The San Francisco call., 1909-04-24
LOCAL TRADE AND MONEY
The Situation as shown by the Review
of the American National Bank


The monthly financial letter Of the American
national bank says, in part:
Business conditions in San Francisco are
fairly indicated by the time honored index
1909 clearings were S449, 900, against $4O9,-
1000 in 1905 a gain of about 10 per cent
The figures for this year, though not high as
in the first three months of 1907 or 1906 ex-
ceed the record OF the period in any
other previous year In wholesale staple lines
some houses are reaching new limits Of volume,
though in the majority of cases IL is considered
satisfactory If the average is maintained
Retail trade is in that state of semfquiet
that usually between the Easter rush
and the opening of summer shopping. But mer-
chants for the most part look forward to a
mer of fair business, with an active fall and
winter.
'.The money received by the city from the
sale of its bonds Is being actively employed
and the work OF building new schoolhouses and
hospital aud of installing complete system
of fire protection is going forward as exped-
tiously as possible Detailed reports showing
the progress of the work and the exact items
of expenditure are published from time to time,
so tax payers are assured that the funds Dor
rowed through their sanction being used for
the purposes intended 1t might be added that
part of it goes to Ruefs and Schmitzes, as
in times of recent memory.
FINANCIAL CONDITIONS
Financial conditions in San Francisco are
wholly sound and satisfactory. Bank deposits
have been slowly increasing until recently but
1t is quite likely the totals will decline some
what in the next few months. as customary at
this season, and active demand for loans is
There is no pifing up OF cheap money here, as
in eastern centers, nor do funds have to 90
begging for borrowers. Very little eastern COM
mercial paper is sold in this section. but. on the
other hand local corporations of magnitude and
standing find it advantageous to go to the At
lantic for some OF their accommodations, which
they obtain readily and at lower rates than
would be possible on this coast. The savings
banks are loaning quite literally on mortgages
preferring to put their money out in small
rather than large sums. Some investment money
also finds it's way here from the east but fire.
quently with such restrictions as to limit its
availability to borrowers.
MOVEMENTS OF EXCHANGE IN APRIL
s'Dullness and lack of color have been the
characteristics of the exchange market both
domestic and foreign. Gold still continues to
accumulate in the vaults of the Bank of Eng
land, and this institution has reduced its Official
rate of discount to 21a per cent. Money is
overabundant in every financial center. and even
the trouble which the sultan has brought upon
his own head has not materially affected any
European market
"The only interesting feature of exchange
locally has been the firm tone of the silver mar
ket and oriental exchanges. showing the re-
vival of trade in India and In China. In the
latter country. as, was expected. exports have
increased and have taken the lead over i'm
ports. necessftating heavy shipments Of the
white metal in cover of exchange operations =