The San Francisco call., 1898-06-20
A FLATTERING TRADE EXHIBIT.

THERE were three distinctive features to trade
 last weel-the collapse of the Letter wheat deal at Chicago the passage of the war tax bill by Congress and the opening of the subscriptions to the new war bonds. The of the latter IS already oractica1ly assured The idea of dividing the bonds into small amounts, as low as S2o proved to be a wise one for the public are taking hold of them so freely that no syndicate from present indications, will be found necessary to float the whole loan h. deed offers from investors already amount to three times the amount wanted and 1t will probably prove the most successful loan invited by the United States An especially gratifying feature is that these bonds will be almost exclusively held by the Amer1- can people and thus both principal and interest will be kept at home This is the French plan and works to charm in that country. It is the second ot Its kind in the United States
 The business situation IS showing steady improve ment The export movement of the country is enor- 1nous the excess of exports over imports in May being about $57,ooo,ooo, making balance in favor of the United States for the first eleven months ot the current fiscal year of 57I,88oooo, unprece dented exhibit The imports of gold during this period were SIo2,o27,ooo the best previous record being Soz466,ooo in 1882 These fattering figures are the direct result of an immense foreign demand for our breadstn1fs, provisions manufactured prod ucs cotton and general merchandise very large rail road earnings and fine and continuous distrbutive trade throughout the whole country In fact, busi- ness during the past year has been away ahead of anything eyer before known, and has been really commercial boom without any assistance from specu- lation-
 While the East and South are far from dull, the West and Northwest are the of the greatest activity and have been for months. Owing to their geographical position they readily affected by the brilliant crop prospects and the advance in provisions and livestock Their cities show the largest gains in the bank clearings which, for the country as a whole exhibited gain last week of 24 per cent oyer the same week in 1897. The coun- tys fainres were remarkably small, being only 2o7 against 234 for the corresponding week last year The cotton and wool markets are both showing con- tinued improvement though there is room for still greater activity in both of these important staples The iron trade holds its own, the West showing the greatest animation
 As showing that the fine business of the country is substantial and not speculative 1t may be pointed that the public still holds aloof from Wall street. where the professional manpulators remain monarchs of all they survey During the early part of the week there was decline in most stocks but toward the close there a reaction and prices again showed recovering tendency.
 The leading trade features in this city during the week were stagnant and declining grain market,
 
 leather and provisions at firm prices The dry win ter is beginning show its effects in an advancing market for sheep and hogs, and incidentally their products, both getting or less scarce. Beef is less affected there scarcity in cattle thus far, though that may come later on. The war has thus far been profitable to San Francisco the quarterng of large bodies of troops and the fitting out of the Philippine expeditions have created an extra demand for supplies of all sots but particularly provisions and clothing. The shipping interest al most exclusively controlled in this city, has also come in for its share in this extra demand So San Francisco has no cause to lament the war from a commercial standpoint.
 Prospects for the farmer continue exceptionally bright Good prices almost sure to rule for the major part of his products. Already certain va riees of fruit notably peaches and apricots are get ting scarce, and quotations are advancing daily in consequence The are out in the country bidding $35G4o per ton for smal-sized apricots which they would not buy in ordinary years and it is reported on good authority that the enormous price of S7o per ton is being bid for cling peaches Jack Frost did his work pretty thoroughly last spring, though the reports of damage were scoffed at as usual Beans will be scarce, owing to the dry win ter and hay will sell advanced prices for the same reason All grains, too. bid fair to bring unusually good figures. Ii California had had the ordinary rains the State would have fairly boo1ned As it is the farmers class will do much better than for number of years, though in two three sections the crop will be too short benefit the agriculturist
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 It is strange that everybody but the police can walk along Kearny street in the evening and sec lot of o,,I