The San Francisco call., 1898-05-02
COMMERCIAL CONDITIONS SETTLING.

HE feature of the week in Wall street was the
 marked recovery in the tone of the markets
 toward the close of the week. This buoyancy due to the inauguration of a bull campaign based the thus far successful prosecution of the war against Spain. There was no important opposition to the rise, and prices moved up easily without how ever, any especial activity. The public were not in 1t, and 1t matter almost purely between the reg ular operators of the street As The Calls financial report put it. The main consideration the satis- faction felt the excellent gunnery of the United States ships Matanzas and i'll pursuit of prizes and the ineffective efforts of the Spanish gunncrs The skill thus demonstrated imparts a strong conviction as to the superiority of the United States forces. Early intelligence is also confident of naval victory over the Spaniards off the Philippines All standard bonds, both Government and railroad, strong and in good demand The American fnancers evi- denty have doubt the eventual victory of the national For that matter nobody else in the country has, either.
 General trade while exhibiting considerable of the uncertainty remarked week ago, is beginning to as sume more definite lines, as then predicted. The woolen manufacturers reporting larger business chiefly on account of the heavy Government orders The same may be said of hides and leather both of which are advancing again in the East The sumption of iron is still the largest ever known and
 
 enal advance in wheat has carried with it core spending rise in other cereals and four, while pork products have also gone up In fact, the IS sm- ulatng trade in those lines which called upon to supply the land and naval forces of the country How far the rise will extend and what other articles will be indirectly affected 1t is impossible to say at the moment But that the general trade of the coun- try is active basis IS shown by the continued gain in bank clearings, those last week being 28 per cent over the corresponding week in 1897, only two of the larger cities-Portland, Me- and Providence showing decrease Exports of wheat and corn from the Atlantic ports very heavy and considerably n excess of last year. The country is likely to reap fine golden harvest from its grain production this year, stocks deficient all over the world Busi- failures in the United States last week number 245 gain of 2I the preceding weeks total and compared with 244 in the corresponding week of 18o7 254 in ISo6 and 200 in 1885
 The local markets,~whch for some little time have been quiet, are again showing signs of improvement The slight recovery in dried fruits has already been mentioned. As for the sensational advance in wheat and its dependent cereals flour and feedstuffs in- cuding hay, that has been too prominently treated during tic past few days need repetition here The next articles to advance will probably be hides and leather things to be shaping in that direction The staple groceries reported in good movement with higher prices for sugar and rice The general merchandise market is distinguished by advanced quotations for several descriptions of oil cement, cordage and several minor articles It is noteworthy that article of importance has declined of late.
 The weather has ceased to be factor in the mar kets, except in few scattering lines The season IS over as far the rain and the grain crops are con- cerned and whether 1t rains not is immaterial The mischief has been done. Good rains would help the frut-growers, though they get along without them.