The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-07-18
THE TRADE SITUATION.

TO Californans the local trade situation last
week was more interesting than that of the
country at large. The latter not partic
ulary striking, and fact almost without
feature, usual in midsummer. There rather
more disposition to buy wool, and business fair
for this time OF the year, with former prices easily
maintained The iron and steel trade too, showed
more tone, partly account OF decreased produc-
ton and partly owing large ORDERS particularly in
the West, where number OF mills will orego their
usual shutdown and others will materially curtail
theirs. Indeed, SONG mills report orders booked
ahead far as next winter. This, at a time when
stagnation generally prevails, is noteworthy. The
amazing OF the loan is the talk OF hnan-
cal circles all over the country The amount called
for was $2oo,OOo,ooo and the amount actually sub
scrbed reached the figure OF 81 800 ooo
while the end is apparently yet. The fact that
this immense has all been subscribed right here
in our country ought to swell the breast OF the
average American with pride. We need never again
60 abroad for funds whether in the shape of war
loans in any other form
Wall street responded to this magnificent showing
by increased buoyancy, which, however, damp
ened by the uncertainty accompanying the military
operations before Santiago and by the confusion re-
sulting from the stamp tax, which diverted con-
siderable speculation from stocks to bonds, which
lifted by the surrender OF Santiago and the fine
crop prospects, so Wall street had very unsettled
week all around The statistical condition Of the
country continued gratifying, the bank clearings
being 100 per cent over those OF the corresponding
week last year, while the failures showed slight de-
crease. The exports of cereals from the Atlantic
coast continued heavy those of wheat being 1910
bushels, against I522ooo for the week in 1897
The dstributye trade OF the country is at its low
point in midsummer, 50 there is nothing new to
report in general business But already some lines
preparing for the fall trade which is expected to
be large though is hardly thought that it will reach
the unprecedented volume OF the spring business. If
it does the country will boom indeed
But it is in California that the chief interest centers
for Caliiornians already remarked The 1893 har-
vest is now in full blast and it is the best
have had in point OF returns for
Der of years Prices for hay and grain are more
than profitable, and there is a demand for every
pound that comes into this market. AS for fruit it
has not brought such prices for many a day The
leading staples at this apricots, peaches
and pears. The Gamers are paying S4odo5 per ton
for aprcots, against 5000 last year. $6507o for cling
peaches, against S3oG4o, and fairly scrambling
for the pears at $2503o, against 5000 Pears are
expected to go still higher for the crop is small and
the scarcity in aprcots and peaches creates just so
much demand for pears Even the humble
apple wanted much better prices than ruled last
season. for this crop too is small not only here but
all the United States, and the grower this year
can pick up the wndfas and wormy fruit under the
and sell them for s. per ton, whereas last year
they went begging at $3CG4 And thus it goes all
along the list of farm products gratifying feature
Is the comparative independence of the farmer and
fruit grower this summer. They are now holders,
whereas for number of years they have been anxious
sellers, only too glad throw their produce the
market for whatever it would bring The good re-
enable them to do this, which keeps the differ
ent markets from becoming choked with offerings
and holds receipts down to the normal requirements
OF the daily demand. Not for years has the Cafor-
MIA farmer been well situated as he is to-day
OF course this prosperous condition of the farmer
has its effect general business Country credits
are better and the country demand for merchandise
is good AS the city lives off the country the feeling
here is one OF confidence, and all lines anticipate a
good fall trade, San Francisco has been doing well
for months, and the present indications are that it
will continue to do we'll for many months to come