The San Francisco call., 1909-02-26
LOCAL MARKETS
LOCAL FINANCIAL CONDITIONS
Exhibit of the Regular Financial Let
ter of the American National Bank

Ter Oh the American National Bank
The monthly financial letter OF the American
national bank SAYS:
Notwithstanding weather drawbacks the bank
clearings this year III San Francisco have uni
formly exceeded those Of the period in
1908 and the occasional days of fair weather
show how trade viii be stimulated when it gets
fair chance.
I'm the export trade there has been marked
activity. For example, the foreign shipments OF
refined fine petroleum from this port in January were
s,23s,313 gallons, against 3 507, ,3S9 in January
last year; of crude oil, 1890 900 gallons. as
compared with 1864 a year ago. Dried fruit
shipments by in January were 2,676, 900
pounds, against 2, 543, 291 last year. Wine was
also more active the January shipments by sea
being SI6,334 gallons and $40 eases, against
.491 gallons and 2T7 cases last year. Reports
from the San Joaquin valley Indicate that the
raisin situation is adjusting itself and the grape
industry ought TO be in much better condition
this year than last
The sale of So 100000 worth of city per
cent bonds at premium of II 1-S per cent is
Co. the bonds Will yield 405 per cent interest,
and ,fhe underwriters are finding no difficulty in
basis.
The comptrollers call for statement of con-
dition February found national banks prae-
ically as they were three months ago, with the
exception of 81 600. 600 United States deposits
Withdrawn to pay current expenses of the govern
GOVERNMENT EXPENSES
The government. by the way continues to be
liberal old spender. despite its reduced In
come. During the last 10 months expenditures
have Outrun receipts to the extent of S143, ,000.-
600. while the national law makers have worked
overtime trying 10 point out how banks and
other corporations should conduct their business
The treasury deficit is $50 600 600 and is in
creasing at The rate of 81 000 600 month"; AS
the disposition Of congress Is to contrive new
extrayagances rather than to cnrtai1 those exist
ing. there is little likelihood that any marked
reductions IA the tarin viii be made the forth
coming session Of congress- Instead OF that
there Is talk of increasing revenues by restoring
the taxation of the Spanish period rcuuir-
ing yellow trading stamps promissory notes
bank drafts. stock certificates. etc. 1t Is either
that or borrow money by tile issue of bonds
The simpler method of curbing the deficit bv
checking wasteful and reckless expenditures
seems TO meet with no favor.
MOVEMENTS OF EXCHANGE IN FEBRTARY
The Bank of England has at last succeeded
In stopping the outflow of gold. and is now
quietly accumulsting reserve. Consequently
sterling exchange has been quiet Influenced
principally by the movements of the New York
stock market and moving Ia exactly the opposite
way; that is rising when stocks declined and
falling when stocks rose.
Continental exchanges weakened considerably
showing the bidding for gold in the world
market has stopped for the present. The Bank
Of Germany has reduced it's rate of discount To
~ per cent and is now for the first time in a
long while only y per cent above the French
and English rates.
The long expected Russian loan has now
passed into history. The portion OF S24o. 900 900
allotted TO Paris oyersubscrihed so times
aud as the terms of subscription called for a de-
posit of 20 per cent this meant a movement Of