The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-03-06
THE BUSINESS OF RECORD BREAKING

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business of cord-breaking. Each succeeding
month breaks the record of its predecessor III
some way or other This cheerful procedure has been
going ON for year or more and the end is apparently
rot vet November was the busiest ever known; De
cember beat it with distance spare January was the
heaviest opening month in the history OF the country;
and now comes February with an exhibit at which
we are expected to hold up hands in mute admra-
ton. The Clearing house exchanges OF the country
were about $1,000 900, against S55o7,553ooo IN
February 1893 In all the years OF weekly commercial
reporting there has been no week IN which the
country made such general good showing it did
last week. The gain in bank clearngs was large,
being 1914 per cent, and there a marked advance
in wages voluntary in most cases, an immense and
urgent call for iron and steel manufactures at soaring
prices, marked improvement in the demand for cot
ten and dry goods and decrease in failures to ~,
against 232 for the same week last year.
But it must not be forgotten that there is always
increase in trade when the conditions normal
The population is continually increasing, and II there
were no increase in the volume OF business 1t would
show that commerce was not keeping up with the
gain in population So some OF this extraordinary
gain that we are continually hearing about is really
no gain at all Still it cannot be gainsad that the
country on the whole is extremely prosperous, and
excepting here on the Pacific coast, where the dry
weather checks trade the business OF the United States
is really very large and increasing.
There are certain indications, however that the
tables are being slightly turned in directions In
a recent financial circular Henry Clews the New York
banker who keeps pretty close watch commercial
conditions called attention to the fact that the ratio
OF exports to imports had begun to decrease, though
the balance OF trade is still enormously in favor OF
this country Wall street. too has apparently scented
mares nest somewhere for there quite decline
Xyhi have
been booming being the chief sufferers The money
market too hardened somewhat and the money
lenders showed disposition object to lndustrlals
as collateral AS an offset this, however the recent
heavy selling OF securities by foreigners has
ceased and they are now buying again shown by
the fact that outgoing steamers from New York are
once more carrying away large blocks Of stocks,
principally low-priced securities, which, being COM
paratively cheap now, promise profit later on. 1t
is proper to add in this connection that the decline
was not serious. The OF the current disrust
of industrias is a curious one; the demand was so
sharp that prices advanced point where foreigners
could buy more cheaply elsewhere, and as they have
already begun to do this the long heads Wall street
are becoming cautious. 1t to be of too
much prosperity which, told, is harder to bear
than adversely
Local conditions show no change whatever. We are
still wholly dependent on the weather. The threat
ened rainstorm in the middle OF the week did not get
below San Francisco, and the northern part of the
State got only from quarter to half an inch though
this was sufficient to keep the crops growing another
month in that section. The coast counties usual
got the lions share. The San Joaquin and Salinas
valleys still dry, and unless they get rain very
the painful experiences OF 1903 are likely TO be re-
peated They can run along for little time yet,
however.
OF course this has quoting effect on local trade.
California is essentially producing State and if the
farmer is not prosperous none of the rest of
The conditions are ripe for season of commercial
activity but nothing short of good rain all the
State will the wheels running AS rule, however,
thanks to the copious rainfall in the early part Of
January the crops in better condition than at this
time last year. and last year had enough to eat and
some to sell besides SO even at the worst we not
very badly off.