The San Francisco call., 1899-12-04
AUCTION SALES.
CHANGING COMMERCIAL CONDITIONS.

THE business OF the United States showed 4
striking change last week. OF the eghty-four
cities and towns reporting bank clearings over
tvo-thirds exhibited falling off in trade compared
with the same week In 1893 In the preceding week
only two OF these same eighty-iour cities and towns
showed a loss which shows the suddenness and vio-
lenoe OF the change. Even Pittsburg. the center
o the iron and see industry, which has heretofore
shown a gain of 100 per cent and even more, de-
cued 10 lso per cent, and the only other cities OF
importance 20 exhibit gain were Cleveland and
Denver This is turning the tables in a most vigor-
ora, fashion However It must not be forgotten that
one day Was lost TO business by the ad-
ourument of the exchanges in respect TO the memory
o the late Vice President and considerable OF the loss
is thus accounted for.
There are other signs however, that the enormous
buying of the past wear is slackening of. While
iron has again advanced, finished products gen
orally lower. Many OF the tinpla,e works are now
closed and of the iron works around Pittsburg
arc running only hall time Against this, however,
further advance IN hardware IS reported at a number
oi points. There is still a good demand for wooens,
lui there has been no rise sufficient meet the parity
oi the raw material Provisions lower on account
90 larger receipts OF hogs and wheat continues its
slow decline The other staples show no change
lom The preceding week.
But while trade fell of last week, November made
good showing as TO failures, which amounted 10
SoSa8ooo. against $4,000 during the same week
last year, SlI6Ioooo in 1897 and over SI2oooooo in
1870 and 1905. Many lines reported larger volume
OF business than in October and was only last week
tiat any adverse tide remarked.
The money situation remains about the same The
Bank OF England has again been obliged to raise its
OF discount to keep gold from leaving the coun-
try and II is now per cent. II has risen steadily
from about per cent. In New York the market has
been eased somewhat by the Government purchase OF
bonds. the return OF money from the West and the
csabishment-of 100000 surplus by the banks in
stead oi the deficit which has been the rule OF late Ii
is thought IN New York, however. that while seri-
monetary strngency is not TO be expected pres
ent indications do point any real ease in money
for some little time 10 come The tightness is purely
speculative and confined TO Wall street however as
there have been plenty OF funds for commercial pur-
poses right along The bondholders are still sluggish
IN selling their bonds TO the Government and thus far
less than S2ooooooo OF the 100000 asked bv tn.
Treasury Department have been turned in This
sowness shows two things: First. that there is no
financial stringenoy In trade. and second that the
bondholders know good thing when they see II
In this city conditions remain about the sam.
Business is apparently active as usual az this tim. ~
the year but from until the middle Of January
Il will probably fall off il does everywhere Some
lines already quieter notably dried fruits pro
visions and grain, the latter being affected bv the
steady decline in wheat The volume OF busines. is
still far ahead OF the average however. so no com
plants heard from any quarter The season !.
remarkably proptous. the State has had general
wetting. enough 10 worry along on for sixty davs
without inconvenience. In fact dry weather is now
needed by the farmers in many sections thev ar.
unable 10 plow and Agricultural conditions ar,
vastly better than Al this time last year and good
is confidently anticipated in consequence