The San Francisco call., 1898-02-07
OUR POCKET FULL OF GOLD,

H E feature of trade at the moment is decidedly
 novel. We have suddenly blossomed out as
 money lenders to Europe. Continental bankers have entered the United States for funds and 1t is estimated that New York; Boston and Chicago banks have thus loaned out, chiefly on German account, something like $8oooo,ooo or $ooooo,ooo at from 4 per cent AZ per cent far the of interest is known. The American banks are more than will ing to encourage these foreign loans, they prevent a gut Of gold which has lately threatened this coun- try. And 1t only little year ago that the party headed by MT. Bryan frantically proclaim ing all the land that the free coinage of silver necessary because gold getting so scarce and high that it would disappear altogether from circulation and that everybody and everything in the country going to perdton fast as its palsied legs could carry it. And to-day we are only too glad to loan $ooooo,ooo in solid gold coin to Europe to keep our plethoric supply of gold down to manage able point. Comment Is unnecessary.
 Of course country which Is loaning money can not be otherwise than prosperous, and the usual fig ures exhibit this prosperity in letters of red The bank clearings in January were the largest ever known for that month and the railroad earnings beat all previous records. And, as if this not suffi- cent, we are informed by the mercantile agencies which keep the statistics that the failures in that month the fewest of any similar month of which there IS record. There is no section of the United States to-day which get all the money 1t wants to carry legitimate business and at rates of inter est which certainly reasonable rates go in this country.
 The distributive trade of the country was never better The recent cold snap in the East has checked it in places and stipulated it in others, so the average remains undsturbed. The bank cearings last week showed a gain of 4o.6 per cent over the week acf md fo;I,, aginst 3o5 in 1897 and 333 in 1896 The principal lines of manufacture exhibit no particular change from the preceding week. Iron and woolen products continue active, and the improvement in cotton all ready noted, holds its own. The exports of cereals from the Atlantic ports, though showing falling of for the week. still far ahead of the same week in previous years And thus 1t goes all along the line, noticeable feature at the moment being the active demand for new railroad cars.
 Pacific Coast trade is without especial features if except the uncertainty caused by the light rain- fall, which keeps everything in the farming line on the ragged edge. The light showers which happen along every day or two keep the coast sufficiently moist, but the great interior valleys are dry and need several inches of rain to put them into good shape. Of course as long as this uncertainty con tinues business will be unsettled As it is, wheat is fast becoming local rather than general proposi- tion barley is weak one day and firm the next oats and corn partake of the general doubtfulness, con- sumers of hay do not know where they are and buy only from hand to mouth, and so on down through almost the whole list of farm produce. The bean rises superior to all weather conditions how ever, and the advance prices every day or so. All meats share the common doubt, and the average stock man is at loss to know whether his market IS weak firm, though prices hardened at the close of the week Provisions are livelier than ever before known, and several descriptions have gone up again. Hides have also advanced and re- ports from the East say that the scarcity there is be- coming serious and that the whole country is being dragged with fine -toothed comb for hides This, Of course, affects leather, which is stf and the price of boots and shoes has recently gone up Dried fruits are still dul and in fact there is no business whatever. Sugar IS unsettled, coal is scarce and high, and rice has been going up of late, but otherwise there important fluctuations in ner- chandise to report. Local merchants report good demand for Alaskan account, and there is some dis cussion as to. whether getting our full share of this business not It depends largely on the line. That doing good trade in something other evident for the local bank clearings show a steady gain week after week with cheerful rnonot ony, and if anybody is complaining of dull times his voice is so faint that nobody hears it.
 -
 There may be some satisfaction in attaching Dun