The San Francisco call., 1905-03-24
CONDITION OF TRADE.
February Figures Show Larger I'm
provement and Smaller Exports.

February Figures Show Larger I'm
provement and Smaller Exports.
The New York circular os Henry Gevs sSys;
Capitsl being plentiful az low rates while good
invessDents are scarce. we seem destined %
experis1cs Continued business activity unuL
supply over-zkss demand. Until our surplus
FUNDS are exhausted or uusl sou-s unexpected
disaster checks the onward current ~ pres
sEt 70 serious setbacks Il sight The sstuA-
1or generally IL sound. the outlook hopeful
scd colfds1ce strGlE
chance for anything more tEEn temporary re-
scuol IN stocks. Prices are ArsAaE 50 %
normally high that both investors ana spe0H-
ia-ors are disposed 70 leave the market 70 the
trading element Moderate liquidation would
really. be bsue6cial since = would relisFe the
rnsrEsr 81 - raonotouy and introduce much
needed fresh h1s and activity The olfncolty
o. finding good iHvestns1ts AZ attractive prices
IS striklugiy SHOWN By the QulckeEeo noW o.
capital INTO real estaus- A previous years tnls
turning q capital fror1 securities toward real
boom II rn1s case however y No0io D
hazardous 20 make such prediction TIE stu
stioE beng 50 eEceluo1as- 5e tnls es y nay.
t1e many largs Investments recently made II
resI estate, not only n LIS city, but else
Ehe-s. are very significant s-d have been
prompted more y tie dirnculty OF hiding
profrshis Investments than from any sense of
eLst-ust. Eness a. signs fail. there Is going
q Be a. zogive season n rssl estate and build
tnE for rents are high and IL Esay essss
there Is actual scarcity ot houses and
shelter. ne advance IN labor and raw ma
q construction Had Il Tot bse1 tor the more
economical methods introduced into large
srruceural work building would have been ham
pered ever more seriously than Il has been.
Our FOSEIGS TRADE.
Or foreig1 trade shows q teudency-shst Of
Increasing tnporrs and decreasing exportz-
which VIII bear watching IN Fe6rus-y our
arnpSrrs reached Sos. coo 600 The highest on
record. II spite q Il being q short month Our
exports were sos. o00. 600, o. about Sc COO 0oo
q excess ot Imports Compared with same
month lsst year. these figures show an in
crease q SIS. GO GO IN Imports ana decrease
OF over Ss Coo coo IN exports. Tie gain OF I'm
conditions here. while the loss IL exports was
chiefly due 70 diminished shipments Of wheat
and the lower price b Gotten This tendency
o Imports % rise and exports 70 fall Il con
rnEed, must Eoo1 exert important influence
J-pon or incerlar1cnal exchanges. During the
Twelve rnourhs ending February IS the excess
of experts vas only SSS1, 600 CO., the smallest
amount OF the last six years Five years ago
8 this tine we had excess OF exports IN
the sane twelve months aggrezaffng SsT2.-
ooo 600 UnJess Ehls tendency ceases we must
soon ship either securities or gold n settle
nerC
Ths Russo-J1perese war Is stiu an in
direct factor q Importance n the stock mar
ker France now holds about s.. roo 600 600 oc
Russian Goverrnent bonds. and. according 70
Lord Rorhschild. the total French investment
II Russia is between 81 ho9 Geo coo and s. Co.,
10000 France Is certainly carrying q ire
uendous hazard and & can readily be under-
stood that any collapse of Russian credit would
precipitste e panic IN Paris capable Of shaking
Of