The San Francisco call., 1897-06-07
CONDITION OF TRADE.

In spite of the delay OF the Senate in
passing the tariff bill trade conditions
continue TO improve, hence it is reason
able to suppose that had the Senate
been as prompt in the matter as the
House the country would to-day be fully
entered upon the promised season OF
prosperity. But the tide has turned and
even the prolonged debate in the Senate
cannot check its advance.
The Improvement is shown by many
quiet revivals here and there. One excel
lent indication is the railroad earnings,
which are about as good trade barometer
ss we have. The gross earnings of eighty
roads for the first week in May amounted
to Sc, 316 4s5, an increase of $208, 295, or Al
per cent; while tifty-six roads for the Sec
ond week of May report So, l 63, 76O an in
crease of $500, 4S7 or 5. 81 per cent. As to
net earnings, 135 roads show an increase
OF $l,615.000 for March, at the rate of
about 9 per cent; while for the first three
months of the year 179 roads exhibit gain
OF 81, ,651, 900, or at the rate of nearly per
cent. One of the most satisfactory fea-
lures OF this improvement is that it ex-
tends pretty evenly over the roads of all
sections, showing that the recovery is due
10 causes common to the country at large.
Dun's Review recognizes the general
improvement, and in commenting upon
it says:
People are actually doing more business
than they realize. They reckon by values, but
these are much lower than in any previous year
of prosperity and leave little margin for profits
In quantity there is almost as much business
being done as in the years of greatest pros
perity, and though the increase in popula-
tion would call for a material expansion the
comparison is not discouraging. The recov-
cry is slow, hesitating and gradual, but more
has been done on the whole in May than in
April, while returns in April showed the
volume OF business only 10 per cent smaller
than that OF the best year heretofore. Yet
hesitation is doing its work every week, and
mul.itudes ale waiting because of possibilities
at Washington who ought TO be swelling the
demand for labor and the products of labor
Exports of gold cause no alarm, as shey are
obviously the results of The premium paid by
Russia, and it is well understood that goods
imported in May, thus far 81 per cent larger
than last year, are supplying wan Is for months
to come, while exports of products, in Nav
thus lar 27 per cent larger than last year, will
much increase within two months. The treas
ury is doing we'll and the money market has
gained 81 900 900 from the interior during
the week The encouraging increase in the
demand for commercial loans still continues
in volume large and in quality of paper
offered even better than last week.
An amusing illustration of the fallacy
of the free-trade argument that a low tar.
iff results in large exports of our manu-
factures has just come to light. Accord
ing to the Government report. of the
1868, 900, 900 worth of goods exported from
the United States last year $504 900, 900
worth were agricultural produce.
AS the percentage OF manufactures in
the above exports was under the state
ment must be an eye-opener to the aver
age free-trader.