The San Francisco call., 1898-04-25
THE WAR AND BUSINESS.

are now changing to conform to the state
 of affairs occasioned by the war, but 1t is yet too early to definitely specify what the individual changes will be- Wheat has already declared its status
 sharp advance, both in Europe and this country, and coffee, sugar. rice and several other grocery staples have appreciated, but the great majority of the mon commercial commodities have not yet exhibited the final change from peace to basis. Nor Is it wise to attempt to forecast. Generally speaking however those articles which will be needed to supply the army and those which will probably be subject to tax, will advance in price, while those which commonly exported and which will therefore be liable to seizure the high seas, will decline or at least relapse into unsettled and fuctuatng con dton, dependent from day to day upon the varying phases of the combat This as near to it as human judgment at the moment. As time goes on, however things will fall naturally intother proper levels Thus the New York stock market has already established its equilibrium, as has been seen and wheat is in process of doing the same as just re- marked The other lines will follow in due time
 Up to the present there has been no change for the worse in general trade. Railroad earnings have been I per cent larger than last year for the first half of April and 48 per cent larger than 1892 with railway tonnage eastbound from Chicago about 10 per cent larger than 1892 Neither clearing trans actions gloomy, the weeks payments being 336 per cent larger than last year The failures last week were only 2o4 against 2I8 for the same week last year These exhibits indicate increase, rather than de crease in business, hence the has thus far done no harm to trade so far as can be seen A further slight decrease in the dstribuve trade of the East and South is reported but this is offset by increased activity in certain lines, accompanied by sharp ad- vance. It Is these contrary conditions which render the commercial situation vague and complex at the moment and make definite exhibit of the state of trade almost impossible. But 1t is worthy of remark in this connection that the money market that most sensitive of all trade barometers has thus far exhibit
 ed no stringency, and that the supply of funds for all ordinary mercantile and financial uses Is abundant In this respect the country on sounder basis nor we'll prepared for war. Spain presents ptiable contrast being agitated by financial panic and runs upon almost every bank in the kingdom
 The local situation partakes of the general tainy, and values for many articles are unsettled During the past week wheat has made sensational advance and is stiff the rise with an active demand for both export and local milling account Barley has also started up again. and four has gone up so cents per barrel Truthfulness compels the admission that we will have very little wheat for export this year. something that has not happened before since Cali forna began to export this cereal in any quantity Of the other grains in similar plight and the year 1898 will go record the great dry year. There will be enough of everything for own use however. The upward tendency III hay is less pro- nounced but there is little prospect of any decline The canned and dried fruit markets are irm and while not especially active, business is sufficiently brisk to warrant the belief that stocks of both will be reduced to minimum by the time the new crop comes for ward The fruit growers will probably do well this year The merchandise markets are in good shape as a rule. and fluctuations neither numerous nor sharp. Everything seems to be a normal basis without excitement the merchants not complain ing and times may safely be called good the dry year to the contrary notwithstanding