The San Francisco call., 1899-12-11
AUCTION SALES.
eNOTHER TURN IN TRaDE.

THE condition OF trade again veered around last
week There was a sharp decline in the volume
OF business during the preceding week, but dur
ing the days just past instead OF loss in bank
cearings there a gain OF 1919 per cent, and the
only important cities exhibiting loss were Bat-
more St Paul and Omaha, the decrease in these three
being very small SO the lull observed the preceding
week was merely transient In fact, II Is noted in the
East that whereas the close of the year always finds
business more less dull, the shrinkage this year
is much less than usual. and former year ever
closed with such a volume of untitled contracts and
orders extending lar into the year. This
dton promises continued activity in trade for
months TO come and possibly throughout the entire
calendar year OF 1900
Nor has any former year ever closed with such
uniform firmness in prices. Quotations for pig ron
while already high, are fully maintained though some
descriptions OF manufactured iron lower. Pro-
ducers oi iron and steel generally sold well up
into the middle OF next year, so no decline in the
iron industry need be expected for some time to
come. The recent famine in has not yet been
fully relieved, and the demand for iron for this ac-
count continues enormous. Lumber, too. shows con-
tinued activity, with loss in hrmness Colder
weather has stimulated the demand for boots and
shoes and hides and leather, already high and firm.
are still stronger in consequence the former having
aEdu dANdllNNN NullB llt Ncth DhlpulSils OF DOOtS
and shoes from Boston have been $4,000 cases. or
90 per larger than in 1893 and $4,000 cases. or
27S per larger than in 1892. the year preceding
the panic. Wool has again gone up under strong
speculative demand, though manufacturers are not
buying much now. having filled their most urgent
needs Almost all the large New England cotton
mills have granted their operatives an advance OF 10
per cent in wages, which does not look much like
depression in this industry Another very favorable
feature is the improvement in wheat which though
slight is stimulating has broken the nonotonous
decline OF the past several months The commercial
failures, too, which increased fortnight ago. again
show a decrease those last week being zzI against
24S for the week in 1893 When we look az
these figures and add advances OF 10 per cent in the
wages OF cotton operatives in Georgia and mine
workers in West Virginia, it will be that 1899 is
making a brilliant exit;
Wall street IS que,er, as usual at the close of the
year when the public investors generally withdraw.
waiting for the January disbursements The con-
tnued srngcny in money there also operates against
any activity, but it is hoped that the market will
get easier after the turn OF the year At present
the professional traders have the street 10 themselves
Again. II Is believed in New York that a critical no;n,
IN the foreign money market is approaching Neither
the Bank OF France, the Bank OF England nor the
Bank OF Germany has any gold to spare. and the
slow advance and lack OF success OF the British ~,
mics in South Africa make hnanciers tn,id .bor,
operating. All three banks have recently advanced
their rates OF discount to keep their gold from slim
ping through their fingers, but the doubtful condition
OF affairs IN the lransvaal is against much improve
ment in the gold supply for some time to come
In California the prospects continue hattering We
have had very fine year in 1890 but unless nreso,
indications misleading 1000 will be still be,t,-
one.