The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-04-03
THE STATE OF BUSINESS.

Va sented by the bank clearngs, was oo per cent
better last week than for the week in
1898, there was a siackening in the march OF i'm
provement, as the increase over the previous week
was only per cent There were also other indica-
lions OF pause in trade The falling off is generally
attributed by the mercantile and financial element to
the extraordinary rush to combine all OF indus
tries into trusts which has attracted much attention
OF late 1t is not because the trusts themselves are
feared but the transition from individual corporate
interests is accompanied with more or less uncertain
ty. As one authority aptly puts it: "A period OF
transition from one ownership TO another and from
one management to another, where it affects many
hundreds OF establishments throughout the country,
inevitably causes some hesitation in business little
later the many hundred concerns may be doing more
b, iness than ever as they were before the combina
tons were effected But the point OF transition
body knows just what TO expect
This seems plausible statement OF the case Ger
ta:nly there is nothing in the general condition Of
trade to justify any marked falling off in its volume
True there is decrease in demand noted throughout
the country due to the heavy buying since January
to anticipate the market but this is transtory and one
OF the regular fluctuations OF commerce The failures
for the first quarter OF the year the smallest for
seventeen years while the liabilities were the smallest
for twelve years The failures during the first quarter
of 1899 have been in amount OF liabilities more
than about $2668o33o against S3I7Io,I42 last year
$48oo7,oIo in 1897 and $57,525,I25 in 1896.
The staples show some features The boot and
shoe trade is hating owing to the difference between
buyers and sellers The talk OF combinations has
scitened wool quotations and affected the demand for
wooden goods Iron and steel still active, though
there is less snap observable in the business There is
less call for drygoods in New York and in fact the
whole line OF textiles shows falling off, but there IS
encouragement in the willingness OF buyers to place
liberal orders for fall delivery Metals which, have
lately become weaker, show signs of returning
strength. Lumber continues firm, though the retail
demand is reported smaller.
1t is quite possible that we have been overtrading
during the past year II this is So there will be pc
Rod OF comparative inactivity, OF course, until the de
mand sets in again. But it is hard to figure out an
inactive OF trade the moment, when the bank
clearngs, the accepted barometer OF trade 6S per
cent larger than for the week last year, and when
all the important cities OF the country except Kansas
City and New Orleans show gain over 1893. Thus
curious condition is presented The merchants re-
port : quieter business, while their own figures show
much larger returns Surely one or the other must
be wrong.
Another curious feature of the week was the ad-
in Wall street in the face OF actual rise in the
rates for money. Call loans got as high as II per
cent while good deal OF borrowing was done at 500
per cent Nevertheless the market increased in &C
tvity and the sales considerably over 100000
shares for three consecutive days A feature OF the
improvement the eagerness of the public to buy,
another proof OF the vast sums available for invest
rnent in the United States There was decline later
on in the week but frmer reaction followed The
bull feeling is very strong in Wall street just now,
and there any serious slackening in trade the
tendency would be Just the other way
The local situation shows change. Assured OF
abundant crops the State is at far business
goes. The season is far advanced that we are
almost certain OF fine harvest, which will be enor-
nous if spared the infection OF drying north
winds from Even with normal visitation
of this sort shall have satisfactory harvest AS it
is the situation is infinitely better than this time
last year.