The San Francisco call., 1904-03-28
TRADE CONDITIONS CHEERFUL.

AS for the cotton catastrophe, it strange fact to
state but actually caused satisfaction IN all lines OF
manufacturing. and several important centers
such as Fall River Lawrence, Philadelphia and Liver
pool reported actual rejoicing among manufacturers
over the clearing off of the fevered atmosphere. which
enables and merchants to look few
weeks into the future and obtain definite idea as to
where they in reference cotton values Since
the failure of Sully the cotton business has shown more
seadines and stability and though the ultimate effects
are not vet apparent the situation is much clearer and
therefore satisfactory than when the boom was
Commercial reports from all sections OF the country
satisfactory. The weather was hardly as pro-
ptous for general business it had been for fort
night and wide cut down the dstrbu
merchandise and otherwise hampered trade while
the labor question: which had fallen into comparative OBJ
scurty as immediate factor again showed itself in
disturbing here and there throughout the country
not seriously just enough show that liable
to break out again without much notice. These two fac
tors tended diminish the favorable returns of the
cedng fortnight and the expanding spring trade back
a peg or So Increased demand for building materials
showed that constructive work large scale i'm
pending and the lul indicated that possibilities of
labor controversies alone rearding much building
that otherwise would have been well under way
AS far as usual commercial statistics there
much change in the general situation The bank
cearngs of the country fell off 6 per compared
with the corresponding week in with the leading
cities about evenly balanced the columns of losses and
gains. The aggregate cearngs $I877oooooo, and
the index point of these clearings for time past
be about $2ooooo the inference is natural
that any exhibit under the billion mark shows
recession and anything over it gain The failures for
the week 226 against aI4 for the week last
year.
There nothing in the great staples to excite
especial The wheat market quiet all
the world with few and fluctuations, except
Chicago where quotations uctuated according to the
varying condition of the CROP which is the governing
factor of the market present Wheat such ample
supply all the world that there nothing existent
change the price of the grain way the other
and whenever any market varies is owing to its
local conditions The winter wheat crop of the United
States is looking as we'll usual, according to the
best reports the fall planting backward and the
weather throughout the winter less unfavorable
the growing plant; but there has been serious
damage on the whole and the prospects present
for good crop Provisions ample supply in all
positions and the markets everywhere running along
quietly under the usual normal fluctuations Wool and
hides are quoted steady frm with fair demand for
both and manufactured goods. More frequent ad-
and STEEL though slight show less pressure
sell and disposition on the part of buyers to
place orders hitherto held the of the year
Trading in Wall street has been active since the
Northern Securities cloud disappeared and for several
days it looked if another bull campaign under
way; but threatened rebellion against the plan of
adjustment by the Union Pacific interests put sudden
damper the angune expectations of the bulls and the
market relapsed into feverish and hestatng condition.
where it remains. The money market stands precisely
where it has been for many weeks funds being large
supply everywhere and interest rates normal.
With the advent of spring the railway conditions are
improving and present indications that the gross
cepts for March will show increase over those of
year ago. They have been falling behind for few
months Thus far the months returns make showing
better than any preceding year spite of the
favorable weather. There is better wholesale jobbng
and retail trade all the country, according the
weeks reports from the different dstributive centers
General business in California continues active The
foreign trade of this port still large and complaints
heard from either exporters importers except in
the wheat trade, which is making poor export exhibit
But barley oats and hay have for time been in
active demand all the coast, the American Rus
sian and Japanese governments have all been are
still large purchasers of forage for shipment the
Orient Japan in particular making very heavy pur-
chases of barley and the American Government TAX
ing so much hay that its demands upon stocks have
largely offset the weakening influence of the
These latter have been copious especially in the
southern part of the State where they were sadly
needed that they practically insure abundant crops
grain, hay and fruit we'll of the minor products
of the SOIL hence general feeling of confidence in an
other good year is perceptibe all the State. Con-
siderable damage by submerson of productive areas
along the San Joaquin and Sacramento rivers has been
DONE but the benefit the State is far
of any local injury by overhows.
The influx of population into the city and State
from the Eastern and Western sections of the country
continues unabated and is leading to considerable en-
thusastc figuring as to the prospective population
San Francisco and California several years hence These
sangune expectations may may not be fulv realized
but the fact is ndsputabe that immigration into the
State is large and of the choicest g