The San Francisco call., 1899-07-03
A BRILLIANT HALF YEAR.

The commercial situation shows no loss IN
strength and confidence in the future IS as san
gune as ever. The amount OF business done during
the first half of 1900 larger than ever before
known while the general level OF prices during the
six months was the highest since the spring OF 1898
The transportation companies report larger earnings,
in spite OF steadily lowering rates OF transportation
The failures were 1852. with liabilities OF $488Iooo,
against 6z66 with liabilities OF $7I246ooo, during the
first half OF 1903. Here in San Francisco the in
creased business Tor the first hall of the year shown
by bank clearings OF ooo against 7,I22ooo
last year.
There are at present no indications that the last half
OF 1899 will make any poorer showing than the first
hall True during the past few weeks the gap be
tween the national exports and imports has been
steadily closing and the former no longer exceed the
latter so enormously as at the beginning Of the year
They are still in large excess however, and long
we sell more than buy are all right.
The great staples continue firm, and are more &C
tive than usual at this time of the year when the mid
summer heat throughout the East cuts down business
materially Many OF the iron and steel works so
crowded with orders that they have passed the usual
shutdown at this season and will work right along
Prices for iron and steel easily maintained at
their present high level, though orders for distant
future delivery have fallen off OF late. The market
presents an Augean task for the furnaces, for they
sooner get one line OF European contracts out OF the
way than fresh orders come pouring in. Some fur
naces indeed have started in with orders for their
whole years product The activity in wool con
tinues unabated and the cotton mills doing well.
as the demand is so good that it keeps them busy in
spite OF the recent fall in the product The boot
and shoe industry has broken all records, shipments
being enormous and the dstributive demand heavy
in all directions while the factories have orders for
several months ahead.
The local situation compares favorably with that in
the East No better crops could be wished, and with
the single exception OF hay likely to bring good
prices There is scarcity in oats and barley at the
moment which has advanced prices for both descrip-
tons something unusual in the month OF July, when
the new crops are coming in, Wheat remains steady
at prices which, though not high, still profitable
to the farmer The demand for fruit canning &C
count is as active as ever and the unusually high
prices are placing the fruit growers on velvet The
dried fruit market being cleaned up, good prices will
probably rule for the incoming crop, and indeed
opening figures already established are considerably
above those predicted several months ago by local
dealers. There is fine domestic and foreign demand
for the general of merchandise and the lumber
market is active than for years at strong
prices Hops and wool quoted at a much higher
range than expected last spring and there an active
inquiry for both. As has already been remarked this
is essentially the farmers year. and the city reapng
the benefit OF it. The mines, too in much better
condition than last year at this time, when lack of
water forced many to suspend operations In brief,
on whatever side we look, find the State in con
dition of agricultural and commercial activity that fills
everybody with confidence significant sign in this
direction is the scarcity of labor which has resulted
in general advance in harvest wages the beneficial
effect OF which throughout the State at large can
hardly be overestimated