The San Francisco call., 1898-08-22
HNOTHER CYCLE OF COMMERCIAL
 ACTIVITY.


 \Nj business in any way, its close has caused de- cded increase in many directions. This in crease cannot be traced to any sudden development of trade with possessions, for 1t IS too soon to look for any such expansion, though 1t will come later on It to be purely local If such cir cumscribed term be applied a country as vast as the United States Indeed the conclusion of the war may have nothing do with 1t after al for It may be simply the awakening of the usual fall trade which is expected to be lively this year. But whatever 1t proceeds from there IS certainly marked increase in the volume of business throughout the country
 The improvement is remarkably general and char acterizes large variety of products. The West and South continue to lead the other sections of the coun try, as for time past, the East showing only moderate gain. The Northwest Is little slow with collections but this condition Is expected to disappear when the movement of the spring wheat crop begins. The dstrbutve trade of the country west of the Ale ghanies is widening everywhere, and the leading staples are going out of first hands with gratifying f1uency.
 The individual items of improvement steady increase in the countrys bank clearings those for the past week being II6 per those for the week last year. The failures Io5 against 22I. Railroad earnings continue to increase, and as the movement of crops market is not especially heavy at the moment the gain Is ascrbed to free shipments of manufactured products the agricultural districts An immense business is reported in iron and steel, with advanced prices for many descriptions Indeed, business this line is active that the general of works cannot fill all their orders The electrical concerns are also far behind in their engagements. All the western centers report large influx of buy ers with brisk demand for hats and caps, boots and shoes and dry goods The inquiry for wool and wooen goods Is only moderately active, but these lines have been tagging for some time. The improve ment in cotton mentioned several weeks ago con tinues, but trade is not especially lively. The wheat shipments from the Atlantic Coast show falling off, being 3,7o6,ooo bushels, against 5.3I7ooo for the corresponding week in 1897. Hides and leather are also quiet, and prices have ruled rather weak than otherwise.
 The most pronounced awakening however, is in Wall street. Here it comes pretty close to boom. The public have reentered the market and the buying last week was almost reckless In fact we are told that it sharp that the professionals almost lost trol of the market Railroad shares led in point of preference, though the demand for sterling bonds continued good The general sentiment in Wall street is that the demand for investment has to stay and that there will be active market for time to The only condition visible which would be apt to check the buying desire is the possible pension of peace negotiations through the haggling and quibbling of Spain, condition which is at this day menaced by that stubborn and disappointed Government At present. however, everything is lovely Tn Wall street
 In the weekly commercial reports California is specified the particularly quiet State in the Union. This, of course, is due to the decreased yield of fruit and cereals account of the deficient rain fall last winter; but considering that have enough of Doth to eat ourselves and considerable to sell be- sides, not in such bad way after all The fact IS, California has been such producer in the past that when year of decreased production along the contrast is sharp. We shall prob ably have tons of wheat for export this year. and already sending canned and dried fruits to Europe though cannot satisfy her calls upon us this season. There is not single line of produce short enough this year to work hardship on any body, and what we have produced is bringing un- usually fine prices, except cereals though even they selling at quotations away above the of pro- duction It would be strange year indeed which caught California without anything to sell and it is hardly probable that such year will ever be wit messed. It is generally the other way.
 AS for the rest business is at all bad here even though the State is specified as quiet We have abundance of money at the normal rates of interest the merchants report themselves satisfied with the condition of trade, and the farmers are doing bet ter on the whole than for a number of years back Collections average, failures few and small and no complaints heard from any quarter.
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 Judged by the arrogance of the Spanish at Manila they put up the white flag before they had been whipped half enough
 There's many slip between the signing of peace protocol and the perfecting of a peace.