The times., 1898-12-04
ELEMENIs OF PROSPERITY.
Henry CIews Sums Up the Favor
able Conditions.


New York, Dec. 3.-Henry Clews. the
financial critic, in his weekly letter, gives
the following twelve important encour-
aging factors in the situation of the
country at the present time:
First-The general trade of the country
is more than usually prosperous, in the
great West especially.
Second-The textile trades, which among
the first hand dealers have suffered
partial depression, have at least reached
a healthier relation between supply and
demand
Third-The exports of cereals although
beginning to show the decline usual to
this stage of the season. are yet rela-
lively upon an extraordinary scale.
Fourth--The railroads have all the
freight they can carry: and, as evidence
that their earnings are not on starving
scale, they have given out orders, within
the last few days. for 100000 tons of steel
rails. valued at S9000.000.
Fifth-The peace negotiations have con-
cluded with our acquisition OF the Philip
pine and Sulu Islands, and with every
prospect that the treaty will be ratified
by the Senate. This launches the coun-
try upon a new era of commercial expan-
sion, the fruits of which must begin TO
show themselves at a comparatively early
day.
Sixth-Our exports of manufactures
continue to expand rapidly. The surplus
of goods beyond what the home markets
can absorb is finding its way to fore ga
countries at a still rapidly increasing
rate, with the result of re ieving the pres
sure of over-production that has bsen
felt In some of our most important
branches of industry.
SevS.th-We have concluded a settle
xyith in mr.
selves in any of the international conpli-
cations which many have feared. ard
what is still more gratifying. the Euro
pean powers show marked desire TO
maintain friendly relations with tlis
country.
Eighth-The diplomatic ability shown
| by our negotiators at PaSis and the re-
markable financial vigor exhibited by our
| Government under the pressure OF war
| finance can only tend to bespeak conf
6ence abroad in the wisdom and str myth
| of the United States, and to establish
| foreign confidence In our investEen.
Ninth-An engagement for the impor-
tation of s1.OoO0Oa of gold during the
week-though outside the ordinary rang
of exchange operations-is suggestive that
we are on the verge of a renewal of the
influx of the yellow metal.
Tenth-We are singularly exempt from
the unsettled feeling that ordinarily at
tends the assembling of Congress; for
there are no impending measures of legis-
lation of disturbing interest that are like
| ly to come up for treatment.
Eleventh-And, above all, the country
is now animated by confidence and
| hopefuiness such as We have not wit
messed for many years.
Twelfth-So soon as Germany gets over
her present financial pinch and London
becomes easier In sympathy, we may ex-
pect to see 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 legiti-
mate flow OF the yellow metal from Eu-
rope so soon after close of our war
with Spain, with the conditions which 1t
represents, will show the position of this
| country to be simply unique among ma
tons The war may finally cost about
$500 GOO. 900 We have not only met its re-
quirements from our own resources, but
at the same time have brought other ma
tions largely in our debt as a result of the
| difference between our exports and i'm
| ports.