The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-02-20
THE WEATHER AND TRADE.

HE effect of weather upon trade is forclbly
shown by the decline in the countryS bank
clearings last week to a mere 212 per cent gain
over the same week last year. whereas the gain OF late
has been ranging from 25 to over so per cent About
half OF the cities and important towns showed
loss The blizzard played havoc while it lasted. The
Transportation OF merchandise practically sus-
pended Tor several days passenger traffic was seri-
ous1v interrupted and merchandising in country towns
in the West and Northwest came to temporary
sandstil The hocks and herds OF the whole country,
ALREADY deDeted suffered losses from freezing. And,
worse still the orchards from the Missouri River to
the Atlantic coast and from Michigan to Florida were
deprved OF the major part of their forthcoming crop
and in some States were killed outright This was
notably the case with the peach orchards OF Michigan
Delaware and Georgia three leading peach States OF
the Union. The destruction general that we
are told that the United States will have to look to
California for peaches this year The wheat crop, too
is feared has been cut down by the terrible weather
But the storm is over and business has been re-
sumed with rush The promptness and vgor Of
tie revival are surprising Evidently there is plenty of
good blood in the commercial body, or it would not
revive with such force Wall street especially
buoyant and developed unexpected strength though
the volume OF business not up to the previous
level The buoyancy helped by the continued
good showing of the railroad earnings, and by the
fact that London has ceased to throw our securities
back at us. The West reported good demand for
spring account in spite of the incomplete resumption
OF railroad transportation The condition OF the iron
trade was we'll illustrated by the increase
III bank clearngs at Pttsburg the gain the same
week last year being III per This industry still
leads all others point of activity The other promi
nent staples, such wool, cotton, hides, leather
boots and shoes wheat, corn, etc, exhibited no par
ticular change during the week.
Mention has already been made of the recently born
eagerness in the East form trusts and all sorts of
trade and financial combinations. In some quarters
this tendency is being viewed with distrus not to
say apprehension but the banks showing them
selves very conservative regarding all ventures
OF this class and this acts check to overspecula
ton, so the long heads see nothing alarming in it
Combinations become automatic after a while and
regulate themselves. If they topheavy they go to
the wall of their own gravity and hurt nobody but
those Immediately concerned in them This is the
daily history of trade in every form.
The local. like the Eastern situation is at present
the plaything OF the weather But here it is not the
Storm but the lack of one, that is affecting business
We have now been over month without rain, and
while no district is actually suffering, shall need
rain everywhere very soon to mature the crops. At
the moment the question is of feed, not seed. The
crops looking all right but the pasturage is
denably deficient. Even in the coast counties the
grass too short and backward and the farmers and
stocknen are feeding their cattle and sheep hay
thing unprecedented in former years The sown
crops are green and growing but the growth is slow
and the plant is OF short staple Scattering rains
from now on however, will bring it out all right
Under these conditions the merchants naturally
conservative but business throughout the State is
very fair, nevertheless. Failures small and few
collections up to the average, money is plentiful
and readily available to solvent borrowers at the
usual rates, and with good rain in a few days the
commercial situation will be rosy enough to suit even
the chronic croaker, who, like the poor, is always
with US.