The San Francisco call., 1909-01-27

anu encouraging buS1S
The monthly financial letter of the American
national bank saws:
In most respects the statistics deal kindly
with San Franeisco's achievements In 1908. 1t
IS true we can not show the bulk of bank clear
lngs that we proudly displayed In 1907, or even
In 1905, but 81 757 ,000, 600 is fairly healthy ag
gregate at that And lest there be any disposi-
ton to fear that we may be waning In financial
y1gor, 1t is well to what others around US
have done in the like period to wit:
BANK CLEARINGS FOR 1908
nos fea tlanslss0 Angeies sos ,ss 600 'o 600
seattle ...--.-...-.. 429, 499 900
Portland .............. 31O650 900
Tacoma -.......-...... S1l3O00
-----S1, III. .647. 900
Such comparisons might be extended to other
permits of S35 600, 600. against SIC. 600 for
Portland, $13. 900, 600 for Seattle and less than
$40, ,oo0, 600 for Los Angeles; but this would
scarcely be just because of the far greater needs
OF this city in the way of buildings.
The receipts of the San Francisco postoffce for
1908 total 81, 800. increase of 12.5 per
cent over the previous year. Imports according
TO published custom house figures. valued
at SAC, 900 900, as against So, 900 900 for 1907,
though exports were 81 900 900 larger-S32 600 900
against S31, 900, 900. No complete figures Of rail
shipments are available, but 1T is undeniable that
more carloads of both deciduous and citrus fruits
were sent out of the state than In any previous
year. The earth, in fact proved more than
usually productive, both at the surface and un-
derneath For it Is stated on good authority
that California in 1908 produced 46, 500, 900 bar
rels of petroleum, making it second only to
Russia among the worlds great oil fields
THE BANKING SITUATION
A study of the banking situation during the
year reveals some curious things. First Of all
there is noted the gradual shrinkage of savings
deposits. In December 1907 the u savings in
stitutions of San Francisco held STAT 900 900 Of
the peoples money, and in December, 1905 the
total had fallen TO s134 ,0oo, 0o0-a drop of $13,
COO 000
1t may be only coincidence that this sum
Is practically the measure of gain in CONNER
oI naf%a min
national banks and two others, which later were
nationalized, had deposits (exclusive Of gov
and November 81, 1908. almost exactly a
year later. these IL banks contained $69, 900 600
is reasonable that the savings taken from
vaults of luxurious idleness and put TO work
at more productive occupations.
Another interesting fact is that while the
national banks deposits grew s1S. 100000 within
the year. deposits of the city's banks under
state supervision increased only $1.0Oo,ooO.
STATE SUPERVISION OF BANKS
Happily law is now before the state legis
lature to improve the system of state super
vision of banks and give 1t degree OF
movement originated with the bankers them.
selves, and the law was drafted largely in ac
cordance with their suggestions. But we believe
they will make a great mistake IL they do not
go farther and by early and concerted action
insist upon the nonpolitical appointment Of
some man of skill and reputation for the posi-
ton Of banking superintendent
On February s the city and county of San
Francisco Will 0uer Tor sale $O,4UU,UDO improve
election last May. The first SO, 900, 900 of the
bond issue were sold to underwriters at in
come basis of 4.46 per cent, and eastern in
vestors are now buying them readily at a price
yielding only per cent This fact, and the
further feet that the entire debt of the city
and county is less than 81 000,0 ,000 against an
sessment roll of S453 600 600. make it practically
certain that the municipality win drive better
bargain on the second issue than the first.
MOVEMENTS OF EXCHANGE IN JANUARY
All gold exchanges. foreign and domestic
have been very quiet and uniuteresting during
the month. The attention of the world has been
concentrated the accumulation of gold by
the Bank Of France. which held, at the close
of the year, the enormous total of 500, 900, 600
gold, and many reasons have been given for
this, from the building up of a war fund to
the prepara tion for Russian loan. However, as
a great part of the proceeds of the Russian
loan will probably remain in France it Is more
reasonable to think that the steady influx of
the yellow metal in France is only the result
of well known economic laws. The business
of the world having decreased considerably dur
ing the last year, the need for accommodations
has also decreased and the world has been re-
turning little by little the funds previously bor-
rowed. and for which there is at present no
A more serious fact has developed in that
the Bank OF England has far been unable to
after an increase in its official rate of discount
The silver market and oriental exchanges
close weaker on account OF the Chinese New
Year and the consequent suspension OF business
throughout the celestial empire.
Wheat and Other Grains
Whsat.Chlcago was Ac lower. The San Fran
cisco market continued very firm AT the advance
choice wheat. The feed demand however is
light as the cheaper corn is being used. as al
CASH WHEAT
:, California 1a' MA club sl721 al75; do milling
@1.90; lower grades Of California, si.45ag GO. o
northern club $1.T21a Oils; northern bIuestem
S1.s21a @l.sIA; northern red, $1.67& @1.70; tur-
key red, S1.SO@1.S5 per cti.
1880 a. m. Session
No quotations.
may-s17s bid p m. Session
Barley Ocean freights continue nominal in the
absence OF business. Nominally the union rate of
z5s 3D. usual European options, is in force The
chartered grain tonnage in port is nil, against
1857 tons on the same date last year: disen-
gagged. 2s.l4s tons, against $4,000: on the way
TO this port, 15I,200 tons against 26O 712
The market continues quiet, though there are
some sales Of the cash grain at the quotations.
which have made no material change for a long
CASH BARLEY
mon to fair. S135G1 3sE per ctI brewing es,1i snd
shipping, $1.45@1 521a; chevalier. sl.57I5@
May-$1.39 bid, $1.40 asked.
December-$1.1 .16 bid, s1.2o asked.
p. m. Session
0ats-Rule very firm under the meager stocks.
and prices are tending upward, Notwithstanding
their present very high plane. White are par
ticnlary firm II LAND and relatively more so than red.
White, $1.S0@ 1.95; gray, S1.SOG1 90: red. re-
cleaned, for seed, $1.S5@1. .e5 feed lots. s1.75@
so for good and $1,70@1.72h for common;
black, for seed, 80 asked per ctl
Corn-Barring the occasional arrival of car
from the western states there is nothing doing
in this grain. Quotations have not changed for
some days.
California small round and large yellow. NOM
inal; western states yellow, sacked 81 6O6aI 10:
in bulk. San Francisco track. yellow. s1.50:
white. 81 .53; mixed $1.50: Egyptian, nominal
Rye-Firm, with no offerings at s1.65@I7o
per ctl-
Flour and Farninaceous Goods
The usual business Is going on at unchanged
quotations.
FIour-California family extras. So. .s0@6. 30 net
without discount: bakers extras, $5 sOG6 O5. sr
perfne, "a 6o@4 9o;- Oregon and Washington per
Dbl, $4.50Q4.75 for family, bakers and patents
and S4.25@4.5o for cut on; Kansas patents.
$620Q6. 40; do straight, s6Ge20; Dakota pat,
ents, So; do straight So so per Dbl
Farinaceous Goods Prices in packages, net
cash. no discount, are follows: Graham -four
S310 per 100 lbs rye -four. $3.50; rye meal
$3.50; rice flour. $6.S0011. corn meal, S3 %. ex
do e.