The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-03-13
THE BUSINESS SITUATION.

| late is the general advance OF wages in certain
~ industrial lines. The cotton workers. metal
workers and coal miners are receiving from TO
10 per cent more wages than week ago, most of the
increase being at the higher figure. This tells the
story OF industrial prosperity better than anything
else Another good sign is the marked activity OF the
New York dry goods market, which is reported
booming to such an extent that lines OF cottons
and silks are away behind in their orders owing the
oyersod condition Of the mills AS for the iron and
steel trade it still characterized by feversh de-
mand insufficient supplies, further advances in quota
tons and increase in the number of old furnaces
being fitted up for operation. This trade has made
gigantic strides during the past year two and now
leads the world Lumber, too, continues in fine con
dition the demand is active in most localities and
prices firm account OF the wel-cleanedup con-
diton OF the market. The state Of trade in general
throughout the country is shown by the increase OF
495 per cent in the weekly bank clearings over the
week in 1893, and the decline in the number OF
failures from 248 in 1893 to 1872 in. 1900 The leading
markets. East and West, report active spring trade
especially dry goods boots and shoes and clothing.
Though business in Wall street fell off somewhat
there was a stronger tone, though it was generally
ascribed bullish manipulation The only unfavor-
able feature. of the week the continued demon
alzaon OF the wool market, which is still hampered
by immense stocks all over the country. Wheat
tinuation OF the large export demand, there
disposition to discount the expected Government
port OF large stocks still in the hands of the farmers
The report has since been issued and it gives the
still in farmers hands at Io8ooo,ooo bushels,
about 2O2 per cent OF last years crop This is not
a bad showing, however, we have passed almost
threequarters of the crop year and have used up al
most three quarters of the yield The supplies of corn
are also normal and about what they generally at
this time of the year. SO there is nothing dscour-
aging in the statistical position of the cereal market
a striking feature of the week in this State the
suspension OF the county bank Of San Luis Obspo,
not through any want of funds but because the di-
rectors did go through another dry season
which seemed imminent. This action seems rather
premature to outsider, as the dispatch which
announced the closing OF the bank stated that rain
in a few days would set the county all right and the
conditions OF late have been rather in favor of rain
than against it. a procedure OF this sort is apt to
have unfavorabe effect on business and should
be taken until the apprehended condition has passed
from the mist of contingency into the broad daylight
of settled fact. There is time to cross bridge when
it is reached The State except in few southern and
central localities, is not suffering from lack of rain
though it is useless to deny that it is needed almost
everywhere. Light rains, however have been coming
in from the ocean of late and If they continue we will
get crops all right.
Every few days dispatch comes through from the
East informing that business in California is stag
rant on account of dry weather. There is nothing
like going away from home to get the news If there
Is any stagnation in general trade in San Francisco
it has not yet reared its grisly head Real estate
dull but il has been for several years Merchan-
disng, however, is going along just usual our local
bank clearings exhibit commercial depression
failures continue few and small collections are I'D to
the average and there is plenty of money in sight for
solvent borrowers the established rates Of interest
The crops in the northern part Of the State are all
right and the southern portion will make fair show
ing with the usual spring showers. Any expectation
OF crop failure at the moment, therefore, is simply
discountng shadowy future which we may never see
One good rain will effectuay lay the menacing
specter which has been soaring tmid folk for some
weeks In any the crops of the State at large
look hundredsper cent better than they did at this
time last year, when made pretty fair showing
all things considered Those who are in daily touch
with the mercantile element hear no serious com
plants OF dull trade many apprehensons as to the
future And surely the merchants ought to know
how business stands.
Jack Chinn has been indicted down in Kentucky
There is feeling Of disgust there because he threat
.ned to shoot and didn't.