The morning call., 1895-01-01
Moons Phases.


The year which commences to-day brings
better outlook than that which came to
an end at midnight. The industrial de-
preston which began its work in the first
half of the year 1898 bad hardly passed its
crisis when the year came to an end.
During 1894 there was a pretty steady
movement upward. Early in the year
confidence was so far restored that capital
was accepting good offers for Investment
The wheels of industry moved sluggishly
but with more steadiness than in the pre-
ceding six months. The volume of busi-
ness for the last half of 1894 was larger
than for the last half Of 1898.
In this State nothing has happened to
check the returning tide. On the contrary,
the natural conditions are better than they
were at this season last year. The rainfall
for this season is nearly twice what it was
a year ago and the increase has been
largest where rain is most needed. The
Ia BILE shows that in the southern part OF
the State the percentage of increase has
been greater than in counties where the
average rainfall is sufficient for ordinary
purposes. So far as results NAV be rem
dered certain at this season OF the year
mora than average crops may De counted
upon.
The State depends too much on the sin
gle industry of agriculture. We are send
ing our excess of products TO oyerstocked
markets and inviting the manufacturers of
the East and Europe TO supply US with
finished goods. This policy may be good
for transportation COMPANIES, but it
clearly is not good for the State. There is
the cost of transportation each way and
the loss of the earnings of labor. People
are kept from coming to the State for the
reason that there are few large manufac-
turing establishments at which employ
men t is reasonably certain. That there is
a fair profit in manufacturing many kinds
of goods that we now import is certain,
but there is some hesitancy about embark
ing in such enterprises. To work out of
this rut a combination of capital and labor
is required on terms equitable TO both.
This will come in time, and as there are
both idle money and idle labor in the State
there is reason to hope that we may see
robust beginning in the year just hsh-
cred in.
We are certainly outgrO wing the iDflu-
ence of extraordinarily large profits In GER
tain branches of industry. Communities
do not get rich drawing prizes. The Com
stock mines made few men rich beyond
the ordinary coneeption of the term, but
more than S many thousand were kept
poor by following the ignus fatuus of
sudden wealth. 1t was only brave men
who would content themselves with the
ordinary profits of industry when pockets
containing millions were open TO discov-
cry. There have been occasional prizes in
the fruit business. Orchards have been
known TO pay from $500 to $500 an acre net.
Last year list of foriy-two fruit-growers
was published whose profits ranged from
500 to $500 an acre. But one in the list
fell below 500 and that but few dollars.
The day If great and sudden fortune
making in min!ng-stock speculation is ap-
parently over in California. Yet there is
still large aud promising field for legiti-
mate mining industry. There are ouariz
and drift deposits yet to be developed.
The ancient river beds have not yet all
been laid bare. Hydraulic mining is still
under e cloud owing to the difficulty of
carrying il on without doing more harm
to the agricultural districts and the water.
courses than the industry is worth, but
earnest efforts are being made to solve the
problem of dlsposing OF mining debris in
satisfactory manner. and possibly the
solution may yet be found. At any rate,
California gold mining has received cou-
siderable impetus within the last wear
and the prospect for the new year is
favorable.
Another distinct element of cheerful
ness in the business situation may be
found in the late Congressional elections
Their Influence has already been felt. At
least, 1t has produced the impression that
Democracy has done its worst to Ameri-
can industries, and that they are reason
ably safe from further raids. To that ex-
tent at least 1895 comes as promise of
better times.