nation that large interests disposed to operate
while great pending.
AS already mentioned, stocks of many commodities
are increasing without corresponding demand, and this
tends to depreciate quotations. significant movement
in this direction is the threatened closing down OF the
silk factories in New Jersey and Pennsylvania owing to
lack of orders fall delivery The manufacturers
considering proposition to close down the mills from
May until September unless business improves. There
are not orders enough hand keep the mills going
the middle of May. and what significant the de-
mand for the hgpriced fabrics disappearing About
year ago called to the heavy demand tor
expensive fabrics showing the great prosperity OF the
country and shifting of the demand to goods OF cheaper
10
significant as showing which way the current of domestic
expenditures is running. Economy is now being prac-
ticed by women in the matter of dress
The other staples show similar conditions. Stocks of
provisions continue large and the movement seems to
be slowly falling off Iron and STEEL while not materially
queter certainly active than tor the past
few weeks. During the early part OF the month the
showed signs of expansion but it proved
merely temporary, and after week or two ceased The
industry be sound basis, however, though
few orders for delivery after July being received
few years ago orders for delivery year in advance
were common and order could be filled within less
than six months This like the decreased demand for
fine silk fabrics, is significant. Raw wool is reported
quieter, with the manufacturers buying slowly and
cautiously.
Hides and leather quiet and lacking in snap in most
markets. while reports from the New England shoe fac
tories do not indicate any rush in this industry The
tendency in the important farm staples, such wheat
corn etc. is rather toward lower prices. The prospects
for wheat not bright as they were some weeks
ago. the cold weather having retarded the growth of
wheat, and copious rains and muddy helds are
interfering less with blowing and seeding for
spring wheat in different parts of the Northwest The
demand for both wheat and flour continues poor Ex
porers who have lately cabed offerings to the continent
have received the curt that Europe does not want
American wheat This is affirmed by the showing of the
current exports which I6454oo bushels last week.
against during the corresponding week last year,
and by the statement of large Minneapolis miller few
davs ago that it seemed impossible to sell -four anywhere
earth
Railroad earnings also reflect the tendency of the
times. The Western roads reporting decreased
movement in freight and though passenger traffic con-
tinues heavy the earnings of all roads thus far in April
are A per below those for the corresponding period
in 1908 of the bank clearing last week
the decrease in all the important cities, only two-New
Orleans and Cleveland-exhibtng gain last year
The loss New York 1873 per cent, at Chicago 2o4
per and Pittsburg cent these three cities
being the respectively of financial and stock
operations grain and provision speculation and iron and
steel production The failures record however, made
good showing numbering 24I, against zoo last year.
The exhibit of exports and imports during March is
not as unfavorabe might expect from the gen.
eral tendency of business toward queter times The
March statement of imports and exports of merchandise
showed balance in favor of the United States of $2S
5II235 or about less than for the month
oo3 and falling off compared with the preceding
month of about ST, 100000 The balance of trade
favor for the nine months ended March 81 amounts
$422 900, being $85,2I 5000 than in the
period 1908 and of the correspond
ing period 1902 The total for the nine months the
largest since IooI when exports for the period
ceeded imports by S54o24Io53. The point in this
is that while foreign trade for period of al
year shows gain there has been marked falling
off this spring.
Reports from New York show quiet and low money
market with abundance of funds and dull and listless
stock market favorable feature is that the exports
OF gold from New York Europe than offset
by imports of gold from Japan San Francisco Another
encouraging feature is that the Bank of England has
again reduced of discount per cent the sec
ond reduction thus far this month, indicating that money
is easy in England With plenty of money in London |
and New York the commercial situation may be consid-
Il.