The San Francisco call., 1904-08-04
.HE BUSINESS SITUATION
S'aflS of Stocks, industries and
General Trade.

Henry CleTs says IN rs New York circular:
L Is many years since the crop outlook was
period q uniuter~1Dte5 rroEress so-0e setback
-nsy be expected stiu the assurances q today
are as much in favor of both liberal and
e-ohleo.e crops % the farmers as could be
= This Is the key 20 The situation. and as this
Esct becomes more evisenc -he confidence which
II beEecs must become mora r-9nounce5 me
1arnler. the merchant rle railroad manager.
rhe --a1ufactUrer AID the banker each in turn
g Influenced BY such considerations Their
nrsr eject Is a more hopeful sentiment. This
een-ment sool expresses itself in action; then
deere enterprises are taken up orders are
plsced and ne whole machinery u commerce
and Industry IS set IN motion Al the same
Nlne tlere Is anso-ltely noth-nE N the situa-
boast % nothing more thsI a reasonable re-
covery from recent depression based chiefly
O good crops Pessirlisrn has had its day. and
ehe business public needs 20 get itself into q
more hopeful and better balanced state az
mind -ha- ttar i1 which u beEan 1903. Draw
backs have ia plenty The iron trade IS
eth inactive. compared with normal times;
orders scarce and the last se-nf-s annual
porr ~ the United states steel Corporation Is
anything c-t sariStac-lrT- bu- those -acts De-
long q The past. many deferred orders are
nov beng placed and there is every reason @
n-zlieve rrat tne last quarter q ire year VIII
EFFECT or STRIKES
An0cher unpleasant feature IS the struggle
1r the corron industry Between - and 50
per cent -of the sp-nd-es IN the United states
Ere IDLE because % The Improbable c0ndi-i1u
O. cotton manufacturing Buyers VIII not take
cotton goods freely al present prices. manu-
fscrurers therefore cannot aHord present
prices tor cotton especially when Northern
rlls embarrassed BY legislative and labor re-
Etrtcttcns. are unable O. successfully compete
-dusrrT IS passing through serious crisis
Ipthe solutior az which seems &c demand reason
. abe concessions On the Part cf labor. conces-
EiCrs which a. present they seem In no mood
- consider. SIN another unfortunate clrcum-
stance s. the packers strike in chicago. "nere
torce and not reason holds sway. lhis abso-
.lrtely lr-reasorab-e- unjust AID defiant attltrds
@ labcr IS of me most u1settling features
g - .5es5 o-5 ol--l--le-s ils-l- $3.50 800
r.-uEs -cf both. and this 7er--srs is he one
br'eEr frature In this quarter. Inasmuch as
thar. IS -re. suly promise q satisfactory So
MONEY AND STOCKS.
% ne PROBABILITY - gold exports has excited
Eo.-,e gs.--=f- Sterling exchange seems 10 have
= cted T---r RE japanese and Cuban loans and
psrt-1 cs-rE- 20 short sales No anxiety j.
.Tlecessaf1> over gcld exports We have Z big
Gne insressIrgs stock Of gold IN the country
, which IN gr- easily frd better employment IN
Europe thar here few millions can be
= le-e- "-1slt barn a-tnoleh Eurl2tr p
: flerF1.-s ind ---a-s always drop tn-o shlvers
-st ire DeF-.01 u GOD shipments The cnlg
zion IS me continued hish level ar which loans
stant alc The arge arlour- % trust funcs heia
~ The hanks 1r deposit resulting from the
latter paving . Ter cent and over on trus.
cCWrarT deloErE. Daring the past year the
trust 'conna--es have ner-ase1 tne.r cash in
rrsf sfIzer resulting t-1-, Increased crop and trade
-o.s-nauds El exports might result in a
sharp drain upon -le hanks and cause more OF
: less temporary c-s--llrre in tne money arc
froCk markets Il-s -Cr All immediate con
ffnrercT El- r-e than VIII bear watching
As 10 the frtu-e 70 re stock market =
seems hardy Ise,y -lar -1e bulls vii readily
relrncuish -rei- hold s- long as crop prospects
continue So t-f-r.r-r Strong leaders were al
the bott0rn ~ -1e recent rse and do not sem
% have entirely RI-rl-a7.n -lHlr support e.
uecieIIv az FrGCss are nor sufficiently scat
tered "a uecse- tfe technical situation All
. Indications point. however. 20 huctus-ing
EnaEket