The San Francisco call., 1898-12-26
THE NEW. COMMERCIAL MISTRESS

5 the United States continues Its present onWaru march in commerce a year or two longer II "ll :, be the commercial mistress of the world. us progress during the past year has been amazing. Nothing like 1t has even been seen m the history ol any country Europe is getting deeper and deeper into ouf debt and it wifi not be long before we shall have mortgage on that continent It already owes Us a balance of S7sooo 900 in gold coin December account not to mention unpaid balances ot prev1ous months We are selling it two dollars worth of goods for every dollars worth we buy. We are oaning 1t money and have plenty more to loan We are getting to be its great creditor.
 Here are some of the figures for 1898 They are astonishing:
 Balance of trade in favor of the United States, De- ccmber (estimated), $75,ooo,ooo November S7o428- 3o6 Increase in exports for December over Decem- Der, 1897 (estimated), per cent, 25.
 Iron and steel-Increase of exports for 1898 over 1897; per cent 5o Orders for iron and steel products now in process of filling in the United States for foreign use tons, I42ooo; for domestic use, ons 24 6oo
 Breadstuffs, provisions, cotton, cattle, hogs and petroleun-Increase of exports for 1898 over 1897, $Ioo,oooooo.
 General merchandse-Increase of exports for 1898 over 1897, $5o,oooooo
 Excess of exports of the United States over those . of Great Britain for 1898 $2ooooo
 To those accustomed to trade statistics the above figures have but significance: they show the United States to be the great commercial nation Of the world We are producers manufacturers, bank ers money lenders. The most sanguine enthusiast never dreamed that would reach our present posi- ton n the nineteenth century, but here are, and here we shall stay
 The business of the country increased immensely in 1898 and the close of the year shows diminu- ton. The iron and steel trade continues to boom and the different mills their orders. Prices naturally strong under these conditions. Foreigners are among the best customers at present, ai6l Russia, Australia, South America and Japan have given us large orders, many of them over the heads o British bids These orders have crowded the mills that they turning down new business right and clt. The wool trade continues improve, the sales last week being 27,366oOo pounds, against 231I5ooo for the same week last year The small manufacturers arc buying, which indicates better demand for wooden goods. Exports of wheat and flour from Atlantic ports continue heavy and prices main tained. The other staples show change worthy of ,pQten >-.
 The financial statistics continue to make favorable showing. The bank cearings last week 2s.7 largerhan those of the corresponding week in 1897, 9and the commercial failures 2I2 against 28o.
 Wall street has continued active, but dealings last ;veek were rather speculative than for investment In NQtieF WOrQS, the prOeSSOlalS ana puDnc were DOtn gambling. Transactions were heavy, as usual in such :times Prices were rather firm than otherwise, and while there was no marked advance there was no break
 The present week will probably be dull. There is seldom much going on between Christmas and New Years. Stocktaking too, ntcrferes with business. But the opinion is general throughout the East that the new year will open brilliantly and that 1890 will be as much better than 1898 the latter was better than 1897. As far as the past year is concerned it has been year of agreeable surprises and he who is not pleased with its commercial showing is hard to suit.
 It is rather unfortunate that California is not ir- 'cluded in the above brilliant showing but our record has not been so poor after all In spite of the dry year the State has come out in good shape In some districts the farmers have suffered more or less for lack of rain, but in others they have made more money than usual, the State as whole has done better than generally believed Barring the recent pinch in the Salinas Valley which is only one out of many prosperous districts in the State there has been serious complaint from any quarter nor is there likely to be Many States would consider themselves well of they did well as we have done this year. But we have had fifty years of such phenomenal and extravagant prosperity that when off year chances along feel hurt about it, just the miser lanents his hard luck when he cannot get compound interest for his money. In this respect the experience will do us good by teaching us to appreciate good thing when we have got 1t and to wanting the whole earth every year. For poor years are better ethan the best some of the States of this great coun- try and the sooner wake up to this truth the more ftohtented we will be. 5
 % ,Itwoudappear that Mrs. Fuhrig has arisen to the dignity of epidemic. ~