The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1897-08-09
THE COMMERCIAL VERDICT.

LII YUM 6hUlAu fhhD1O1s
The present revival in business is like
the boys snow ball-the longer it rolls the
bigger it gets. When it began, a couple
of months ago it was but family defined.
1t was limited, in fact, to slow improve
ment in provisions, that almost infallible
herald of good or hard times Then grad
ually-so gradually, in fact, that few were
aware OF what was coming-other lines OF
goods joined the upward movement.
Even then the great majority Of people
failed to read the writing on the wall.
But the sudden jump in wheat opened
their eyes. This, in their opinion, was
the beginning of the revival. But it had
been well under way for some time. Since
then other staples, such as hay, hops
dried fruits, hides and leather and in fact
almost all prominent articles of farm
produce, have sprung into activity, until
now the whole range of agricultural
products is comprehended in the upward
march.
The effects of this revival in the bust
ness OF farming-for in these modern days
farming is business-are now becoming
apparent. They are showing themselves
in restoration of country credits, so long
at ruin ously low ebb, in the increased
flow of merchandise into the rural dis
tricts, and an enlarged circulation of
money throughout the whole social and
commercial fabric. Everything is in better
shape. Collections as rule are better,
the consumption of goods is larger, ana
credits are more Refrigerated. Briefly
trade, after four weary years of stasna-
ton, is once more on sound basis.
The conditions on this coast are familiar
to all who keep themselves posted on cur
rent events. Everybody knows that
wheat is up, that hay and wool and a
dozen other important staples are active
at profitable prices. To recap itulate them
is to rethrash old straw. But in the East
new conditions are appearing. There is
brisk demand for American securities
in New York on European account, based
on our exceptionally fine crop prospects,
and the general advance in values
throughout the country. This is pouring
foreign money into the country at rapid
rate. We are getting richer instead of
poorer, and the Europeans have been
quick to see and take advantage OF it.
Hence they are buying our railroad shares
to get some of our dividends.
An amusing feature of it all is the dis
appearance of the calamity bowler. His
voice is no longer heard in the land. He
has taken to the woods. He is a sort of
human buzzard that feeds on commercial
carrion. His Joy is a panic and his de-
light is in the finan cial distress-of others.
When times improve he sinks out of
sight, for his occupation is gone. He is
deprived of his natural nutriment, and no
longer has the toothsome morsel TO roll
about under his tongue. He gets into
cover and waits for the next panic.
True, there are some who refuse to be-
lieve that the hard times are over. They
fail to see it. They say that business is
no better with them. And perhaps they
are right. There are still some lines that
have not yet got in to good running order.
But they are in the minority, and their
turn will come later on.
No better test OF the condition OF trade
can be made than that Of the president of
the New York bank who recently sent out
several hundred letters to bankers, manu-
facturers and merchants throughout the
country asking them for an impartial re-
port on the state of business in their re-
specive localities. Over IS per cent OF the
answers reported trade much better, and
only about per cent reported it worse
The balance perceived no particular
change, but there certainly was no falling
back.
This is pretty good showing and ought
to satisfy any reasonable doubter. The
letters were addressed to the most i'm
portant men in their respective cities and
towns, and their verdict is not to be
doubted. When over rs per cent OF the
commercial interests of the country re-
port trad improved it is so.
The principal feature of the local mar
ket at present is the tremendous trade in
provisions. The merchants say that thew
never before saw anything like it. The
volume of the movement is phenomenal.
One heavy house reports that it is selling
three times as many goods as ever before
in the month of August.