The San Francisco call., 1899-01-09
THE NEW COMMERCIAL YEAR.

= ONDITIONS during the first week OF the new
year were more unsettled than for some weeks
:; - previously. The distinguishing local feature
was the breaking up OF the protracted dry spell by
series of rains sufficiently cOpious and extended to
give the State good start for the coming season
e effect of these rains is already manifest in gen
era loosenng of purse-strngs by country banks and
commercial capitalists in the direction OF accom-
nodatng the farmer with advances for seed and cur
rent running expenses, for they now see good
chance to get their money back with interest, which
is; all they want. During November and December
this accommodation was generally withheld, which
produced depressing effect on trade all over the
State But now that the farmer is enabled to go
ahead with his blowing and seeding business ought
to show a marked improvement in the near future.
The frequency OF the showers Justhes the be-
lief that from will get the usual rainfall,
and If we do the State will produce an immense yield
OF farm products for very large is reported
der cultivation and the good prices ruling for grain
and hay serve to stimulate farmers to put in all they
can Again stocks of everything are so reduced that
al least fair prices are assured for the coming crop
the State ought to make better showing this year.
The tendency in the heavier lines Of farm produce
has lately been upward. Wheat has ruled firm on
the whole in sympathy with the East, where i'm
mense demand for foreign export, said to be the
SOON
diton. Barley is about stationary at 81 3o which is
fine quotation for this cereal Oats and corn have
also advanced; and hay has gone up again since the
FIRST OF the year, due to small receipts and good de-
..nand for country shipments chiefly to the Salinas
ard Monterey districts The city demand is light
These conditions indicate good prices next summer,
Hence the activity among farmers to seed all the land
they can.
" The other farm staples are steady as rule. The
wool market is still kept down by enormous stocks
in the East where they amount to 100000 pounds
ar increase of II4oooooo pounds for the year This
immense quantity of wool must be cleared away be-
= fore prices can rise much The tendency in pork
and its products has been upward and hogs and lard
are both higher than they have been with an active
demand for the latter Other lines OF provisions are
reported quiet Hops continue to bring exception
ally: fine figures, though the demand is light Dried
fruit and rasns still dull the former especially So
though dealers of the opinion that stocks will be
well cleaned up by the time the crop comes for
ward Prices for dried fruit have been good this sea-
con- except for prunes which have been depressed and
out OF favor owing the small size OF the fruit due
to the dry season of 1893.
The mining industry felt the dry year keenly Lack
OF water to operate the mills caused many shut
down. The recent rains however which have so
blessed the farmer have caused heavy falls of snow
in the mountains, which plenty of water later
on the depression in this great industry will prob
ably soon be. lifted. 1t is wonderful what an effect
the rain has business and the spirits of the public
Twosweeks ago blue predictions and long faces were
the rule everywhere; to-day there is general feeling
OF cheerfulness and expressions OF confidence in the
Coming season are heard on all sides