The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-17
THE COMMERCIAL FIELD.

RADE conditions are rather Disappointing THIS
fall. The markets seem to lack lite, and yet the
bank clearings OF the country are per cent
larger than at the same time last year, when bust
ness was reported. This paradox is puzzle to the
mercantile community all over the United States
II there were any decrease in the volume of trade the
bank cearings would certainly show it in reduced
totals whereas they larger And YET is the gen
era consensus of opinion that business IS not up to
what was expected along in the summer
Theories as to this peculiar state of affairs are as
thick as leaves in Vallambrosa. One is the pro-
traced warm weather in the East which has extended
into October and which restricts the demand tor
goods Another is the absence OF speculative spirit
Still another is the threatened sringency in
the money market, but as this condition has passed
and the market has eased off again. it is not to be
entertained Possibly the impending elections have
a good deal to do with it, for there is nothing that
will deaden trade quicker than average election.
But whatever the cause, business is undenlaby quiet
and this in the face OF circumstances which ought to
produce activity in commerce Money is easy and
plentiful the balance of trade is vastly in favor OF the
United States, gold is coming in from Europe, the
demand for wheat has lately been increasing with an
accompanying rise in the price the crop outlook is
fine the railway earnings larger than at this time
last year. the country has just emerged from sue
cessul foreign war; which has added to territory
rich foreign possessions at a cost which certainly is
not large-and still trade is quiet. The oldest and
longest heads in the business do not understand it.
There is occasionally conical side to trade, and
one OF them has just been presented by the weekly
review of R. G. Dun & Co., which gravey accounts
for the apathetic condition of business by saying that
there is a great change, and perhaps permanent
one, in the percentage OF profits derivable from the
trade and manufacture, well as in the profits OBJ
tainable by transporters Progressive civilization
IL Of md NJ ac
the volume OF business transacted increases in order
to make possible Improvements in the condition of
the working millions"
Just how narrow margins of profits to bestow
such important benefits progressive civilization
is problem worthy of the profoundest consideration
OF the gods 1t has hitherto been the general belief that
the more money everybody makes the better off
everybody is-but the world may have been in error
On this point.
The staples show particular change from pre-
vious conditions, aside from the improvement in
wheat already noted Wool is still very dull, and
prices are 10 per below those of last winter and
it is thought they decline yet before the
manufacturer can increase the output. Cotton rules
very dull and weak, at the lowest quotations for fifty
years Leather is inactive and so low in comparison
with the price of hides that the leather is talk
ing about closing down number of Eastern tan
neries and this has depressing effect the hide
trade The iron trade keeps up its fine record with
out difficulty orders being heavy and the mills run
ming to full capacity to fill them. The failures for
the week EOS, against 223 in the week of
last year. and most of them unimportant.
Local conditions about the previously
reported. There is fair trade in general merchan-
disc and quotations do not fuctuate much. Provi-
sions have declined and the market is quoted dull
Dried fruits, which the important product at this
season OF the year, are dsappointngly quiet there
being Eastern demand of any consequence and
several of the more prominent kinds such as prunes
and peaches have declined during the past fortnight
Wine and grapes rule firm, and the latter are bring
ing good returns to the growers. Wool continues ut
tery neglected. Hops firm and selling well at
satisfactory prices. The demand for canned fruit
has been good all the season and quotations are
above the average of recent years. Grain continues
to off fairly at profitable prices though there
is no activity. The State on the whole is in sound
condition, and there few complaints from any
quarter. Money is plentiful and the bankers say
they have rather more than they lend to advan-
tage, which is by bad sign. With
good rainfall this winter California will come to the
front again next year in the old-time way there be-
ing no drawbacks in sight at the moment
-
The arrest of a lot Of anarchists charged with in
to kill the Kaiser is much satisfactory now