An Encouraging Prospect

New York, Dec. 22, '9"."1 Ed Courier: The business outlook is als o another substantial source of encouragement. The large gains in bank clearings aud railroad earnings prove beyond dispute that trade is increasing. There is little speculatiou and values are low, so that these gains cannot be attribnted to inflation. This is the dullest period of the year, and yet niercbants, with few exceptions, report busess fairly active. In the interior the ecovery has been more pronounced lan at the seaboard ; New York being laggard in this respect, bucause the runt of the late depression was feit ïere, and the size and variety of the ty's business interests make it slower n responding to new influences than naller cities. Railroad earnings teil a reinarkable story. In the month of November 131 roads reported au aggregate increase of 20 per cent; and in December even this rate of progress is being surpassed. In some cases our railroads are beating the records for earnings ; and, as the güins are very fairly distributed over the en' ire country, it follows tliat they must je due to v general increase of traffio and not to singlecauses, although shipinents f grain, cottou and provisions seem to íave been the largest items of growth. iltogether the railroad question is exeptionally satisfactory. The only dark pot is the remóte probability of any pooling law ; yet the railroads are not ikely to cut rates with plenty of traflic q sight as at present. Our railroads are down to hard-pan. Cousolidation and reorganization have put tliem upon auew and stronger footiug. As a rule hey are now uianaged by practical raiload men, not speculators, and financial ontrol has passed iuto more conservaive hands; so that there is little likeliïood of a repetition of the disgraceful nanagement which characterized American railroads in the past. Increased earnings are enabling some to resume or increase dividends, and others will hortly follow, making them desirable nvestments. These facts, as well as anuary disbursements, account for the resent undercurrent strength of the tock market. The recent advance bas been encouraged by local operators, and heir efiorts supported by the big holders of stock who are always the first to see new opportunities. A favorable eature was renewed foreign buying. Durope has long been so shy of our investments, and we have been so com)letely tlirown upon our own resources, .bat less atteution bas been paid to the condón market than usual. Some time igo this country declared its financial ndepeudence, and lately foreigners ïave been bears on this market to our benefit and their own disudvantage. Aparently, however, there has been a change of front on the other side ; and, should Europe buy with any freedom, tlie effect upon values would be important. Henry Clews. It would seeon mor ndvisable, ii aniy eurrency legiislation 13 eeriously attempted by congress, to ecraüne i'fc tío somie euch (iimpl'e meiasure as iilïat sueeted by President McICinley in liis annual niiessage - the reissue oí greeratoacks aiïly for gold. - Troy Tirnes. ■ Great advertisers live in the Jiistioiry ,o.f the city and th& prosperity aï tllieir iirims long1 affcer they tliemaefveB have "shuirfled oïf this moirta: coil;" tilieir amaouncements in the nerwi)iapeirs coatiaue to bear 'rui aftT the advertisers aire dead. On tttie ather hand the aon-advertisiiig business man is de&d to) the commun iíy ioog beíorO he leaves thia life and his business is more than aipt to dia 'wlüh him.- Savaamiah. Ne"svs. UnGiess there is a greaiter tendency ou the piart of the laenibers and senators wiho beüere ia curreney ïeforni to umite upon the presidenta reconv mtindiation oir upon some other plan, tliere is dxj likelihood of any cuirency Icgifclation at tih-e present congressional seesion. Tbei troubla is that 110 two memtoers have the same ideas om the subject, and there is a belief tha.t any attetmpt at actiom wou'ld laad t-o deanioinalizajtloai, ratibeir than tsaccess.- Springiield, Mass., Union. AU indloations poinb to a big bicycle trade in 1898. Not the leaüt iniportiant r5a9on íor suli a predictio-n is tllie ïacb thiat iriees will be more attractivp tiran ever befoire. Many fo the old riders wlll gladly buy nw mounts nexb teprln{f, who olbfarwise wooild hare beem content wdüh tlieir old oojes another sea. to.n. "Witih raad -wheels. and racers of roliable nuaouiifacture retailinsj at $50, and up-to-daice taademe as lo'v as $75, thiere need be no; moire coanplaint oí exhio'rbitant profits íor the mia kers.