The San Francisco call., 1906-06-25
THE BUSINESS SITUATION.

United States shows indication OF Slackenir1g.
Its volume, far the regular statistical returns
indicate, is fully large during the active
spring months The bank clearings last week
footed up an aggregate of S2,S6o,8 o,8ooyooo and the
net gain for the whole country over the CORE
spending week last year was z4.2 per cent, the
largest gain for sometime.
OF the twenty-five most impor.ants trade centers
four only-San Francisco Cincinnati, Kansas City
and New Orleans-showed loss, thatatsSan Fran
cisco being only o. per cent, against 10 per cent
for the preceding week and 3oper cent forthe week
preceding that The gain at New York of 80 per
cent appears due to Just much increase An legti
mate trade as there is no Abnormal speculation in
the stock market at present. There other
large gains of z37 per cent at Baltimore, 35I per
at Minneapolis, 47:8 per cent at Seattle, and
so on.
The other commercial statistics, generally ac-
cepted true barometers to current trade, are
equally encouraging. The weeks failures were IS5,
against Io5 for the corresponding week in 1906 and
the railway earnings thus far in June are II per
cent larger than during the period last year.
The statistical position of the country being thus
seen to be sound, consideration of another prime
factor the condition of crops, is next in order A
week ago il was feared that continued drought in
the West might do serious damage to the grain
crops. The oat crop had been practically given up
failure and the wheat and corn crops were
threatened The outlook was dubious all around.
But the beginning of the week brought general
rains in the great wheat and corn States of Kansas
and Nebraska, where the lack of rain had been
especially pronounced, and at once put different
complexion the crop prospects, as far as wheat
and corn were concerned.
The outlook now, as indicated by the Govern
ment estimates, is for total wheat crop of
7I3.oooC % bushels, or about 100000 bushels
larger than the harvest of 1905. The largest yield
on record was 748ooo,ooo bushels in 1901 OF the
crop It is still early to make an estimate
though the recent Western rains have been of great
benefit to it. The cotton crop at the moment
promises to be at least normal, while prices are
profitable to growers. Last year the value of our
agricultural products given at over $64oo,-
100000, OF which SI,oooooo,ooo was credited to
corn, S575,oooooo to cotton, over S5oooooooo to
wheat and over S5ooooo,ooo to hay.
It does not require very profound commercial
education to perceive that if the West gets large
crop of wheat and corn the Northwest a large crop
OF wheat, the South large yield of cotton and the
Pacific slope liberal harvests OF grain fruits hops
and WOOL that another year of prosperity is assured
the United States. Such is the status today All
these crops keep the factory wheels of the Atlantic
cities revolving and labor fully employed.
Last, but not least, comes the question of money
That we have in abundance and the hattering crop
conditions promise continuance of that abund-
dlCS % the OUTLOOK Is on the whole
But there drawbacks. The disclosures made
OF the methods Of the Chicago meat packers has
played the mischief with their industry and in
ficted millions of dollars worth of damage upon
this highly important branch of our foreign export
trade, cutting it down about so per cent according
TO the best estimates The cheaper grades of 1um-
Der are reported weaker, in spite of continued ac-
tvity in building all over the country The iron
trade, however, continues to show extraordinary
prosperity, and the new and old untitled orders will
call for enormous quantities of raw material and
keep the mills running for eighteen months vet
Wool cotton, hides and leather, provisions, dairy
products and the general run of staples continue in
excellent condition and active andsat prices which
yield handsome returns to the producers
General distributive trade is reported active all
the country though collections are less prompt
in sections and the prevailing high prices are
checking the demand for some commodities
Conditions on the Pacific Coast continue bright
Our crop prospects, with some exceptions in fruits
are fine, our banks pentfully supplied with
funds our domestic and foreign trade is large and
all OF our farm and orchard products are bringing
good prices, in some branches away above the nor
NAL Outside of San Francisco all commercial con-
ditions are most excellent
But even in this city trade is active The foreign
commerce of San Francisco keeps UP to its former
high level Since the fire we have shipped out large
lines of goods to China, Japan Siberia. Central and
South America and the Pacific islands, and can sun
ply these countries with all the goods they order
from US, shipping facilities are as good as
they were. We have not lost our foreign trade
yet, and do not intend to lose it. We are still and
always will be the great export and import
metropolis of the Pacific Coast