The San Francisco call., 1897-12-20
TENDING UPWARD AGAIN.

| J considering the season OF the year business
| \ is surprisingly large. The bank clearings
show gain for the week OF 25o per cent, and while
hardly any city OF Importance in the country shows
a loss, some OF them exhibit large gains. In fact
the aggregate cearings last week were larger than
ever before in the seasons OF the greatest pros
perity
Nor is this all The manufacturers OF iron and
wooden goods and boots and shoes report a heavier
output than before That OF pigion in No
vember was 10000 tons, against $4,000 in Novem-
Ter, 1896, and 2I75oo in November, 1885, the latter
being the largest production up that time. This
the result OF the reception of remarkably heavy
orders for steel rails and structural work The de-
mand for wooden goods is reported steadily in
Creasng, though wool itself is very dull and some
mills preparing for even greater production
in 1898
But the principal feature of trade at the moment,
according to commercial reports from the East is
the rise OF merchandise exports in November to
SII568o,2oo, the excess of exports in four months
being $22o2I24oI, while in half of December exports
are nearly as large and imports $25oo,ooo smaller
than last year, when the OF exports $751;
2o5356. Probably all records were surpassed by ex
ports for this year, which have been $o746ooooo in
eleven months and the excess imports in FIVE
months has probably exceeded $3.50, 900 ,ooo
In addition to this gratifying showing to our
foreign trade it appears that the Government funds
are steadily swelling, the treasury receipts for the
first half OF the current month showing steady in
houses and internal revenue channels. We thus
to be taking in money from all sorts of sources
both individuals and nation, and the holiday
season, which usually acts a dampcr business,
cuts very little figure this year. Stocks and bonds
continue in demand in Wall street, and the buying
orders are coming largely from the public, though
a temporary hardening OF the money market has
acted as check on this demand to some extent.
In the Southern States a good deal of cotton
has been thrown on the market by those planters
IL.
year. and this has stimulated trade more or less in
this section The South is also enjoying a better
demand and higher prices for rice, sugar and to-
bacco and this good deal to the Gull States
Thus it will be that the of prosperity
tends all the country.
Commercial failures last week were again
smaller. being only 283, against 2o2 for the preced-
ing week. $50 for the same week in 1896 3S5 in 1906
300 in 1894 and 353 in 1893.
The local markets without especial feature.
Wheat continues to creep up, but at snail-ke pace
The leading wheat authorities of the East predict
still higher prices for wheat the ground that the
supply is unquestionaby deficient for the worlds
needs This has been known all along, and in view of
this important fact the recent shrnkage in values has
surprised those best posted in the trade We ought
II the volume OF present stocks be any criterion to
have good wheat market for year two to
come. The other cereals have also been showing
strength of late, and advances noted in
OATS corn and barley, the latter being especially
strong, with more or less talk among operators of
possible dry weather. Hay has also gone up and is
finn at the advance. Potatoes and onions are also
bringing more money. Butter, too, is higher Hides
and leather are firm and dealers report good de-
nand for both staples. Wool continues dull, with
stocks of from 100000 to 6oooooo pounds to finish
the year with There has lately been little improve
in the demand for dried fruits, the East has
been nibbling at the market in order to repenish
its stocks.
1t will thus be seen, from the preceding para
graph, that the local situation is much improved.
1t was only week so ago that trade in farm
products dull all along the line, with weak
cereal markets and general apathy in almost all the
principal staples. The tables now appear to be
turned and the demand for these articles with few
exceptions, is much better than for some time It
is often that business reviyes the close Of the
year, hence the present improvement is noteworthy