The San Francisco call., 1899-06-26
STILL At HlGH-WATER MARK

n GAIN Europe needs our gold, and again
I \ have got it for her Last week 100000 was
Withdrawn for export at New York, and 1t is
said to be for loaning purposes Exchange and trade
balances indicate this as tle United States is not
obliged to export gold the moment to satisfy com
rrercial obligations abroad SO the inanciers natur
ally infer that the outflow is in the shape OF borrowed
money especially as political conditions in Europe
Just now are such that ready money is needed. Wall
street operators, however to take the opposite
view and consider merely the fOrerunner OF larger
gold exports from Their ground IS that with
diminishing exports of merchandise as compared
with imports the balance OF trade is gradually shaping
against this country, which, of means ship
ments OF gold to Europe sooner or later. There
seems TO be no basis for the supposton that large
turns OF American securities by Europe causing
this gold export for the quantity OF returned securi
ties during the past three four months has been
small and growing smaller. Again, the New York
money market is quiet and easy, while the London
and Berlin markets are strong, with demand for
funds SO the commercial theorists seem to have the
best of the argument
The trade balance shows 70 per cent less exports
than last year and 70 per cent larger imports but an
increasing excess of exports is promised for June
The Government revenues are less than 100000,
behind the expenditures for the fiscal year notwith
standing the large payments for the Philippines
Cuban soldiers and the greatly increased army and
navy expenses. This showing is considered satisfac
tory The commerce of the country continues to lead
1893 the bank clearngs for the past week being 4o2
per cent larger than during the week last year.
and out of twenty large cities only one-Omaha-
shows loss and that only Al per cent The failures
for the week amounted to I78, against 285 for the
week in 1893. AS long as the clearngs and fail
ures keep up this fine exhibit the country is all right
The leading staples are in better position as rule
than they have been. Iron, of course, is active and
sliff-that goes without saying. In fact, the usual
summer shutdown in the iron and allied trades will
be ignored this year Prices for everything in the way
OF iron have advanced this year. and apparently the
end is not yet The iron trade never saw such times
before The wooden industry is also reported active
the manufactured product being in brisk request at
all leading centers while the call for wool has been so
sharp that supplies are being materially reduced and
prices are rising all along the line. San Francisco
dealers calculate that at the present of demand
the local market will be cleaned up of wool by the 1st
OF August. Cotton has declined somewhat, owing to
improved crop prospects, though the general market
is reported in strong position. Wheat has continued
unsettled the bad outlook in Southeastern Europe
and fine foreign demand being offset by ample
American supplies and improved prospects for spring
wheat. Raw sugar is weaker under reports of i'm
proving prospects, Dut rehned is IN heavy domestic
demand and firm
Here in California there have been no important
changes in trade conditions during the past week
The export trade OF the coast is fine and freight
by sea have ruled firm of late in consequence Farm
products have been in quick demand as rule owing
to Government orders and the call for the northern
coast OF Alaska which reported remarkably lively
this year This latter demand for fruit and other farm
produce has been godsend to the California farmer
this summer The Gamers continue to scour the
country for fruit and quotations still higher while
the East is taking all the fruit can send there This
is the finest fruit year California has seen for long
time
General merchandise is active and the merchants in
all lines report brisk movement. The general ten.
dency in prices is upward, which explains the in
creased cost of living noticed by all housekeepers
Harvest wages have advanced from so 100 per cent
over last year and there is demand for all over
Che State This improvement in labor conditions is
having its beneficial effect trade, which was rarely
better than it is to-day.