The San Francisco call., 1901-12-08

IN the stock market this week and points Of
continuous strength. but the spirit Of doubt
mas been sufficiently obvious. The operations
were by professionals, sometimes combined
into strong pools and by banking interests and
port that there is no evidence that the general
public, which makes the really good periods of
specnlation, has taken any interest in the
market This is accounted for in part. no
doubt, by the large diversion of interest to the
seIesI ', narkets IN which rampant specula-
uon mas ragged during the week
The Presidents message was favorable in
nuence in the stock market, especially because
the bears had sold the market in anticipation
Of an extremely hostile attitude on the part
OF the CHIEF Magistrate against the great com
10 cover after the contents Of the message be-
came known argued that the document did not
meet their expectations in that regard. The
ilst OF stocks which advanced during the week
IS rather conspicuous, nevertheless by the alb
sence of those concerned, directly or indirectly.
Company and OF such stocks as the United
states Steel Corporation and Amalgamated
special considerations 10 contend with. The
discussion OF the progress making In the plan
mrolyed in the formation OF the Northern
SeSurlties company has been without any fur
ther Information on the subject OF who is con-
cefned- The meeting OF Western representa-
yves called TO discuss the new conditions and
TO further the community of interests was with
out the attendance Of the most prominent of
the executives expected and the Information
was given out that It was considered wise TO
hold the discussion in allowance A number
od alEeetory changes in the railroads con-
were explained due TO a purpose 10 avoid
questions. 1t is feared also that the money
outlook 10 the end or the year is not altogether
clear owing to the international situation. Less
gold went out than was expected. but further
requirements are to be met apparently. Con-
ditions are more improved from the worst in
Germany, and the Berlin money market has
been easy. but the year-end requirements are
sery many Money scarcity is expected in
London to the end of the year Paris has re-
newed the buying of discounts in London. but
money rates have advanced again in Paris and
sterling at Paris has declined The prospect
Of further gold exports from New York is not
viewed with equanimity by spectators es-
pecially on account of the continued depletion
of the bank reserve here on domestic account
Against these factors admonishing to precau-
ton is the indubitable fact that the country 6
business and industries are still on the upward
trend Bank clearings for November were i'll
excess of any previous November in the coun-
trys history. and il is notable that the ratio
or increase is largest outside the great specu-
show increases over those of last year. though
in somewhat diminished ratio The earlier
fears of wide inroads upon railroad earnings
on account of the shortage in the corn crop
are giving way 10 a conviction that the gen.
eral merchandise movement is more than suf-
nclent TO offset this, as IL did the spring wheat
shortage last year in the Northwest. Com
plants of insufficient supply TO carry the
freight offered come from all parts of the coun-
try, and railroads are increasing their supply
OF equipment and making improvements to in
crease their carrying capacity. There is ap-
parent confidence in the continuance of de-
mands upon their reserves The present ac-
tivity Of the iron trade and the demand for
ords General trade in all lines is reported
active and prosperous. The contrast with the
commercial and Industrial depression reported
in foreign countries is striking. Increasing at
tentiOn is given to the course of our foreign
trade, which reflects the depression abroad.
The question IS asked whether this condition
Of the outside world fail to find an ultf-
mate reflection upon our own conditions. Our
iron and steel exports have fallen off $23 COO COO
or 2l5 per cent, in ten months of 1901 com
pared with the corresponding period of 1900
In copper the decrease has been S23 000 600 also
but the percentage is 45.5. 1t is claimed that
the domestic requirements of the iron and steel
industry are so large that can be spared
for export. The upset caused in the copper
trade by the decline in the export demand is
however, very obvious, notwithstanding the
confusion and obscurity of the present condi-
tiOn in that trade. The decrease in exports
IS most marked in the two commodities named
but the declining tendency of the country's for
ei2n trade is clear. 1t is patent fact that
while enormous progress has been made in the
wide distribution of capitalization of financial
combinations. some Of the most important part
Of ii is still in the hands of the syndicates and
capitalists who projected it.
There has been a good demand for raiIroa dz
this week mostly of the speculative and semi
specula tive class.
The United States refUnding 2s advanced "a
and the IS registered Is per cent over the call
Ct last week
The sales Of bonds were S297S,o0o.