The record-union., 1892-07-25
COMMERCIAL.
Market for Farm Produce Quiet at
San Francisco.
Offerings of Cereals Light-storine the
Order of the Day-Conditfon of
the Sacramento Market.
[special CORRESPONDENCE REcoRp-UNIoN.l

Especial Correspondence REcoRD-UNIoN.l
SAN FRANCISCO July 90, 1892.
The market for farm produce was generally
quiet The offerings OF cereals were light,
which eoVerefa strong market. Storing con-
tinues the order of the day. Gardenstuff was
barely steady at around the prices ruling on
yesterday. Potatoes are tending downward,
under heavy receipts. The fruit market was
quiet to-day at irregular prices. Receipts were
large and demand light There will be
enough fruit carried over to meet the demand
which usually rules on Monday. The cool
weather appears to restrict the local con-
sumption. The river boats arrived late, which
neeessitated the closing out of Peaches to
Gamers at from 4o@5oc basket, but they
would not touch the Pears. Berries were
drmer to-day. Poultry was steady, as was
Dairy Produce.
Banks report a fair inquiry, with some en-
gagements, for funds from the interior for
crop purposes. The low prices ruling for
Wheat and Barley are causing about all har-
vested to be stored. Even with fully 70 per
cent. of the crop stored the banks are said TO
be in good position to make all the advances
required on a safe margin. There is no specu-
lative demand for money and it looks now as
if there will not be any for long time TO
come. The absence of any outside demand IS
reelected by the deposits in the savings
banks in this city, which can be accepted as
fair representation of the State. On June 80,
1891, the deposits aggregated $101, AGA, 500,
and at the like date this year aggregated S11O,-
$685. The savings banks reported money
on hand and in the hands OF other banks as
follows: June so, 1891, So, 796, 4S6; June 80,
1899, 50, 922, 800. a gain of nearly nine and
q half millions dollars in the deposits within
one year has never before been equaled.
There are many reasons assigned for the alb
sence of activity in the local money market,
with the accepted opinion being the absence
Of speculation throughout the world, and in
its stead feeling OF uneasineSs and distrust,
While that certainly has its influence, by
causing people to hoard money, yet we have
seen before now that with financial panics at
the East and panics abroad this coast was not
affected, hardly ripple being discovered on
the financial horizon, so that we have to look
more to local influences. There is no denying
that when we have an active market in this
city for mining shares and local securities, the
spirit of speculation spreads in almost all di
Fections, and every industry and speculation
feels its reyivifying influences. Now the mar
ket for mining shares and local securities is
more dead than alive,and the baneful influence
is felt in all directions, and in the absence of
attractive ventures money goes into bank on
deposit, to get as much out of it as possible.
There is another reason, and which is prob
ably as strong, viz: the intention of hundreds
If not thousands of persons to go East some
time in 1898 to see the Worlds Fair, and at
the same time visit relatives. Thls desire or
intention has caused a boarding of money for
the occasion, and its withdrawal from circula-
ton is felt in many lines of trade Money
which under ordinary circumstances would
have been spent here will be spent in the East.
Eastern mail advices report steadily-in-
cFeasing flow of funds to the agricultural dis
tricts, and consequently gradually lessening
reserve in the banks. The New York banks
report for the week ending July 9TH, give the
aggregate reserve held as at S151, 172, 500,
which shows the excess of reserve above legal
requirements TO be sec, 207, 100. The banks
IN other leading cities show porportionate
large reserve. The money situation at the
Eastappears to beshaping: into better posi-
tom fhis is quite falty set forth by Henry
Clews of New York, who says:
1.-THE symptoms warrant the hone of a
steady recovery of trade and finance in the
nations of the world. This is the more inn
poFtant to Lhe United states because the for
eign financial depression of the last two years
has been attended with return of large
amounts on securities to this country, and
with large drains upon our stock OF gold
movements which would naturally be rel
versed ia the event of recovery abroad. 1t is
doubtful, however, whether sufficient impor+
tance has been attached to the significant fact
"
from tA5s unprecedented return-of- our obliga.
tions and the Withdrawal of puT best money,
1t has caused no perceptible check upon our
industries, nor has 1T prevented the issue on
this niarketof a large amount OF new corpo-
rats loans; and had it not been for the fears
excited by the insane silver assftadion, this ex-
enlption from SYMPATHY with European
causes oftFeNble would Iaa We been still more
marked. That there is steady, not TO say
large improvement. in the volume of home
trade now going toward, is made clear from
tbs fact that the clearingsra at the combined
,Ciearing houses of the country, for the first
- half OF the year, show an increase of 1 > per
cent, Notwithstanding that the transactions
at the New York Clearinghouse have been
largely eurtailed by the creation of the Stock
Exchange Clearinghouse. Under the general
conditions above cited, and in view ola clearer
ascertainment of the results of the harvest
which still remain a matter of uncertain esti-
1nate-it seems reasonable to infer that after
the quiet of the summer recreation, the men
of Wall street will awake to the appreciation
OF a situation exceptionally favorable TO the
value a securities -