The San Francisco call., 1898-07-11
CONDITION OF BUSINESS.

THE sem-annual trade reports just made up
 show results rather above the sangune
 pectations of those optimistic operators who last winter predicted phenomenal spring trade II any thing calculated to depress country trade IS foreign war, and yet, in spite of the war, business during the past six months has been better on the whole than ever before The failures, as before marked, have shown marked decrease and the bank clearings have uniformly exhibited pro- nounced gain over the same period in 1897. We be- gin the second half of the year with tax which will largely increase the revenue without seriously inconveniencng any line of trade For the first week of the half year the bank cearngs of the country show gain of I48 per cent compared with the same week last year, and from present indications the usual midsummer lull will be shorter and less pro- nounced than usual owing to the continuous demand for goods all the country. Signs also null tipying that the fall trade which will open will not fall behind the remarkable movement of last spring.
 survey of the general field of business reveals no features out of the ordinary It is seldom that pro- nounced features are visible in midsummer, when the business men of the country, from the New York fnancer down to the commonplace tradesman, are taking their annual respite. Speculative operations in the different stock and product exchanges being materially diminished by the new stamp tax, which acts as a severe check upon all exchange of shares not strictly legitimate. Brokers careful about their transactions, when each requires stamp, and wash sales have, therefore, gone out of fashion all over the country This in itself is not all bad thing The great staples show normal tivty for the season the whole and there in dcatons of increasing animation in the iron trade, which has been active all the year. Pigiron is in pecially improved demand, and agricultural imple ments are being called for in the West and North west fast the factories can turn them out. Xvi dently the farmers doing land office business this year. These two sections also continue to lead the rest of the country in dstribuve trade though the East and South both report a better movement in this line Wool rules quiet, though better inquiry has developed during the past ten days, because the Western holders ask prices which the Eastern lecturers cannot afford to pay The cotton crop is looking better and the South rapidly increasing its manufacture, while the Northern mills lively employed than usual this time of the year. As for our cereal exports they far ahead of the normal and could not well be better. The business failures last week. however exhibited an increase the corresponding week in 1897.
 Locally there is little Like the greater part of the country California IS vegetating through the summer. Harvesting is in full blast, and the farmer is getting good returns for almost everything he raises Nothing has declined Ill value during the past week. and the general tendency in all products is toward still better prices All products are just about short enough to create fine quotations without pinch ing the State. There is reproduction in any thing this year, is there famine in any article of produce The light production of 1898 will result in at least another good year in 1899, and we will probably go into the twentieth century with flying colors, because everything raise this year will doubtless be all cleaned up when the 1899 crops in and they will thus find clear field So the great dry year of 1898 is quite likely to prove blessing after all At any rate, the agricultural depression which prevailed from 1893 to 1896, both years in elusive has passed out of sight, and the farmer is doing frst-rate once more The merchant comes in for his share of this prosperity natural conse- quence, so everything is cheerful again.