The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1904-02-01
TRADE MORE UNSETTLED.


chaTdse. just opening brought almost TO standstl
by the weather. and building operations in large
number Of cities and towns were almost. suspended.
Speculation too, which showing signs of resurtp
tion fell off again. and altogether the situation presented
quetef aspect, while thee less optimism expressed
in the regular weekly reports the different mercantile
agencies. For ALI OF these less favorable conditions the
weather probably largely responsible. Nobody feels
IKE doing business moving goods with the thermom-
eter ranging from zero to 40 and so degrees below.
The South however, being of the path OF the
markable cold wave good reports. the section
feeling the stimulus of the boom cotton High prices
for this great staple have thrill the whole
Southern region and acreage is promised
for the coming Toward the close of the week
there a break in prices however, and enormous
business in futures was done New York and New Or
leans The bulls still full of confidence however,
the leaders heavy buyers the decline and the
week closed firm. But those interests handling cotton in
legitimate way such wholesalers and manufacturers,
continued regard the market with cautious eye and
bought no than absolutely necessary to fill imme
date requirements. The future Of cotton goods
ing good deal of speculation manufacturers re-
gardng the of quotations during the year. and all
mills show disposition to go slowly and thus avoid
being caught with large lines of highpriced material
which the public may be able take off their hands
The iron and steel trade too is in an unsettled condi-
ton The ro the industry the close Of the
year reported less encouraging and runors OF pro-
posed in quotations make the trade shy about
atng The Iron Age in recent rather pessinlistic
view of the market bunty said that the conditions
less favorable and that the trade must adjust itself to
them. These rumors and admissions from we-posted
authorities affected the stock market and the further
port that the dividend the preferred stock of the
steel corporation might be reduced produced unfa-
vorabe effect Wall street and sent the whole line of
stocks down several points. The bull leaders, tired of
sustaining the market quietly stepped aside and the
New York brokers their San Francisco correspondents
said that the bull interests found themselves confronted
by stone wall that they loaded with large lines
of stocks without market and that though large inter
ests sill arrayed the bull side, The bears
steadily becoming aggressive.
Another disturbing feature in the stock market which
led to the weakening values the freely expressed
opinion that cheap and plentiful money likely
continue much ongee Early ratification of the Panama
canal treaty would mean the payment OF T8ilons of dol
lars Panama and the canal company stockholders while
there are certain overhangng capital issues which
might draw on the money market and thus advance
Another factor in this situation the decline in
the inflow of currency to New York. Of much of
this hypothetical and may not occur but has its eff
feet the money market just the same. When money
is concerned is often potent than fact in
depressing the market We know the fact and see
what is doing, but do not know what may
result in, and uncertainty stops the financial machinery
The situation in the West like that in the East has
been uncertain of late The large outside prr
chasing of provisions. wch has recently been the chief
feature the Chicago R2ard of Trade is diminishing,
and though the packers have unoaded large lines of their
product the general public stocks reported
cumuating; receipts of hogs larger than year ago
and continued liberal in hogs is freely pre-
dicted whFch points lower quotations for provisions
later The tendency is to sell, the market is
becoming rather unweldy The crops outlook continues
good, the wheat is we'll covered with and thus
protected from the freezing weather great portion
of the belt and though the top growth of the plant
wheat market itself presents especially features
The world has plenty of the grain. buying with
any eagerness and whatever excitement appears the
market is caused by the nanipuatons of Armour who
is doing something other with the market nobody
knows exactly what
The bank clearngs of the country still continue above
per week and the losses and gains as COM
pared with the corresponding period 1908 are about
equally distributed among the largest Cities the net in
for the week being per cent The increase at
New York practically NIL being pei cent and the
largest increase New Orleans 8I2 per cent due
wholly the enormous dealings there Pitts
burg the center of the and steel industry lost 22
per cent and Chicago the of the grain and pro-
vision trades lost 8 per The failures during the
week 3o2 against 243 last year. while the railway
earnings for January 3S larger than jan
uary, 1908.
Conditions this remain as previously reported
The markets here largely question of weather
There has been sufficient rainfall in the central and
northern of the State for the present. but south
is still suffering, with the cattle and sheep dying in some
OF the southern counties. Taking the State as whole
the crop outlook fair and the commercial and financial