The San Francisco call., 1898-12-09
CONDITION OF TRADE.
ALL ELEMENTS IN FAVOR OF A PRO
 FERROUS YEAR

ALL ELEMENTS IN FAVOR OF A PROS
 FERROUS YEAR.
 The New York circular of Henry Clews says: ''The month of December presents situation of more than usual interest. Admittedly there important operators who will need to get in good amount of stocks if they intend ing to participate in a movement for Janu- ary rise, and yet the conditions are not favor able to their success in an attempt to depress prices materially with that view. All condi tions continue favorable to high scale of prices.
 than usually prosperous, in the great West
 The textile trades which among the first hand dealers have suffered a partial depres- sion, have at least reached healthier rela- ton between supply and demand.
 The exports of cereals, although beginning to show the decline usual to this stage of the season. are yet relatively upon an extraordi- nary scale.
 ''The railroads have all the freight they can carry, and evidence that their earnings are not on starving scale they have given out orders within the last few days for 800, coo tons of steel rails, valued at s9,0oo,OO0.
 'Our exports of manufactures continue to expand rapidly. The surplus of goods beyond what the home markets can absorb is finding its way to foreign countries at a still rapidly increasing rate. with the result of relieving the pressure of overproductiOn that has been of industry.
 without involving ourselves in any of the in- ternattonal complications which many have leaTeQ, ana, what IS Stlll more gratifying, the European powers show a marked desire to maintain friendly relations with this country
 The diplomatic ability shown by our nego- tiators at Paris and the remarkable financial vigor exhibited by Government under the pressure of war finance only tend to be- speak confidence abroad in the wisdom and strength of the United States and to establish foreign confidence in investments.
 An engagement for the importation of q, 900, coo of gold during the week-though outside the ordinary range of exchange operations-is suggestive that we on the verge of a re- newal of the influx of the yellow metal.
 We are stngularly exempt from the unset tied feeling that ordinarily attends the as- sembling of Congress. for there are no i'm pending measures of legislation of disturbing interest that are likely to come up for treat ment.
 And. above all, the country is now anil mated by a confidence and hopefulness such as We have not witnessed for many years
 So soon as Germany gets over her present financial pinch and London becomes easier in sympathy we may expect to see a nearer equalization in money rates as between New York and London, in which case gold will in all probability flow hither in large volume This legitimate flow of the yellow metal from Europe so soon after the close of our war with Spain, with the conditions which it represents will show the position of this country to be simply unique among nations. The war may hnally cost about $500. GOO coo. We have not only met it's requirements from our own re- sources, but at the same time have brought other nations largely in our debt as a result or the difference between our exports and inn ports" ~