The San Francisco call., 1899-10-16
AUCTION SALES.
ANOTHER MONEY SQUALL BLOWN
OVER.

y NE OF the most encouraging features OF the
| current activity in trade is the ease and readi-
- ness with which the money market rights
itself alter a period OF stringency. More than
during the present year money has tghtened in New
York until it seemed as il something would have
give way, but in every case the financial ship has
rghted itself with very little outside assistance. 1t
was only week ago that operators in Wall street
were paving fancy rates for call loans, and yet the
mere announcement that the Government would an
tcipate the November bond interest was sufficient to
ease things off at once. Accompanying this an
nouncement was falling off in the demand for
loans, and Wall street breathes freely again. Trade
must be on solid foundations when such an insg-
nihcant plaster the prepayment OF interest prompt
ly heals the congestion in the commercial body.
The mercantile and industrial reports for the past
week copiously affirm this condition OF business
Only good reports were received from distrbutive
trade centers, and some markets reported the fail
trade holding out longer than expected The railway
earnings continued to make a fine showing the
failures throughout the country only I64 against
$50 for the week last year, and the bank clear
ings showed gain OF 3I.I per cent over I8o8 with
only three important towns Baltimore St Paul and
Omaha showing decrease The wholesale pur-
chasing by the people large, so frequently alluded
to, continued without diminuton, and the complaint
was OF the scarcity OF goods and not OF the lack OF
demand Evidently the American people have not vet
finished buying though they have bought more dur
ing the past twelve months than ever before Cotton
has advanced and cereals have shown an under
current OF strength, as the worlds wheat crop is
falling below expectations and the yield of the
minor cereals is turning out less than anticipated
There is no falling off in the demand for iron and
steel coal production is particularly heavy and wool
,t1 81
count Paper is in quick inquiry, and the news
variety is reported unusually scarce Tobacco is ac-
tive at almost all Eastern and Western markets. um-
Der is firm and brisk as ever, hides and leather
are stiff and selling heavily and the output OF boots
and shoes is phenomenaly large. In fact, all down
the line Of commodities intense activity at firm quo
tations is reported.
In California the conditions are especially encour
aging. The recent rain broke all records for Oc-
tober and while it did little damage to grapes and
berries and destroyed the old feed here and there it
was vastly beneficial than harmful and pre-
saged early and wet winter as far as any winter
can be presaged in this part OF the United States
At any rate it gives the croaker no opportunity to
cry dry season. The demand for produce and ner-
chandse is good here as in the other sections Of
the country, and prices for everything are high
enough to afford the farmer, merchant and manu-
facturer good profit. The export trade is receiv-
ing more stimulus from the increased tonnage room
though vessels are still in inadequate supply for the
quantity OF goods ordered for export. while internal
traffic is seriously hampered by lack of cars 1t is
long since San Francisco has been as busy as at
present for produce and merchandise are pouring
into and OF the city rapidly as cars and ships
can transport them. With a good winter there is ro
reason why this local trade prosperity should NOT
continue for many months