The San Francisco call., 1899-04-17
EVERYTHING ROSY Again.

y was foreshadowed in this column a week ago,
the break in the industrias during the first days
OF the month has resulted in a better market in
Wall street Such financial thunderstorms, like their
physical prototypes are excellent cearers of vtated
atmospheres. 1t was supposed that the reaction
would be in the railroad shares but the surprise OF
the street the industrias themselves showed the
rebound. They are again in favor though speculation
is characterized by more conservatism, and the mar
ket is therefore a better basis.
The slump in the ndustrals did not affect general
business in the least. Even in the midst OF the
storm, when Wall street was in an uproar and quota
tions dropping on all sides the business OF the
country shown by the bank clearings, was 5o7 per
better than for the week in I8o8 while this
week the clearngs scared up to o5.4 per cent show
ing that the enormous expansion OF American trade
is going nerry Pittsburg shows the greatest
increase-II65 per cent-indcatng that the iron and
steel trades lively The best report Of
the week, however is in wool This staple is appar-
entity awakening from its long sleep. Indeed, sales
the heaviest for many years at this season. those
for the week being 6,7o2ooo pounds in the three
kets, against 3,385,ooo pounds for the week in
1893 The woolen mills have begun to purchase
freely while large sales have been made for re-expor
chiefly Australian grades English account The
New York dry goods market is reported quieter on
Boots and shoes are firm and in good demand at
the advance made some time ago. The lumber mar
llet continues firm and active The cotton industry is
reported in satisfactory condition. the demand being
good Railway earnings show decrease and, in
fact wherever we look, find greater expansion in
general business than has ever before been expert
enced in this country, The failures for the week
IS8, against 254 for the corresponding week in 1893
The money market is decidedly easier and this in the
face OF about $5ooooooo paid into syndicates in four
payments. Evidently as flush of cash as ever.
The only stringency noticeable is in call loans
There is only one adverse feature to the situation
and that is the less favorable appearance OF the wheat
crop, which turns out to have been considerably dam
aged by the February freeze, which killed many
fruit trees throughout the Eastern, Western and
Southern States. For some time rumors to this eff
feet have been persistent but the sanguine American
temperament is prone to look askance adverse re-
ports OF anything, and it needed the confirmation Of
the Government report to satisfy the doubling
Thonlases OF the wheat trade Under this conhrma-
tory report OF the Government the market hardened
though the appreciation was slight and was followed
by reaction
The local wheat market, as far as actual grain on
the spot was concerned did not respond TO the East
advance, though futures improved The outlook
for the crop in California is excellent though some
sections will need little more rain to properly fill
out the heads. With no more rain fine hay crop is
practically assured.
1t IS yet too carly to definitely estimate the coming
fruit crop OF the State, but will hardly be as enor
nous enthusiasts predicted month ago Peaches
promise the best at the moment, and they will be
needed as the Eastern crop destroyed by the
February freeze. More or less drop reported in the
other kinds, owing the strain the trees last year
when the ground dry. All fruits bossomed
heavily this spring but the fruit failed to set as freely
expected With the exception of apricots, how
ever, there will probably be enough fruit to go
around, though prices may be somewhat higher than
usual.
General trade is still good, and no complaints are
heard in any quarter. We are remarkably free from
failures, and the merchants report collections fully Up
TO the average at this time of the year Leniency in
credits is marked whereas this time last year there
was equally pronounced tendency to keep them
pretty closely pared. But there is good deal of diff
ference between the prospects now and at this time
last year.
The fact that Corrigan horse won a Corrgan