The San Francisco call., 1899-10-23
STILL EXPANDING.

c EVERAL weeks ago it pointed out that
business was so active that it had got ahead OF
- the supply OF cash. and it appears that
1t has got ahead OF the supply OF cars. From all
over the country comes the same complaint OF lack
OF cars TO move produce and merchandise At Chi
cago alone there were thirty miles OF cars tied UP
one day last week. while here at home the supply is
lar under the demand. AS for ocean carriers, they
have been scarce for some time, much that San
Francisco merchants have been unable to fill all their
export orders.
In spite OF this adverse condition the trade OF the
country increases apace Returns of export trade do
not as vet reflect the effect of advances in
freight rates and show the movement OF merchandise
abroad during September to have been the best re-
corded for that month, being y per cent larger than
a year ago and SO per cent larger than September
two years ago For the nine months our exports eX-
ceed those OF 1898 by per cent, maintenance OF
which gain would indicate total export for the
calendar year OF 1900 OF $I3oooooooo which total,
however may be still further exceeded if the freight
situation improves.
Meanwhile the great staples continue to exhibit
marked strength, and a number OF lines show ad-
vanced quotations. The final outbreak of war in
South Africa has produced no appreciable effect
general business, it had been discounted British
successes there, however will tend to off wheat
the Transvaa gold to replenish her depleted supply.
In fact the news of the first British victory Fri
day strengthened the London stock market materially
and even produced a hrmer tone in New York, as
shown by increased foreign buying of Our securities.
The bank clearings OF the country reflect the immense
volume of trade the gain last week being 4S per cent
over the same week in 1903, Omaha being the only
important city to exhibit falling off. The failures
for the week were I45 against 22I for the same week
last year.
But in spite Of this exhibit Of trade expansion
there are signs that the enormous buying movement
may slacken off before long Already purchasing
has been checked in lines either because prices
have risen too high to suit buyers because the
heavy purchasing OF the past year has last fully
satisfied the demand The majority of lines, how
ever, still report steady expansion. The feverish
activity in iron and steel is shown by the gain Of 1872
per cent in the Pittsburg bank clearings The minor
metals however are now dull and copper and tin
have broken. There have been large speculative
purchases OF WOOL those at the three principal mar
kets last week amounting to II,203ooo pounds,
which is about twice the consumption
On this coast general conditions could hardly be
better. Early and copious rains have frightened an
atmosphere which certainly was not gloomy before
From all over the State come reports OF an active
demand for goods easy collections, fine prices for
most commodities and, OF course, scarcity of cars
There are no complaints from any quarter, and the
croaker has apparently ceased. to exist in the land
All the situation needs moderate advance in wheat
to make it about as perfect as a commercial situa-
ton can be- The year 1900 will go down into
local agricultural history as one OF the very best on
record and we shall be doubly fortunate 1000 turns
out as we'll as it promises now to do