The San Francisco call., 1899-01-28

gains on actual consumptive demand rather
than on the development of marked bullish
speculation. Large transactions and buoyant
prices have been features in these staples and
signs are not wanting that sympathetic though
smaller movements in q number OF the other
lines are either under way or contemplated.
Exceptional industrial activity in the iron and
steel trades is another feature OF note. and
here, too price advances are all but general.
rejecting, so far as can be seen chiefly the
urgency of consumers requirements, the claim.
In TACT, being made that speculation has not
as yet entered into buying in this branch of
industry. The same claim, however, can
hardly be made as regards a number OF move
ments toward consolidation in this and other
industries where in fact the movements to-
ward combination are desired approach
Ing a virtual craze In the regular channels
of distributive trade conditions continue In the
main satisfactory. the volume OF spring orders
in any recently preceding year at this time
While II is hardly possible to fix the entire
responsibility for the bullishness in wheat and
corn upon the movement which SO iar mas
proved so successful in stocks the claim is
in the stock market have sought expression in
the channels of staple food and textile dis
tributlon. Color is given to this claim by the
fact that the situation in actual wheat shows
but little change from recent weeks 1t Is true
there is a tendency to pare down alleged ofhcial
estimates of Russian crops and some weather
reports from the West have been more encour-
aging to the holders of actual wheat, but the
magnitude Of the outburst of new buying
shared in by former persistent shorts in wheat
alone hardly explains the activity IN this mar
ket which has resulted in the highest prices
Activity in demand for nearly all classes of
iron and steel is reflected in advances for nearly
every class of pigiron and in steel billets rails
wire and plates. Announcements OF a large
number Of consultations and combinations pro-
jected or under way are also feature In the
domain of other metals notably copper ana
tin; speculation and actual demand alike make
for higher prices Better reports are received
from the lumber trade in a number of cities
and all the old advances are maintained, with
confidence in the outlook for spring business.
Some Improvement in the dry goods trade Is
to be noted at some Eastern points, notably
Philadelphia and Boston, where advances are
maintained. Wool, though firm, is slow of
sale, and finished products, with the possible
exception of dress goods, do not move as freely
as hoped for, feature this week, in fact. be-
ing the very low prices announced by some
manufacturers. General industry Is reported
active, notably soft coal mining and ship
building. An encouraging feature in the for
mer trade has been the wage settlement made
with 00,000 Western coal miners for another
year.
Wheat, including -four. shipments for the
week aggregate 4,999, 1852 bushels. against 5.19S,-
week of 1898. 2515 40S in 1897, 1850, ,205 in 1896
and 2,4S3 S5S in 1895. Since July l, this season,
the exports of wheat aggregate IA 322, 291 BUSH
els, against 146, 494 $50 last year.
Business failures fewer in number, aggre-
eating 246. against 262 last week. 2SS In this
week year ago. 326 in 1897, Ss3 in 1896 and Sl2
in 1895.
Business failures for the Dominion Of Can
ada for the week number 80, against 30 last
week 49 in this week year ago, 66 In 1897,
63 in 1896 and Sc in 1895