The San Francisco call., 1897-07-12
A MIDSUMMER REVIVAL.

The current revival in trade has this
curious aspect, that it has begun IN mid
summer. Nobody expected. few weeks
ago, that there would be any marked
movement of merchandise in the dog
days, for it is against all precedent. Yet
from all parts OF the country come re-
ports of INCREASING business. This fact is
a striking illustration of the power OF that
great American tonic, the tariff. 1t shows
that its revivifying force is so great that
it operates on trade Immediately, no
matter at what season it is put into opera
ton. And when we see how quickly it
takes effect, we wonder why.we did not do
it long ago, and that we were ever foolish
enough to take that tariff off.
II the present increase i'll business keeps
on, as it bids fair to do, times ought to be
brisk during the forthcoming fall. AS has
already been mentioned, the tendency in
prices is slowly but steadily upward, and
the advancing drift is accompanied by an
equally slow but steady increase in the
volume of trade. Hence the indications
are that the fall trade will show consider
able i'm provement over the preceding two
or three years. The following extract
from Bradstreei's strongly points IN this
direction:
The prospect OF an early settlement of the
tariff has strengthened ;he widespread feeling
OF hopefulness that the autumn will bring
revival OF consumptlve demand. orders LOT
clothing shoes and hardware for fall delly-
cries are already more frequent at Baltimore,
Chicago and Omaha. The movementiot dry
goods is checked by midsummer stock-taklng,
but retail business in seasonable lines has
been stimulated by midsummer weather.
There is no improvement in demand Tor
cotton or woolen goods, but the latter are
higher. based on the cost of wool. Prices
show an advance of one fifth OF per cent dur
ing June.
There are 2I5 business failures reported
throughout the United States this week, as
compared with 225 last week, 219 in the week
last year, 226 two years ago, 229 three years
ago. and as compared with 39S in the first
week of July, 1898.
Our local markets are sharing in the
general improvement. Provisions are re-
ported active; more so, inoeed, than for
several years. An advance in hides and
leather is announced and dealers al over
the country are asking and 10 per cent
over previous quotations. Wool is in
IISl-CldSS Sudpc3 NCIy III III anu
active. Hay continues 10 point upward.
Wheat and barley are very steady and
tending upward, but the farmers are be-
levers in better prices later on and are
slow sellers. 1t is to be hoped that their
anticipations will be realized. The staple
groceries are firm as a rule, though the
movement is not very lively. Cattle and
hogs sell readily at pretty fair prices and
the latter are firm at full figures. The
dried fruit market has not yet opened, so
1t is impossible to accurately forecast that
market. The grape crop is extremely
heavy, and as the weather has been all
that could be desired for this mportant
staple. the quality is thus far excellent.
The effect of this large crop on the future
price OF wine remains 10 be seen. The
best posted men in the fruit and wine
trades, however, seem 10 think that fair
prices for both commodities will be real
lied, basing their belief on the stimulating
effects of the new tariff. 1t is rather
amusing to hear old dyed-in-thewool
free-traders talk in this strain, but they do.
Money continues in ample supp y for
solvent commercial borrowers at the usual
rates OF interest. Failures are small as a
rule, and not numerous. Collections are
rather slow, as usual in midsummer. All
lines of trade seem to be perm Gated with a
feeling of confidence in the future.