The San Francisco call., 1904-07-11
CHEERFUL TRADE REPORTS.


tembe Yet from all sections cheering reports
ceived and report trade actually dull The spirit
OF pessmism which generally prevailed during the
spring has almost wholly disappeared and all markets
reflect the of confidence which became percepble
about month ago and which has been gradually in
creasing since.
This confidence is based upon three factors: First
the general abundance of money both in this country
and in Europe second the generally excellent condition
OF the three four important and third, the
vicon that the coming ELECTIONS will not result in
violent disturbance of financial and commercial cond
tons. 1t distinctly that the is sound
business basis and that there nothing sight to
any apprehension the future
As far as the important industries of the country
concerned the cheerful reports coming in True
excessive rains throughout the West, Southwest and
Northwest have materially reduced previous estimates
OF the yield. particularly in Kansas and the Red River
Valley, but in spite OF this the crop will be ample to
satisfy the requirements of the country There will be
less for export but the export OF wheat is not the
shadowng factor that years ago, for the
countrys population increases and its wants become
diversified, needing more wheat at home
and less Tor eNportable surplus Still we shall
probably have respectable quantity for export in any
event The crop bids fair be very large with
the chances for good prices excellent Cool weather
has been rather against the crop of late. but
ample yield of this cereal is almost assured.
AS for wool is remarkably active. Boston reported
last week that the demand was velie than for year
more the American Wooden Company alone taking some
100000 100000 pounds OF the material while
the in the Northwest of late has been
dented In Wyoming and Montana Eastern buyers have
been securing the country for fleece and such has been
their eaeerness supplies that they have bought the
clip on the sleeps back According a reliable
thory there 2oooooo pounds have thus far been
and about half of brought I7c per pound 1t
ha. been scramble for wool. Buyers have not waited
cI,ed utod
men 10 every nook and in quest of fleece. and
prices have advanced from per pound Not for
years have current prices been equaed How this
boom wool will be received by the manufacturers and
what effect it will have the manufactured product
later be seem but thing certain-thus
far he grower has made a lot OF money.
The lumber trade continues quiet and in some sections
~ depres ed with stocks burdensome and the mills de
crcaaing output Prices for and steel products
are slightly lower. with all markets reported quiet.
This industry. which maintained such fever heat for
five ,ecrs that its soil produced the steel
is now we'll down toward the tail end of the industrial
column. The hide market has been firm of late with
fair activity S-eported.
Provisions. plch have been more active and firm at
W cstern packing during the past three
weeks are showing less activity and the pacFers
have apparenty ceased to support the market The
disposition nov is 10 sell Speculation the Chi
cago Board of Trade has been somewhat liveler in all
lines OF produce the weather throughout the
has unsettled the markets and impaired feversh
tone previously tame and uninteresting situation
The statistics are now running better The railway
earnings for June far received show gains of from
3 to per the corresponding month last year
Collections the end OF the fiscal year closing June 80
better than anticipated The reduction in the
put OF many products has led to corresponding reduc
ton stocks of general merchandise. and the obbers
and retailers making better reports in consequence
/ The bank cearngs keep about where they have been
for weeks past the aggregate weekly clearings
averaging about 81 Soooooooo, while the loss from last
year ranges from to 20 cent. The decrease last
week was so per cent, with the largest cities about
equally divided between losses and gains compared
with 1908 The failures for the week 200 against
Io4 last year. and included worth talking about
The national market for securities. such railway
and industrial shares. has apparently emerged from its
sagnant and despondent which may be character
lied as prolonged fit of the blues, and buoyant
with tendency toward higher plane of quotations
! There signs that the public which long re-
fused to touch stocks with long and safe pair o
tongs, are now nbbng at the market again. though
nothing is expected in this line until the midsummer
holidays weeks hence.
The situation in Wall clearly expressed by
leading bond house as follows: "The present activit,
in the bond market which has been apparent to al
since the city of New York succeeded in floating its bis
May loan, ought to continue well into July. Conditions
very much different this than they last
year ago there utter lack of confidence in th
financial situation and investors afraid to buy any
thing. Confidence is returning Investors have hac
time separate the wheat from the cha and they arr
re-entering the investment market with caution but will
courage There general feeling that the crops can
very badly, that have the worst o
the business depression and that the election of Mr.
Roosevelt is certainty Investors who earlier in th
year believed that they could buy bonds during the sum
mer lower prices coming into the bond mar
ket because they believe that have stead,