The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1901-12-30
CLOSE OF THE BUSINESS YEAR.

THE close OF the year is bringing out the usual
annual reviews OF trade, and they are ex-
tremely hatterng. Prosperous as the preced-
ing four five years were, they have been exceeded
in many important points by 1901. First, the bank
clearngs Of the country, which are accepted as the
best and fact about the only reasonably accurate
index to the condition OF business, were SII8ooo-
ocooOo, gain of SO Fer cent over last year and 20
per cent over the record year of 1900 The greatest
increase and therefore the greatest activity was in
the Middle States, The failures, however were
1885 with liabilities Of $Iooooooo and assets of
S6O,oOo,ooo), increase of so per cent over 1000
and almost per cent over those in 1899 But then
largely increased volume Of business would natur-
ally result in increase in the number of fail
to say nothing OF the growth Of population in
the country.
Some Of the details of this expansion in domestic
trade increase Of per cent in the production
OF pgiron over the highest previous record larger
shoe and leather production 10 per cent increase in
the coal output, and wide and almost general ad-
in the price of food products the latter result
ing in, or rather from, hgher-priced farm products
This latter advance however, has been partially off
set by decreased yield in some crops. The net rail-
way earnings during the year 10 per cent larger
than the best previous record and had not cars been so
scarce this percentage of increase would have shown
still higher gain. The scarcity OF cars was due to
the remarkable trade activity and extended all over
the country. Nor has this blockade vet been relieved
though the various works are turning out cars as
fast they make their machinery 60 These
are only few points of gain. Were anything like
a detailed list attempted a large amount of space
would be necessary.
There were some uRfavorable conditions however.
The South has not done as well with its cotton as in
country has been gradually decreasing for several
months. The exports during the year thus far
amount to $I435oooooo or per cent less than last
year, while the imports to at least $8z5ooo-
Ooo an increase OF SIS per Thus it will be seen
that our exports to foreign countries are slowly de-
creasing, while imports from those countries are
slowly increasing. The balance of foreign trade is
no longer Overwhelmingly in our favor.
A significant feature at the moment is the complete
reversal Of conditions as compared with a year ago
Then manufactures doomed and farm products were
more or less quiet, and in some lines actually dull
Now farm products are relatively more active than
manufactures, and higher prices. These two divi-
sions OF industry to take turns in precedence
and when one is lively the other is apt to be the re-
verse
But the favorable largely outbalances the unfav-
Orable, far as this years trade is concerned IF
sumo Hat - OOsel'dOle dI the close OF the year, what
can we expect? We cannot go on forever breaking
all records and there must be periods when the pub
lie, both here and IL Europe, become overbought
and curtal their demands upon the factory and the
farm. Such luls have been witnessed several times
during the past two years, but have hitherto been
succeeded by renewed activity, and the present NAV
prove like the former conditions Business has GER
tainly been falling off slightly of late but the dini
mutton has been and gradual that it is not
perceptible to the general run of business men Il
has none OF the aspects of collapse and seems to be
easy and healthy adjustment to normal conditions
during a period Of remarkable commercial activity