The San Francisco call., 1899-01-23
WHAT THE FIGURES SHOW.


several weeks. In the Eastern States are
told that business is lively, as shown by the
bank clearings, which last week 4o.8 per cent
larger than for the same week in 1893 II these
figures show anything it is that trade is 40 per
better this year than last But there is joker in
this that is apt to be overlooked Out of a total Of
ST 100000 900 clearings for the week those OF New
York City were $I,346oooooo, or two-thirds of the
total and the transactions OF Wall street make
up large percentage Ofths 900 will readily
be seen that speculation, and not trading in mer-
chandise creates most OF these clearngs and there
fore most Of the gain Hence business may really be
quiet all the country, but il there is booming
stock market in New York the bank cearings may
fctitiously show lively state OF ordinary trade.
But there is an offset to this. II the other cities of
the country, where stock speculation plays second
fiddle also show a large gain, it is reasonable to in
fer that business is really better. This is the cond
ton at present. Last week only two important
cities-Kansas City and New Oreans-showed loss
in bank clearngs and the dozen principal cities ex-
hibed ali increase ranging from II per cent to So
per cent From this showing, therefore, there is
actually great improvement in business throughout
the country. In fact it is undenable that the foreign
trade of the country is far ahead OF anything ever be-
fore known, and the European balance in our favor
is continually growing. That the iron trade is still
many mills, when sent orders, name prohibitory
prices in order to scare off this new business posi-
lively refuse to accept it on any terms for want of
capacity Surely this is the pinnacle OF commercial
activity The number OF these works is rapidly in
creasing, as the remarkable demand for material
covers many months capacity.
The other great staples continue in fair shape.
Lumber is reported firm almost everywhere, and
prices for several descriptions advancing The
exports of wheat fraction under those OF last
year, but it must be remembered that they were
phenomenay large in 1893 Wool is also behind 1893
in point of movement but the clouded situation in
boots and shoes are reported in satisfactory cond-
ton, and prices for the former firm. The cotton
trade is better than last year, and the tendency in
prices is somewhat upward with increasing attention
being paid to the market All these indications are
favorable and accentuated by the continued de-
crease in failures, those OF last week being 262,
against 800 for the corresponding week in 1898.
In California there are few new features worthy OF
note The rain has come and gone and left in its
wake general confidence and cheerfulness The farm
ers busy putting in what promises to be one OF
the largest cereal crops harvested and with the
usual rains from present anticipations will
doubtless be realized Scanty stocks of everything
all the State promise large returns for this COM
disposition, to expand in all lines of business. In
fact the State never looked better than does to-day
Money is much more accessible than it has been for a
twelvemonth failures few and small and the sua-
ton is OF comparative all around.