The San Francisco call., 1904-07-25
CONDITION OF TRADE.

the former improved the latter excellent,
the confident feeling which appeared month or ago
IS still apparent There will be loss in the wheat crop
from earlier estimates. but it will not be as large
feared days ago. while and cotton are making
most excellent showing
1t is figured that the present outlook ought to
get crop of about 25oooooooo bushels, yielding
the about SI,ooooooooo, not to mention its
added value in pork and beef The cotton crop, If 1t
amounts to bales, which average estimate
present should the planters about S4oooooooo
say nothing of the railroads, exporters
and manufacturers; that from these alone
there ought be enhancement the countrys wealth
OF than SI,5oooooooo Then there is wheat
Of something like 6I5oooooo bushels now worth some
thing like 87H cents per bushe say $55oooo.ooo in
round numbers. The three crops, therefore, the
present basis of prospects and prices figure out
addition the farmers pockets of say $2ooooooooo
during the coming year OF course, this is only one
sut there many others in the form of railroad
ngs, wages, clothing, shipping ETC. In fact the list of
industries benefited by these three crops might be in
definitely extended considering that their ramifcaons
radiate into all branches of trade
This exhibit is what the leading financial and
cial interests of the country basng their cheerful
views upon at present. and it is simply of
arithmetic, unconnected with any speculation, it
be admitted it is very fair foundation upon which
build expectations OF course mishaps possible but
these are always figured in contingencies. On this
showing Wall is shouting Good tmes!" and try
ing to up the price of stocks though, it be
confessed, with Indifferent success. for just
the public prepared the investment field
something along and them off again.
For instance, when better reports being received
from the and steel trade and freely said that
the bottom had probably been touched this industry
the Iron Age with the cynical remark that
the only Improvement visible in iron and steel is Wall
street whereupon the buoyant market gives three
and slowly collapses like balloon. Or the
DaC hotce ff1ad
the commercial atmosphere begins to clear when the
men take their dinner pals and walk again. and there
IS another collapse. Or just when the wheat crop Is
looking fine and the weather is reported almost perfect
along the whole belt Kansas along with the
third food this year and down comes our house OF
cards again. There is always something happening to
that brilliant pasteboard mansion.
STILL with all these backsets, the crop outlook is ex
ceent and even the most conservative interests of the
country looking forward to another fair year 1t
will be quieter than its three four immediate pre-
decessors but nobody expects anything serious to hap
pen There is too much money lying around We are
very, very rich and furthermore, sound. Almost all
dubious elements have been eliminated and are doing
business again of the old-fashioned way Labor
troubles the principal drawback present but it
will be observed that they brefer and less violent
than they couple of years ago. Wiser counsels
now prevail and strikes are fewer and more quickly set
tied Capital and labor both tired of these injurious
wrangles and there is general disposition avoid
them.
Commercial reports last week were almost uniformly
cheerful Many of the larger cities reporting bet
obbing and retail trade, though collections are not
prompt for the past several years. The obbers
report good and gradually increasing demand for gen
eral merchandise from the farming districts There is
better feeling in the dry goods trade New York with
out however, apprecable enlargement in the move
ment. The remarkable scramble for wool has impaired
bulsh aspect to the wooen trade though there is no
Darf rffcfIlar he mill
quiet and dragging less at all packing points
Prices for CATTLE sheep and hogs slowly declining
but they have been high for the good of the country
at large, and the stock raiser stand little deprecia-
tion in his product without serious injury There is
rather doing in the leather trade and the packing
house strike is diminishing the output of hides There
features in the grocery trade worthy especial
comment
Railway earnings thus far in July show the small loss
of per cent from the corresponding time last wear
The bank clearings last week again the right
side of the exhibit though the gain 1908 was onv
per cent Still, most of the large cities showed an
increase, and the aggregate cearngs were $2I71836ooo
excellent showing The failures for the week were
2I3 against last year, and of them were of
sufficient Importance to attract attention Money con-
nued in supply and weak at ID to per cent
for call and to 3 per cent for time loans These are
pretty low rates.
Our local conditions continue bright The crops Of |
wheat and barley California are turning out lighter
than expected but there is no famine and the loss in
quantity will probably be offset by the excellent prices
which the grain is bringing During the early part of
the week there scramble for barley in the Sacra
Valley, and in their eagerness for supplies buvers
paid in the country than the grain would bring IN
San Francisco The spring wool clip is cleaned up and
The all In ariU IN Lo~a