The San Francisco call., 1908-11-26
CURRENT FINANCIAL CONDITIONS
The Local Situation as Reviewed by the
American National Bank

Hhe Local Situation as Reviewed by the
American National Bank
The financial letter of the American national
bank says:
For the first time in many months are able
20 point with pride to an increase in our bank
elearings, as compared with 1907. Not too much
PRIDE, however, considering the Insignificant fig
ures near the close of last year.
The clearings for the first IL months of 1908
are considerably below the totals for the boom
years of 1907 and 1906. but compare fayorably
with any previous annual report
For the past two months the daily average of
clearlngs has been about six and a half Millions
Indicating normal activity and volume Of bust
The apathetic political campaign in California
mas been followed, naturally enough, by a some
Wnat Indifferent acceptance of the result. While
there is no senblanee of commercial indus
trial boom, however, the election of Mr. Taft is
received with quiet satisfaction in business
circles, and his assurance that the movement for
corporate publication viii be continued persist
enty, but without violence or hysteria is gen.
orally approved.
ORIENTAL AND OVERLAND FREIGHT RATES
The comptroller of the currency is making an
earnest effort to improve the efficiency of ma
tlonai pank examinations, and is insisting that
bank directors have some knowledge Of the
AFFAIRS they are supposed to direct. 1t is well
known that bank failures can be traced almost
invariably TO dishonest management excessive
and unsafe loans to officers and directors. and
the eomptroler's aim is to fix responsibility
with eXactness.
Coast shippers are speculating on the effect of
the new ruling of the interstate commerce com
mission, fixing the rail rates through ship
ments at the rate for domestic con-
signments. Heretofore the shipping rates from
Hongkong, Yokohama and other Asiatic points
have been, the to New York to San
Francisco and Seattle, coast jobbers and manu-
facturers gaining advantage by their greater
nearness to the orient Under the new ruling
which went into effect October go eastern i'm
porters must pay the full rail tariff in addition
10 ocean charges, while local interests have
only the latter. With these conditions, it is
apparent that oriental goods coming TO this coun-
try can be distributed more economically from
Pacific ports than from the east. And, con
YerSely, shipments from this coast to Japan and
China will be made at such advantage that man
ufacturing must be stimulated here. The precise
effect Of the new ruling is yet undetermined
but 1T is likely to have important bearing on
the commerce of this city.
There is no doubt or controversy, however
about the effect California business Of the
proposed increase in freight rates eastward, an
nounced for January l. To add 10 per cent to
existing tariffs would be TO cHrtail greatly the
sale of our products in eastern markets. Strong
protest Will be made to the interstate commerce
commission.
THE DOWNTOWN MOVEMENT
Merchants are looking forward with eagerness
to the movement downtown. which will come
with a rush before many weeks have passed The
dearth of ground floor rooms In the retail sec
tion is a deterrent factor at present, and
salesrooms being rushed to completion by
builders
Other space requirements have been fairly well
met. and the number of new buildings projected
may now be obtained without difficulty from the
savings banks, and an eastern life insurance COM
pany has loaned 81, 800, 600 on a San Francisco
office building giving release to corresponding
amount of local 1oaning capital. One local saw
ings bank is making loans in Los Angeles for
the first time in year.
Incidents of consequence during the month
were the purchase of the Hunters point dry
docks by Mr.. Schwab for the Union iron works;
the decision OF San Francisco voters To acquire
permanent water supply in the Sierras, and the
granting of extensive franchises TO the suburban
railway systems in Alameda county.
THE SHOOTING OF HENEY
The shooting of Mr.. Heuey in the courtroom
during the trial of Abraham Ruef has aroused
the public to firm determination that the
nroseeufion of the graft cases must he pressed
without faltering or delay. Whatever excuse
or justification may have been urged for the
original crime of bribery charged against cor
porate representatives, there can be none for
the subsequent crimes committed in the effort
TO avert the legal penalty from men like Ruef
and Schmitz Not only are moral issues involved;
from a business point of view it Is recognized
that there can be no permanent prosperity In
San Francisco no substantial credit for the
city and its commercial interests. until 1T can
show itself free from civic corruption.
MOVEMENTS OF EXCHANGE IN NOVEMBER
There has been extraordinary movement in
foreign exchanges. After steady decline during
the early part OF the month the market has
somewhat recovered and remains fairly steady
at prevailing prices
The approach of the date of payment of taxes
has brought eastern exchanges below par, and
several transfers have been made from New
York to San Francisco through the subtreasury.
The silver market is still in the hands of
SPECTATORS and the metal has now reached the
lowest level in u years. The operations of
certain clique of manipulators in Bombay are
puzzle TO all experts and the future seems
quite uncertain and full of surprises
Wheat and Other Grains
Wheat-There was nothing new yesterday,
either here or in the east, and prices ranged
about the same.
CASH WHEAT
California club. S1-671a CLIO: do milling
S170@1. 721s; California white Australian. 81. rs
also; lower grades of California, S1.45@ 1.60;
northern club $l.6561-67l2; northern bluestem,
S1.7215@1.T715; northern red. s1.62A Q1.65;
turkey red, $1.T5@1.s0 per ctl
FUTURES
1880 a. m. Session
No quotations.
D. m. Session
No quotations
BarIey-Futures declined. owing to the rain.
but the cash grain showed no change, though
CASH BARLEY
mon TO fair, S1.4o@l4215 per ctl; brewing and
shipping S15oql.52la; chevalier, S15715@
1921
FUTURES
10;30 a. M Session
Mays .4Ila bid, Sl.4slz asked.
D. m. Session
May-s1.4s.
Dec.-$1 A.
oats-It is yet too early for any actual i'm
but handlers look forward to an improved de-
mand for seed lots in the near future
Choice white, S1.70@1.75; No. l do. 81 656
1.671a; common do $1.55@1.60; gray, $1.65@
1.70; red, recleaned. for seedi S1,75@2; feed
lots 81 11.70 for choice, 81. J5611.60 for good
an and 81 ;5o@ol.52 for common; black. for seed,
Corn-Conditions are unchanged.
California small round yellow. nominal; large
yellow, sls5@1.9o;, white, nominal; western
eember delivery, San Francisco track, yellow.
sl.55; white, S1.55; mixed, $1.5S; Egyptian,
Pee e1 A5E7t so - ~