The Washington times., 1901-12-01

would soon be due on British consols held
here. and that preparations would soon
be necessary for December divident dis
tribution. Like many other recent fac
tors considered unfavorable, these are
more of an advantage than otherwise
Call money has ranged from to 4
per cent. with most business at about S12-
Time money is abundant at 4st
for six months or less on loans composed
of half industrial securities. Mercantile
paper is more freely offered, though far
from active, and rates are quoted AZ:
to 5 per cent for best names, up TO 5L2
for less well-knoTn endorsements.
Good gains continue in railway earn
ings and 1t is remarkable that there is
less response to this upward movement
of freight traffic. Each month there is
the usual advance and with the rapid
increase of facilities there is every rea-
son to look for still better things. Even
the slightly retarding influence of gold ex-
ports is no longer in evidence, while no
Importance is attached to the numerous
minor labor disturbances. While it is true
that stocks were vigorously advanced
early in the year, the present average of
the sixty most active is about s1O0 per
share below the top point despite the fact
that the outlook was never better"
Bnnk Exchanges Heavy.
Bank exchanges as reported by Dun's
continue to increase rapidly. Exchanges
last year were enormously swollen by de-
ferred after election trade settlements,
but this year continue much larger Total
bank exchanges this week at all leading
cities in the United States are $1,S49 ,09S.
323, gain of 1913 per cent over last year.
and 37.9 per cent over 1899 With uniIn-
GhOW n
crease at each city reporting, and the
gain at important trade centres is large.
Exchanges for the rClth would be the
highest of the year but for speculative
settlements through the New York stock
market in April and May, and are far
ahead of all preceding years"
MIR. Clews' views Not Rosy.
Mr. Clews is not in very optimistic
frame of mind regarding the outlook for
the market. He says in his weekly let
ter:
stock market speculation has been err
ratio and uncertain. Some specialties
scored further advances, while others re-
acted from high figures. and the entire
market was more or less adversely infiu-
enced by unfavorable developments con-
nected with Amalgamated Copper. On
the other hand, the remarkable strength
oil the NanuerDlll SnareS and the Delief
that important steps were In progress
looking toward the consolida tion of these
properties served as an important stimu-
liant. Easy money. cessation of gold ex-
ports, and continued good railroad earn
ings also served to aid the manipulation
for higher prices.
Whether the present effort to create
a bull market will succeed or not, we do
not intend to predict; there being much
TO be said on both sides. With an abund-
ant supply of loanable funds and continued
prosperity, it may be possible to carry
the market to a higher level, considering
that stocks are so highly concentrated.
No doubt a strenuous effort will be made
to anticipate the January disbursements,
which will be very heavy, and likely to
aid such a movement. But, while it
would be folly to underrate the ability or
the determination 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 cireum-
stances are much more contradictory
than year ago"
The Earnings Reports
The earnings reports of the past week
have been generally very good. The pros