The San Francisco call., 1901-12-05
Trade Outlook.
PROSPECTS AS VIEWED IN WALL
STREET.

PROSPECTS AS VIEWED IN WALL
STREET
,.he New York circular of Henry Clews says:
''Stock market speculation has been erratic
and uncertain. Some specialties scored fur
ther advances while others reacted from high
figures, and the entire market was more or
less adversely influenced by unfavOrable de-
veIcpments connected with Amalgamated Cop
Der. On the other hand, the remarkable
Gtrength Of the Vanderbilt shares and the be-
lief that important steps were in progress
looking toward the consolidation Of these prop
critics served as an important stimulant- Easy
money, cessation Of gold exports and con-
tiuUed good railroad earnings also served 10
aid the manipulation for higher prices.
Whether the present effort to create a bull
market will succeed or not We do not intend
10 predict, there being much to be said on
both sides Wlth an abunoant supply OF loan
able funds and continued prosperity IL may
lie possible TO carry the market TO higher
level considering that stocks are so highly
concentrated No doubt a strenuous effort will
be made to anticipate the January disburse-
ments, which will be very heavy and likely
10 aid such a movement But, while it would
minatiOn Of the big leaders TO lift the market,
and the fact that many conditions are in their
favor, it is also very necessary to remember
that circumstances are much more contradic-
tory than year ago. Prices are already eX-
ceedingly high, in many cases the highest on
record A number OF stocks are selling not
what returns they do earn. but on what
returns they may earn, regardless Of the fact
that the present wave Of prosperity cannot
IL
fact il is a question whether prosperity has
not been nearly discounted. Money continues
very easy, partly owing to the return Of funds
from the interior. Gold exports seem to have
been checked and the necessities Of Europe
temporarily satisfied. A better supply of cot
ton bills also tended TO check gold shipments
London, however is generally a seller on the
advances in this market and Europe is neither
able willing TO enlarge its investments in
tinued shut-on in the supplies of gold from
South Africa we are still exposed to a demand
UD0n US for gold. Fortunately we well
able to supply this demand, so IL need cause
no concern: only il is well to remember that
gold exports are not generally utilized as bull
arguments Our export trade continues to
show ample trade balances, but exports have
in several months fallen below last years
heavy totals, and our imports are steadily
rising. Adversely abroad and prosperity al
home may seem very comforting, but such
balances which have been such stimulus
during the last few years In the present
situation there is nothing on which to build
any great hope for higher prices. The latter
are already as high as natural conditions war
rant. and, S said above, prosperity has beer
amply discounted, while the effect of adverse
influences was warded off by artificial support
last summer. The market is still IN very
powerful control; il is quite possible that the
leaders, with unlimited resources behind them,
with easy money and January disbursements
easily fired by the great deals which are in
progress. VIII be able to lift values to a still
higher level. This will afford an excellent
basis for trading; but we advise caution in
making purchases and suggest profit taking or
al pronounced rallies.