The San Francisco call., 1899-01-02
a GREAT YEAR.

THE commercial returns Tor the year 1893 are
practically all in and they show the year to have
been the greatest in the business history OF the
United States. This has already been literally
discounted as the trend has been in this direction for
some weeks, but the figures are staggering
To begin with the center OF financial power has
begun to cross the ocean, and it may not be long
the American dollar may suppant the English SOW
ereign as the basis OF the worlds exchange. Even
now New York divides with London the first place i'll
international finance This country is lending SO
many millions to Europe that for the first time for
egn banks look to New York to dictate the rates OF
exchange This may be temporary now but it is
likely to become permanent condition in the future
There is nothing visionary in this hypothesis, for the
center OF the commercial and social world is ever
moving westward, and has done SO as far back as
history goes At present this movement is progress
ing with such rapid strides that the attention OF the
whole world is arrested.
:. Trade figures at the close OF the year show that
during 1898 the United States sold dollars worth
OF goods for every dollars worth it bought The ex-
ports reached the enormous aggregate OF $1,25oooo
ooo which is an excess imports OF $6I7ooo ooo
In 1897 this excess was $37 900. As to the influx
oi gold into this country last year the amount is
anazng being $I4o,oooooo while the best previous
record was less than ooo A good deal OF this
profitable rates OF interest and considerable has been
recoined into American money and gone into national
circulation. The exports OF cotton during the year
amounted to 3,o36ooo,ooo pounds, while in pre-
vious year have the exports reached 3,5oO,ooo 900
pounds The exports OF breadstufs reached the total
of 22o 600 900 bushels OF wheat including -four, and
2oI 100000 bushels of corn.
But it was in industrial progress that the worlds
record was beaten by the United States in 1898 The
output OF pigiron II645ooo tons the largest in
the history OF the country by 100000 tons and larger
than Great Britain produced by 2Soo,ooo tons.
The exports OF iron manufactures in months
sS7.65oooo while the imports we're only $I3,5ooooo.
Textile goods, however, did not make such bril-
liant showing rs iron and steel goods Cotton
touched the lowest price in fifty years with the great
est yield ever known. Cotton goods declined 5 per
cent up to the middle Of November, but since then
have risen per cent and closed at the highest point
of the year, thus auguring we'll for 1899 The wool
trade OF the country disappointing, enormous
supplies having congested the markets during the
major part OF the year
The financial statistics also made a good showing.
The failures throughout the United States numbered
1908. decrease OF II.2 per cent from 1897, while
the liabilities decreased per The commercial
death rate the proportion OF traders failing to those
in business was the smallest since 1892 A gratifying
OF the country done outside of Wall street that is
by merchants and farmers rather than by stock oper-
ators though there several lively times in that
famous speculative mart during the year. Taken on
the whole, 1893 banner year and for the coun-
try large could not have been better il it had been
made to order. AS for the Spanish war; which some
worthy people predicted would plunge the country
intG a financial panic and visit lis with hard times for
years to come, it cut figure OF any consequence
being merely sort OF extended Fourth of July cee-
braton, momentary ruffng of the eagles feathers
and by this time has been relegaed to the limbo OF
history.
The participation OF California in the great com
mercia celebration of 1893 only partial. Dry
weather clipped our wings last year, though we still
had feathers enough left to make respectable flight
with and keep in sight OF the balance of the national
flock. We not accustomed to the fag end Of the
procession, however, and do not like to be there Il
does not seem like home.