The San Francisco call., 1901-11-25
FIGURES VERSUS FACTS.

THE uniform increase in the volume of business
which has prevailed throughout the country for
Il many months was broken last week by falling
off OF per cent Boston and OF II per cent at
Baltimore. These small losses, and are note
worthy only because of the important cities
has shown any decrease for long time. The total
cearances too, were smaller, falling to gain OF 6I
per cent over the corresponding week of 1900, while
the increase OF the large centers consider
ably lighter than of late, that at~New York. for in
stance. amounting to only "a per cent against So Co.
and as high as 100 per cent for time back.
These figures would seem to indicate decreasing
volume of business throughout the country, but the
commercial reports from the different sections show
no falling off in the movement OF produce and mer-
chandse if decline in provisions accompanied with
slowly accumuating stocks, at Chicago be excepted.
There is the complaint of the scarcity of
to handle the freight offered the hatering re-
ports from the iron trade, the same mention of the
large recorder demand from jobbers almost every
where, and a general report of a large demand for
holiday goods In the iron trade, especially the call
for pig iron has caused another advance of 50 cents
and ST per ton at almost all markets, while the Chi
cago steel rail mills which produce onethrd of the
national output are sold one year ahead Locomo-
tive works are also sold far in advance while Central
under sixty days; and structural material hard to
get The New England boot and shoe factories are
so busy that the usual cosedown between seasons
will be generally omitted this year. All this does not
look like any falling off in trade indicated by the
steadily decreasing bank clearings.
Most staples stand about the same as week ago.
Hides are easing off somewhat and are quoted queter
at a number of points, and several grocery staples
have declined during the past week. The tendency
in provisions as mentioned above, is downward,
though the decline IS slight and very slow A large
increase III the American visible supply of wheat
coupled with liberal supplies on passage to the Euro
pean consuming countries has checked the advance
previously noted in this cereal. though wheat is being
fed to stock in large quantities. not only in this coun-
try but in Europe, owing to the light supplies of
and oats, both of which are in urgent demand
all over the West The wooen and cotton industries
remain as before.
Wall street is running along without much excite
nent these days. The stock market is in strong
hands, and any decline is promptly checked by the
enormous corporate interests, which will not permit
the market to go down even if brute financial
strength is required to hold it up If values recede
to-day they recover tomorrow The banks are watch
ing this business carefully and are wondering how
long the great moneyed interests of the country are
going to remain the long side OF stocks They are
getting conservative about their loans on the indus
trials too but have plenty of funds for good secur-
ties, nevertheless, normal rates of interest Ex-
ports of gold from New York to Europe last week
attracted general attention but nobody seemed to
know why the gold going there-wfether to re-
store some scattering balances or to meet Euro
pean demand for funds, for investment Various
causes assigned but Wall street itself pro-
essed ignorance tothe real definite cause AT any
rate, the shipments produced no effect of conse-
quence, as the country has plenty OF gold
Our local situation remains without change gen
era activity and prosperity being reported through
out the city and State.