The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-03
THE BUSINESS OUTLOOK.

IHILE the volume of trade in San Francisco
M thus far this year. represented by the local
bank clearings, is 100000 greater
than during the corresponding period in 1897, there
was falling off in September of little over $1,000
600. The clearings for September $oo,872835,
against S74o8o $50 in September, 1897, while for the
first nine months OF the year they $5oI,24o41
against $53oo52,4I4 during the corresponding period
last year. These bank cearings accepted the
most reliable indication of the of business
hence we must regard 1893 as being much better
from a commercial point of view than 1897. OF
course there has been lull of late, owing to the
diminished farm production consequent upon the dry
season, but there indications that this
dry season real blessing in disguise and that
it will result in greater prosperity in 1899 than
have enjoyed in 1898.
In the first place, it is well-known agricultural
fact that dry years great fertilizers of the soil
Aside from the much-needed rest given to the soil,
droughts always bring to the surface fertizing ee-
1nents which reinvigorate the earth These the
two reasons why dry seasons usually followed
by bountiful harvests A third benefit, and of
great importance, is that dry result in the
exhaustion OF supplies, and thereby clean up the diff
ferent markets of accumulated stocks, and leave
them bare for the next harvest. This is clearly
shown in the of hay, grain, wine and fruit.
While hay will probably not bring high prices next
year it has done this still supplies will be short
next summer that the farmers will almost without
doubt receive profitable for the crop of 1900
The same result will also doubtless be seen in the
minor cereals. Wheat, being a universal product
will not be much affected the local cereals.
AS for fruits unless all present signs fall there will
be no dried canned fruit left in the California
market by the time the next crop comes in, and
when there is no carry-over stock for the harvest
to contend with high prices quite apt to rule.
This condition is already manfesting itself in the
wine trade, it will with the other products later
The crop OF grapes is short all over the State,
and the vintage will be correspondingy diminished,
while the wine trade is grathed by marked in
crease in consumption which has already caused an
advance of cents per gallon in the price of wine,
and which promises to clean UP the present stock
of wine before another large crop can be placed upon
the market From this the wnemakers infer that
prices will go still higher. Certainly good and
growing demand for grapes is observable all over
the State and prices very firm and somewhat
better than they expected to be a month ago.
Raisins to be included in this gratifying exhibit
for they have been very active good prices thus
far this season, and there no present indications
of any setback in either the demand or the prices
Short hop crops in different parts OF the world have
given this product more tone, and quotations have
recently advanced and are firm at the improvement.
In short, with tho exception of WOOL which is ex-
Cessively dull, matter where look we find
the prospects for California products exceptionally
bright. If they realized business ought to be
excellent next year. This generally understood In
trade and financial circles and feeling of confidence
is observable in consequence. 1t would not be at
all surprising if found ourselves rejoicing in 1890
that the dry of 1893 had given us such lively
and profitable markets.
The situation in the East shows no marked change
The bank clearngs OF the country made slight gain
last week, and the failures for the week were 1os
against Io4 for the week last year. The month
of September averaged up very well, with record
of the smallest number of failures for any month
since 1892, except August of this year The changes
in prices all for the better except in cotton which
fell the lowest point since 1913 period of ffty
years This staple has been dropping for some little
time. The recent reduction in wooden goods has
caused increased demand In this line Iron and
steel continue active ever and business in
boots and shoes is reported better. Money contin-
to ease off and there longer any fears of
stringency. While the European markets have shown
considerable alarm the political situation in
France China and Egypt, English investors have
been looking after our securities and London bought
freely of railroad shares last week The influx
of gold into this country continues both from Eu
rope and Australia and additional imports of gold
coin from the latter country reported Alto
gether the commercial and financial situation of the
country is excellent.
This campaign will definitely settle the fact that