The San Francisco call., 1899-06-19
AUCTION SALES.
A CHEERFUL COMMERCIAL STORY

HERE was less feature to trade last week, the
most interesting being the strength developed
by cereals notably wheat which advanced
slightly. For some weeks news from the American
and foreign crops has been bulish, but Chicago,
which is the OF the trade in the United States
obstinatey refused to accept the unfavorabe reports
from the growing crops until the conditions became
so strong that they could no longer be ignored 1t
is agreed by everybody that the worlds output
will be considerably less than last year the falling off
being varousy estimated at from 25oooooco to $780,
100000 bushels though there is more or less guess
work about it. The advance has been slight and by
70 means as much as the conditions would seemingly
warrant Other cereals have been frmer in sympathy,
hut all grain markets have been devoid OF excitement
General merchandise is reported fairly active in all
sections. The activity in business is indicated by the
increase OF 33o per cent in the countrys bank clear
irgs over the week in 1893 With the exception
OF Milwaukee and Omaha, all the larger cities ex-
hbt gain, showing that the Improvement in trade IS
general. The failures for the week 1876, against
233 for the same week last year
The distrbutive trade OF the country seems to be
in good shape The weather is reported favorable
the retail trade is brisk and orders for fall delivery
reported larger and earlier than for a number of
years past None OF the staples show any marked
weakness, and all OF the important ones are firm.
The demand for iron keeps UP to the fever point
though some OF it is speculative and would cease with
decline The starting up OF many furnaces has
set large buyers thinking and it is now thought that
ere long the production will overtake the consump-
ton hence the heaviest purchasers are not taking any
thing for next year. The present production is the
greatest ever known in this any other country,
being 256o52 for the first week in June against
10000 for the first week in May. The market con
tlnues very stiff at the recent advances; so stiff in
deed, that the usual per cent discount cash pay
nents for nails has been stopped
Woolens continue firm at a further advance in sew
eral descriptions but buyers have been so accustomed
to cheap values that is hard educate them up to
the advance Cotton does not respond to reports OF
decreased acreage and other firm conditions and re-
mains unchanged.
Financial conditions stand about the same Ex-
ports OF gold nave caused no stir being recognized
as mere borrowings by foreign bankers Our foreign
trade continues to show large balance in our favor
the May exports being $23oooooo larger than the i'm
ports, while for eleven months the increase in excess
OF exports reaches the enormous total OF $4o5
There is no longer any fear OF what may happen if
Europe should return securities for the very good
that $26ooooooo of them have already been re-
turned, leaving the quantity still left in Europe too
small to cut any figure.
On this the conditions remain practically nm
changed Wheat has hardened somewhat in sympathy
with Chicago, but the market is mulish in the face
q persistent bull news and goes up slowly and re-
uctanty The Californian crop will not be as large as
expected few weeks ago, but an immense yield OF
barley is looked for, and the latter cereal weak in
consequence. Hay has been rising gradually during
the past week but the appreciation is slight The de
mand for fruit canning and drying account con
tnues sharp, and the very good prices are maintained
without difficulty. Wool has been selling so well that
dealers expect the market to be cleaned UP by the
first OF August There is active inquiry also for
hops, but the growers are firm in their views
and not disposed to write any contracts at current
quotations. Provisions selling off WELL and sew
cral descriptions OF cured are higher Cattle,
sheep and hogs still in light supply and bringing
unusually good prices The demand for merchandise
keeps up and the exporting merchants busy.
Lumber rules firm at the recent advance, with a
scarcity of vessels to handle the export demand
Briefly are doing a frst-ciass all-round business
The predictions made last spring that California would
break the commercial record this year seem in fair
way to be verified