The San Francisco call., 1899-11-06
TRADE AT HIGH WATER MARK.

HE irreguarty in trade noted last week still
continues. The tendency is no longer all one
way. There is no diminuton in the volume OF
business. taking the country as a whole, but some
sections are quieter while others exhibit continued
activity The nations trade in October as repre-
sented by the bank clearings the heaviest ever
known. except in New York. The aggregate clear
ings OF sevenr-six cities during that month amounted
to $4,000 600. gain OF IS per cent over those
Tor September 400 per cent over October, 1898 40
per cent over October, 1907, and 81 per cent over
October 1892 the year preceding the panic, Outside
OF New York the clearings exceeded those OF March.
1900. the heaviest month up to that time. by per
cent Thus It will be seen that while New York is
tagging behind some OF the other cities the general
trade OF the country in October was fully up to the
immense proportions OF the past twelve months. But
a falling of in the New York clearings does not
necessarily imply falling of in legitimate trade ior
the cearngs there are largely affected by the volume
of Wall-street speculation. which may be heavy and
AZ the same time the reverse OF healthy. Il is proper
TO observe in this connection. however that the New
York clearngs still lead past years by a substantial
gain the increase in October being 4S per cent over
last year while those OF last week showed gain OF
Il per cent The gain in Pittsburg last week was
SIS per cent, owing to the continued boom in the
iron trade.
The great staples show more or less irreguarity
While prices for pig iron for future delivery are still
advancing. there is no further advance in finished
products worthy OF note and some weakness appears
in those lines in which the works have not orders
running far ahead into next year. The boot and
shoe trade has slacksned off obbers and retailers
refuse TO pay the higher prices asked by manufac-
urers yet the trade showed gain OF p per cent in
October. and hides and leather remain as firm and
active as ever. There will have 10 be some adjust
IN this trade according TO this anomalous con
dtion. The wool trade Is in much the same condi-
ton. Sales OF raw wool are enormous and at higher
prices, yet dealers in wooden goods are showing
hesitancy in buying Cotton goods on the contrary.
are active and firm, with quotations rising Lumber
exhibits certain irregularity here and there some
markets being queter, while others are as active as
ever The wheat market has been Disappointing OF
late The war in South Africa has not produced the
expected effect and the market has been slowly de-
clining all the world. Evidently there is plenty
OF wheat go around though the statsticians figure
out marked shortage from last year
Wall street has been affected by the news from
South Africa as the British reverses there led to
free selling OF American securities by London The
money market also advanced. but subsequently eased
off The war has thus far disclosed the fact that
Europe holds but few OF our securities which need
selling on accunt OF foreign complications As this
shows that Wall street need fear no food OF returned
securities from the other side the feeling in the street
is naturally one OF ease and confidence
Conditions in California remain unchanged Ere
quent rains. alternated with warm, sunny weather
extend brilliant prospects for the coming season. and
even the chronic oroakers expect a good year