The San Francisco call., 1899-06-12
TIMES WERE NEVER BETTER.

HE commercial stream continues at hlgh-water
mark and conservative men are beginning to
wonder how long ii will stay there. Several
times this year there have been slight reactions but
they proved traustory and the intense activity in trade
soon sweled out again, generally more pronounced
than before. There never has been such buoyancy in
business The demand for almost everything IS
phenomenal and for iron and steel products IS seem
iugy Unsuitable Notwithstanding continual advances
in prices The higher the goods get the more, aP-
parently. they are wanted
The bank clearings OF the country which have been
shrinking somewhat OF late, are again soaring into
the Clouds those last week mounting to gain OF
500 per cent over the corresponding week last year,
and only one important place. Omaha-shOwed de
crease The failures I7S, against 22I Tor the
same week in 1898. In addition the rise in prices
has not been equaed in many years. Pigiron has ad
vanced 8 per cent iron products 81 per cent, cotton
I per cent, cotton goods rs per cent, wooden goods
o per cent and boots and shoes per cent. Leather
declined per cent and hides per cent these being
about the only exceptions The characteristic fea-
ture OF the times purchase in expectation OF
still higher prices than those ruling and con
scryatve manufacturers in many lines have sought to
restrain this tendency but without avail the demand
for merchandise exists and whether is fictitious and
speculative or based on actual needs insists upon be
ing satisfied The iron manufacturers some weeks
ago resOrted TO advanced asking quotations to check
this abnormal call for their products and did succeed
to some extent, but the demand broke out
again as active as ever. Luckily the mood OF the
country is cautious and even Wall street looks upon
the current activity with dubious eye and promptly
sits down upon any undue imitation, as the banks did
some time ago with the industrial stocks, and this dis
position to proceed cautiously may act efica-
cious safety valve The panic OF 1893 is still fresh in
the minds OF the merchants and manufacturers, and
they do not want repetition OF it just yet.
As lar as we on this coast are concerned. there is
nothing strained or fictitious in the situation. Bus-
ness here is on a legitimate basis OF supply and de
mand Produce and merchandise are active simply
because there is an actual consumptive demand for
goods. Our export movement, pointed out last
week is heavy and the exhaustion OF supplies OF those
lines produced largely in California impels buyers to
purchase heavily fill the deficiency Especially is
this the case with fresh and canned fruits, which at
this time OF the year are the leading staple Stocks
OF canned fruits are exhausted, and the Gamers are
securing the State for supplies 1t is the with
dried fruits, hops and wool, all Of which better
cleaned up than for years Supplies of grain have
also got down unusually low point and, in short,
the State is practically bare OF its agricultural prod
ucts II is fine situation for the farmer and one
which he seldom encounters. and virtually guarantees
him unusually good prices this season Thus it turns
out that the dry season OF 1893 was blessing in dis
guise, for il cleaned the decks OF accumulation of
produce and merchandise and lett them clear for the
current harvest 1t is probable that shall see
another such season for some years and it behoove
Us to make the best OF it. bearing in mind that next
year may the conditions reversed with an abund
tnce OF goods hand and low prices Hence the
prosperity OF this year should lead into exrava-
gance
there are no dsquietng signs in sight Trade is
monoonously active good prices for almost every
thing produced in the State Collections are not hard
money is abundant, with slow but certain tendency
toward lower OF interest and failures are small
and unimportant Like ship sailing gracefully on a
smooth there is nothing be said except that the
Weather is fine.