The herald., 1898-12-31
Los ANGELES IERALD SATURDAY MORNING DECEMBER g. 1898

ocean. After paying debts Of several hum
dred millions abroad and conducting war
to an honorable end. the country is lending
SO many millions in Europe that for the
first time banks abroad look TO New York
to dictate the rate of exchange. Exports
have been s., $50, 100000, and the excess over
imports about s617C00,000, against 1857 Geo.
900 in 1884, and in only two previous years
has the balance risen to three hundred mil
lion. In no past calendar years have net
imports of gold reached $75000,C00. but this
year they have been about $1400 100000.
November passed all previous records In
value of produce exports. but December has
gone beyond November. Our power in the
worlds markets comes with demand for
breadstuffs and other necessaries never
before equaled. Exports of cotton have
been over 100000 bales, about 1888, COO
pounds, In no previous year as much as
100000 bales, or 3500,000,O00 pounds. Ex-
ports of breadstuffs have been in value
$2S3,9lS,2 294 in eleven months and never
have been as large in any other year. EX-
ports Of wheat for the year, lacking day
or two, have been 2lS, 59f 6S6 bushels, flour
included, slightly exceeded only by 225, Co.,
Sl2 in 1892. and, of corn 2o0,979.077 bushels,
nearly approached by lS9,2l7,570 bushels in
1897. The heaviest exports of both grains
and flour in ay previous year were 9,000, coo
bushels smaller, only jO220,5l9, in 1897
Though wheat was raised to Sl.9l in May
the highest quotation, with the highest
monthly average for thirty years, sl.53.23
so that the average for the first half year
was s1.1111 exceeded slightly in 1891, but
the highest since 1883, the December aver
age has been only Y cents, % cents below
that of last year, but the years average,
SO cents, is the highest since 1881.
The triumph in finance has been largely
due to Industrial progress. The output Of
pig iron has been about II, ,6i5, coo tons, the
greatest yet reached in any years by 2000,
0OO tons, and greater than Great Britain
ever reached by 2,S0J,0 600 tons. Yet the con-
sumption in manufactures has, been stilA
larger, In spite of net exports of pig in ten
months of l63,0S9 tons.
EXDOrts of iron manufactures in ten
months Were about s87844. .53s in value
against imports of $13, 1881. Prices shown
for the year in the table of comparisons
have been usually unsteady, varying not
five per cent from the lowest to the h!ghes,,
and for finished products not six per cent.
Textile industries have been retarded by
high prices of wool and abnormaily low
prices of cotton. both .deterr!ng purchases
In three months otton reached 5.3l cents
the lowest price for fifty years, the greatest
yield ever known being followed by re-
ceipts since September S57 900 bales larger
than last year.
Exports have increased, but not as grea =
ly. Towards the close recovery came, with
accounts of some destruction by storm. and
he price reached 5.S7 cents, giving q strong
impulse to the manufacturers so the ak
ings by northern and southern spnners
in the calendar year have been 342j 200
bales, Il little greater than any previous
crop year. Goods were reduced in price
five per cent to the middle Of November.
but have risen seven per cent, and closed
at the highest point of The year.
In spite of enormous stocks held, wool
was so lifted that buying both of wool and
of goods was checked early in the year,
but a slow decline began in February
Sales have been only 232, ,45 l31 pounds at
he three chief markets, so that the mills
have probably used less than full years
supply, and the stock of goods was also eX-
cessive year ago.
Failures in the United States for the
week were 252, and in Canada %, a total Of
pa. against 2S9 last week, 292 the preceding
week and 416 the CORE SDOnd;ug week las !,
year, of which 395 were in the United States
and q in Canada. OF failures in he Unit eel
States, a have liabilities exceeding $780,
and IT'S Liabilities less than 5000. For four
weeks of December the total liabilities on
firms falling were $11, 697 605, against $l0,-
2G6 5SG last Near.