The San Francisco call., 1898-12-05
1898 BREAKS THE RECORD.

ditions the heaviest previous business year until record-breaker occurs, when that, i'll turn, is taken the basis These record-breaking years occur every now and then and are dispersed along the commercial highway of the country like so many mile stones and are commemorative of exceptionally pros porous times For several years past the year 1892 has been the basis of comparison, that year made the best average up to the present time. But we told by those whose business is to collate com merca statistics that hereafter 1898 will be the basic year. It seems rather odd to us in California that 1898, which has been our "dry year." should have been the most prosperous in the countrys history, but ii we to believe the figures of the commercial statisticans, has broken the record in the volume of trade, though is behind other years in the plane Of values In other words prices have been low, but the amount of business has been very large.
 If this oe really true, 1t destroys the popular theory that is destructive business for during four months of the year the United States was engaged in an expensive with Spain. Indeed 1t was observed throughout the whole of the that outside of Wall street the business of the country was hardly affected by the war; way the other and The Call pointed out at the time that foreigner might travel from coast of the country to the other with out knowing that in progress if he could be kept away from the newspapers. The foreign and internal trade of the nation went usual and the
 
 As the year goes out certain favorable conditions are apparent The iron and steel trade are excited the placing of orders for from 5ooooo 700 tons of steel rasmore than e5 per cent of the coun- trys annual producton-at prices which, though not too satisfactory to manufacturers indicate stable ndition of the trade The boot and shoe business is looking up leather is steadier and hides are higher and the early advent of winter in the South has caused marked improvement in the cotton market The exports of flour and wheat from Atlantic ports last week were 7484,ooo bushels, against 6,5ooooo bushels for the same week last year. The lumber trade seems to be improving, and the advance n prices IS maintained, while reports from the pro- dcng districts show that the heavy output has been satisfactorily handled The general jobbing trade of the country has been checked here and there by storms but this Is transient and incidental to the season. The sales of wool in November were 3o875- 900 pounds against 34I22ooo for the same week last year but they effected only by concessions on the part Of sellers Manufacturers of woolen goods re- port rather larger orders and the general opinion that the wool trade has seen its worst days though no marked improvement in prices is looked for un- til thepresent enormous stocks become materially re- duced. The failures last week were 28I against 3o6 for the same week in 1897, while the record for the month of November is said to be the best in this re- spect in the history ofthe country and shows grati
 
 cearngs continue to show gain over those of last year. the increase last week being I58 per cent The uncertainty connected with the Peace Commission unsettled Wall street during the early part of the week and led to some selling of securities by for eign holders but thatwa mere passing cloud. On the whole the country to be going out of the year with flying coors.
 Locally there is little new The lack of rain still hangs like cloud over the State, and while last weeks shower helped the pasturage in the northern part the San Joaquin Valley and the southern portion of the State derived little benefit from it As long as the dry weather lasts the interior banks and merchants will be indsposed to advance seed to farmers and this acts drawback to business generally What the State needs more than anything else at the mo- ment good soaking rain, and when 1t comes there will be general unloosening of strings all along the comnlercal and, agricultural line. There is no contraction of credits anywhere and money is in abundant supply at the regular rates of interest but capitalists, both individual and corporate are dis posed to go slowly until they satisfied of favorable results from their advances.
 The tendency of prices during the past week was generally favorable to farmers. There was no decline i any article ofproduce and several advanced There is veryttle speculation aftbe moment, and business issproceeding on conservative and safe lines.
 Physicians among the volunteers to have nc