The San Francisco call., 1901-10-14
GLOOM SHROUDS
LONDON CHANGE
South African Situation
Shows Small Cause
for Optimism.

LONDON, Oct. 13.-The outlook for the
money market is now fairly easy. The
rate of discount outside the Bank of Eng
land last week did not go above per cent
and settling day, thanks to generous Gov
ernment dividend disbursements, passed
without a strain. There is strong proba-
bility, however, that Paris will soon de-
mand a considerable portion of the gold
Of which London has had the use for some
time.
The Stock Exchange closed with a rally
during the last three days of the week
after decidedly unpromiSing opening
The recovery followed the upward turn
in Wall street. which was the only bright
There was but little of interest in the
fluctuations of the week Canadians were
bought with some freedom. Mexican Ma
tional improved slightly. The Speyer re
this. The American section rose generally
on the talk of a compromise of some sort
whlch Is belteved to be imminent in con-
nection with the Northwestern lines.
thereby releasing large amounts of money
heretofore tied up by the Northern Pacific
dispute.
While the immediate conditions of the
Stock Exchange are rather stagnant and
negative, look into the future shows
o, put is, small cause for optimism. The statist
In the course of a long article on the trade
outlook, takes the Government severely to
J task for mismanagement and for not look
ing the South African situation souarelv
citation in securities, owing to the decreas-
ed earning capacity and the increased ex-
penditures.
The fact that Russia is onlv keenine ber
factories going by Government contracts.
indicates, in the opinion of the Statist q
poor continental market for British prod
uts with increasingly keen competition
because continental manufacturers are
forced to sell at most any prices they can
get.
On the other hand the Government rnus+
apply for further funds the Statist he
lieves, to carry on the operations in South
Africa, while the mere fact that Great
Britain ,h has begun the third year of
of an outlook already cheerless
BERLIN, Oct. 13.-"After the brief re-
vival which marked the previous week.
report, there followed last week comn1ete
depressions and despondency. worse than
had been thought possible. The hopes
which many had begun to cherish again
proved deceptive. Neither in Industry nor
anywhere else was the slightest trace Of
permanent Improvement perceptibIe. On
the contrary, such strikingly bad news
came that there is absolutely no cause for
wonder that universal despondency is in
creasing." - --
The bad news referred to was tbe 70
duction of dividends or the passine oP
them by many first class companies in tbe
iron trade. Such instances are multinIvo
The production Of raw sugar dur;n, sa--
tember was SO 1S9 tons, as compared' With
38,1S3 in September, 1900, and that IF re-
fined sugar was 1885 tons, as compared
Central Blatt Fuer Die fucker IndtTstri es. se
Inmates Europe's production as foI1oWs.
Germany 2,125,O 100000 tons: Austria +
225, 900 900 tons, France 100000 '0OO TONS
Russia 1000 100000 tons. Belgium AZ o00 n0o
tons, Holland 200.000,OOO tons, and otb@p
countries oed tons 06o int total
The Improvement in the sugar msrIat
continues. e'