The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-09-05
AUGUST BROKE THE RECORD.

4 \ clearngs were the largest ever known in that
month and % per cent heavier than in
August, 1892, the year preceding the panic. Its fail
the smallest for five years, and their ratio
to solvent business only SIo8 70 in 100000.
AS August is usually the quietest month in the year
this heavy increase in business has attracted atten
ton, and has been found that while much of was
due to the resumption of suspended the
outbreak OF the and to heavy purchases of Sc
Curities it has been definitely ascertaned that the
major part of the increase due to legitimate
expansion of domestic trade such the distribution
of manufactured goods, provisions, etc. The in
crease is the noteworthy when it is considered
that prices, being much lower than in 1892, just so
much business is necessary to produce the
markable gain in the bank clearngs mentioned above
The bankers and financial authorities of the East
have all along been predicting pronounced increase
in trade, and it seems that they right. They are
predicting further increase the fall advances,
and it is to be hoped that they will be right in this
case, Certainly present signs indicate continued
improvement. Reports to the recognized commercial
authorities show brisk fall opening all along the
line except in the extreme East, which has been
dragging or less for several months. The
West and Northwest still lead the rest of the coun-
try, and doing large business in boot and
shoes, hats and caps machinery, hardware, clothing
and similar lines In the South good cotton crop
and slightly hrmer prices give that section strong
Tone and slight advance in print cloths at Fall
River tends to infuse animation into the trade
circles of New England. AS for the iron and steel
trade it continues to keep up its phenomenal record,
and the mills especially in the West, report themselves
unable fill all their orders Wheat shipments from
Atlantic points continue fall behind those OF last
year. those for the past week being $4,000 bushels,
against 6,265,ooo for the week in 1897 The
other staples show no features worthy of note.
The wooden mills report rather better orders, though
their purchases of wool restricted by the tenacy
of Western holders in asking more than the
condition of the Eastern markets justhes.
Wall street shows slight reaction from the abb
normal activity which has prevailed for the past two
or three weeks There is less disposition to specu-
late, even in Government bonds and small decline
in prices of many securities is apparent But no i'm
portance is attached this ull, it is considered
merely one of the regular breathing spells of this
high pressure mart
In California conditions remain very much the
same as for several months and no particular ten
dency in any direction is apparent Wheat has shown
rather animation during the past week. but this
due to the covering of contracts by the Produce
Exchange shorts rather than to any intrinsic strength
in the cereal AS the shorts were covered
the price, which had advanced sharply for day or
two, fell back again under decreased trading Still
the market is in better shape than for some little
time. Barley has advanced somewhat but oats have
declined Hay is lower under enormous receipts, as
the farmers have been rushing it in to escape the
sible early rains, which everybody seems to be ex-
pecting this fall-for what reason nobody seems to
know except that last winter was dry one-if there
be any reason in such reasoning.
The fruit trade has held up remarkably well this
year, and prices higher than they were some
weeks ago. With the exception of prunes, which
have not opened yet quotations for dried fruits are
extremely high and at the buyers have been lay
ing in supplies there will be little stock left in the
State by Christmas The output of canned fruit has
also been small this season, there will be no sur
plus of any kind of fruit in California this year This
means good market for fruit next year, though it
is not to be expected that prices will range as high
they have this season.
Importers and jobbers of merchandise report trade
fair for the and collections average The
money market is tame and without feature. there
being plenty of funds for all solvent borrowers at the
usual rates of interest.
The foreman at the Wells-Farpo building 100,