The San Francisco call., 1904-03-21
BUSINESS STILL EXPANDING.


week and the whole line OF domestic commerce
showed more animation The weather not of the
best and storms, less checked the dis
tribuon of goods many sections, notably on the Pa
cihc Coast and especially California but the whole
the business situation encouraging throughout the
country.
The leading feature OF course the panicky break
iii cotton which carried with it the dam the lead
ing bull operator, J. Sully whose holdings were about
100000 bales The disaster occurred Friday and in
the frenzy realize days sales to about
100000 bales Brokers astounded by the enor
offerings, the cotton came pouring IN upon the
market from all quaaters 1t was deluge Of cotton and
the market dtNn if there bottom to it.
Just what effect this great break will have the cotton
manufacturing industry remains to be seen but the re-
suits will probably manifest themselves this week as
the cyclone has cleared off,
Another feature of the the decisive vote by
which the bumnous coal miners decided to accept the
proposed reduction in wages without declaring general
strike which would have worked great mischief to the
manufacturing industries the very moment they were
commencing revive. Another important feature
the continued Improvement the iron and steel trades
which showed expansion in the movement and cor
responding steadiness quotations for most descrip-
tions
Both of these features are encouraging, they
presage activity the steel trade which has been
langushing Of late and which, when dull, eXerts de-
pressing influence throughout the country and wee
third welcome feature the molstening OF the
great wheat fields OF the Southwest, where prolonged
OF dry weather beginning to damage the
crop This partially offset toward the close OF the
week by dry dust storm which swept Western
Kansas and Oklahoma, doing or less injury to the
growing plant in that region
Other features worthy of mention continued
liquidation in provisions Chicago, where the outsid
ers, realizing that they have been quietly loaded up by
the great packers have begun SELL the liquidation
sulting weaker market for all lines of cured
Hides reported irmer and active but the de-
mand for wooden goods from manufacturersis dappont
ing, though wool is selling freely. The Eastern
lumber trade reported quieer owing unfavorable
building weather. but the different markets gen
orally firm.
The tendency in wheat and has been toward
lower prices and wheat has been sngularly apathetic
and eatureless all the world except Chicago,
where the market has been lively with sharp speculative
fluctuations for little time. This activity seems to
have been almost wholly due to the Armour deal, owing
its purely local character but Armour said
be OF it and preparing take of and
recreation in Europe. The fact is the world is abund-
anty supplied with wheat and the markets in all
tries and featureless in consequence.
The usual weekly statistics exhibit nothing particularly
different from the conditions which have prevailed for
several months. The bank cearngs last week showed
loss from the corresponding week in 1908 of I48 per
cent with the largest cities about evenly balanced in the
gain and loss column. New York fell off 22o per cent
II.
per cent Minneapolis the of the -four industry zo3
per cent and New Orleans the great cotton mart go
per The large increase New Orleans is not sur
prisng the wild activity in
naturally up the volume of clearings; but gain of
per cent at Minneapolis, which has been sending in
complaints of stagnant market for -four with the mills
preparing close down if the inquiry does improve
is rather paradoxica The failures for the were
22o against last year. but with the single exception
of the Suly collapse not of serious Importance
Apathy still prevails in Wall street. Speculation is
low ebb and the break in with the failure
its bull leader, is regretted by the banking other
financial interests who fear that will give the public
another fright and eecuay check any further aggre-
sve bull in stocks for the present Consid-
cradle disappointment express d. for the market
showing signs OF awakening activity and within the
past few days there has been welcome drift in quota
tons toward higher range of values.
All this recovery and buoyancy seemed swept away
Friday, however and the general stock market syr-
pathized with cotton by going off point So with
disposition to realize all along the line The depression
may prove merely temporary however At any rate,
three days will probably tell the story. Condi-
tons certainly in favor of better feeling in bonds
and stocks the great financial interests publicly an
that they have released all checks upon an up
ward movement in prices and, indeed quietly advs-
ing their customers to invest in good divdend-payng
securities. Money continues abundant at reasonable
and readily accessible solvent borrowers and
the fnancers that the chances for profit the
plane of values larger than those for losses
Hence the panic in cotton as wet blanket to
Wall street
The above conditions show satisfactory state of
trade throughout the country taking the situation as
whole. California continues to make bright showing
while doing less damage along the river bot
toms, almost insure abundant crops of everything this