The San Francisco call., 1901-12-28
AME ERICAN TRADE
STEADILY CROWS
Present Year Proves to
Be a Record-Breake
in Many Lines.
Remarkable Showing Is Made
Notwithstanding Serious
Drawbacks.

| NEW YORK, Dec. .27.-The annual re-
! view of American trade, finance and in
| dustry prepared by Bradstreet's and
! given publicity to-day declares 1901 to be
! "a record breaker among the five sue
| ceeding years Of commercial expansion
enjoyed by the United States. It's pre-
eminence, the Review states, was all the
more notable because it suffered from a
combination of happenings that in a nor
mai year would have proved depressing,
| If not disastrous. Enumera ted in the lat
ter are the machinists' and steel strikes,
the stock panic of May, the failure Of sew
| eral imprudentIy managed combinations,
| the efforts of some combinations, includ-
! Ing that in copper, to fix prices, the
! shortage in corn, cotton and oats, and the
ASSASSINATION of President Mckinley.
summarizing the general situation, the
| Review says:
! Briefly summarized, the year has seen
! transacted an aggregate of general business as
reflected in bank clearingsr far In excess of
! any preceding PERIOD has witnessed stock
! speculation. rampant beyond the dreams of
| Of the sharpest stock panics in history and
| yet with a remarkable minimum of disturbance
I'of general financial operations has watched
! general industry and production grow stead
| lily until new and larger figures were needed
ieathar i1i oie ou.p9ts Oh coal ore, IRON steel
branches; has seen the freight transportation
| y,
! Ing point. prove insufficient to handle the vol
ume of business offered and finally has wit
messed a volume of holiday business passing
! ity and the vastly increased purchasing power
OF the public in late years. From the stand
point OF the present estimates the clearings this
| year will exceed the highest records Of preced-
| ing years by one-fourth. Gross railway earn
| ings have increased IL per cent and net re-
preceding year.
Big Gain in Bank Clearings.
Pgiron production will be not far from one
seventh larger than the heaviest ever before
larger leather production have been apparent.
Iron production and shipments never be-
! lore equaled. Anthracite coal production will
! be fully 10 per cent larger than last year and
per cent heavier than the record. Woolen
@ tig mas 9een neIped by low cost OF
the returns are not so favorable There has
year The agricultural interest has been ia
vored by heavy. advances in farm products
! which have done much to counterbalance re-
| ductions in yield Export trade has shown
signs of hesitation after years of steady ad-
vance and imports have increased. but mainly
! In materials intended for domestic manufac-
ture, and the margin in favor of exports is
still enormously heavy.
The bank clearings are estimated at
last Year and 26 per cent over is TSe
Middle States show the greatest increases
! in clearings.
The failures for the year are placed at
! 900 goo and assets of SEQ, 900. 900 AS to this
showing the Review says
/ This is a gain of Sc per cent in number
! over 1900, and of nearly II per cent over 1929
| but back of that year comparisons favor the
! current one. Liabilities have not gained rea-
they are only "a per cent larger this Year than
/ last and 6.S larger than in 1899 In only three
] of the past thirteen years, in fact were Habfli-
! point often lost sight of Is that there is a
| constant accession of new individuals. firms
alone furnishes basis for the recording of
! numerous unsuccessful ventures. There are
now 1I2,O00 more people in business than there
| but failures have only increased per cent in
! only 20 per cent larger. continuing 1p S6e
| favorable feature is the small percentage Of
assets to liabilities. It is only 464 per cent
and 81 per cent in 1899 and 1895
AS to prices the Review says
| Wheat has reached the highest point since
1898; corn and oats are higher than for almost
a decade and other produce has sympathized
| Food products, as whole, higher than
in the general price boom of 1900 while manu-
ing leather textiles, coal and coke, naval
stores, building materials, chemicals ald
| drugs and miscellaneous products
Imports Gain Slightly.
+ Prices as whole are S. per cent lower than
! February. 1900. and December 1899 but are
higher than in any year from 1893 until the
| third quarter of 1890 If other products fol-
low the lead Of food products al is not iu- n
usual. further advance Of the former is not
unlikely. Iron and steel prices seem to lead
metals ais have have 6rokeh away from the Them 0tSef anG
copper lead and tin are weakening, the result
! Of failures of injudicous attempts at con-
! trolling production. Food products largely i'm
! portedi like coffee and, sugar! have reached
! ton EE843f
In summarizing the foreign trade the
Review declares that there has been a
falling off in the demand abroad for
| profits in cotton exports, a reduction in
! the exports of CORN and pats, phenom-
email wheat shipments and larger Ship.
ments Of animals and PROVISIONS
| Exports are estimated at 81 ASS COO 900 or
| 1 per cent less than the record of last
year This calcuIa ton treats, Porto 1.lco
! and Hawaii as American territory AS
to imports the Review declares:
Imports have gained sligbtly-Ethey will ar
gregate at ,bao least $4,000 COO gain of % per
tic exports over imports not far from uSi,tSs S5to
000, 600, or the third largest excess in the
country's history.
The Review states that the activity in
transportation was unprecedented. The
| outlook is treated, in conclusion, as fol-
| lows:
! Many elements of strength and some of the
! opposite character present themselves to view.
relatively higher prices here and lack of new
which country is reported selling iron and
steel products below cost are obstacles to in
! creased shipments by this country on the
! other hand English trade advices are rather
better and the predicted early suspension of
/ hostilitles in South Africa and the resumption
| OF large gold shipments from that section arc
favorable features presenting themselves Eu-
rope apparently must buy wheat and cot
ton freely. but long domestic activity
| in trade. particularly iron and steel continues
| the need of a foreign outlet is not regarded
as pressing. If only a portion of the high
| hopes INDUCED in as a result of the recent
! conferences of capital and labor materialize
! industrial peace and good commercial feeIinr
| and prosperity will have been powerfully fur
! thered. >
| A d HNTNTorrci A