The San Francisco call., 1898-12-31

NEW YORK, Dec. 30.-Bradstreet's to-mer-
 will say:
 Holiday quiet Tn general demand sustained
 activity in industrial lines, particularly iron
 and steel, exceptionally large shipments of
 goods on orders. liberal cereal exports and
 specially heavy dealings in speculative mar
 kets, are features calling for notable mention
 in the closing week of the year. Firmness in
 price Is likewise encouraging feature in most
 staples. Wheat though showing a reaction, Is
 higher on the week on large export clearances
 and other cereals are in sympathy. Pig.ron de-
 mand grows, and prices for this product and
 for steel rails, steel billets. plates and wire
 rods are all higher on the week. while the VOL
 ume of foreign demand for even finished metal
 products apparently increases as the year
 draws to It's conclusion.
 Concsely stated. the reports received to
 the years business in all sections of the coun-
 try point to an unprecedented volume ot do-
 mestic and export trade, which is reflected in
 bank clearances that break the high record of
 1892 The general level of prices of staple se-
 curities at the close of the year is at the high
 est point reached for five years past. Railroad
 earnings exceed all previous years, and, finally,
 there smaller number of failures and lower
 liabilities than reported in any year for at least five years past. These general results in the country at large have been achieved, too not withstanding the outbreak and conclusion of a foreign war, and in spite also of unfavorable conditions of some industries, notably textile manufacturing, which, combined with unfa- vorable weather early in the year and the low est price for cotton on record. exercised an
 unfavorable influence. But the close of the year finds an improvement even in those direc- tions, and returns as to retail trade, and par ticularly holiday business, are strikingly good in all sections Best reports as to distributive trade naturally come from the grain growing sections of the country, which were the first to meet improvement resulting from free foreign demand for our cereals, but indications are not wanting that this improvement is gradually percolating throughout the entire business community, and coupled with unpre- and the fact that selling two dollars
 worth abroad for every dollars worth we buy renders possible the gains reported in distri- | butive trade over 1Ss7 ranging from 10 to 40 per cent, with likewise good exports from the
 manufacturing centers; excepting the textile industries already mentioned. The export trade for the country for the year, as above inti-
 mated, is the heaviest ever known. and will probably exceed $1, 250 ,000 in value, thus being nearly double the imports. Our export trade in manufactured goods, 1t must be observed, is the heaviest ever known, and for the first time in our countrys history ex- ceeded the value of imports of similar goods.
 There were 1l.6S3 failures in the United States decrease from 1897 in number of 112 per cent. and in liabilities 9.5 per cent. Compared with 1896 and 1895 the proportion of decrease shown is even larger As compared with 1896 failures
 were fewer by 9 per cent and liabilities smaller compared with 1891. a year of large trade, but of numerous costly failures. but compared with 1892 there is an increase shown of 13 per cent in number and 30 per cent liabilities. The tendency of failures toward the normal is illus trated by the fact that the percentage of assets
 to liabilities is the smallest reported since 1892 and the annual death rate-that Is. the percent age of traders falling to those in business-s likewise the smallest reported since the latter
 year, being only 1.o6 per cent, against 1.20 in 1897, 15O in 1893, and 100 in 1892 Unsatis- factory conditions in textile lines and some large failures of banks and other financial concerns account for the expansion in labii- ties shown in those sections. while a larger number of small failures in Pennsylvania and in some of the Eastern States reflect poor trade early in the year and dulness growing out of the war and bad weather.
 Wheat. including flour. shipments for the
 week aggregate 6.292. s25 bushels. against 5,515- 231 bushels last week. 5.395.061 in the United States in the corresponding week of 1897 2,977
 7s5 bushels in 1s96 3.142, ,573 bushels in 1885, and & Ie6 405 bushels in 1894 Since July l. this year. the exports of wheat aggregate 121 51s 709 bush els aEainst 12S. .961. 70S bushels last year.