Omaha daily bee., 1902-12-08
NO BULL MARKET IN SIGHT
Firm Moaey Rates as Well as General
Conditions Prohibit It
PRESIDENTS MESSAGE WELL RECEIVED
Gold Exports to Argentine Attract
Attention, Not So Much for Their
mOu as that New York
Supplies IL.
NEW YORK, Dec. ~I-Cspecial. )-Henry
Clews in his weekly letter says:

NEW YORK, Dec. 7.-Cspecial)-Henry
Clews in his weekly letter says:
No real Improvement in the stock market
Is yet I'm sight. An unsettled tone prevails
and the monetary situation continues un-
favorable to operations fo- the rise. While
this condition continues the buiis are likely
70 remain under cover and await more
favorable opportunities. Call and thirty
day money rates have been especially firm,
and there is a disposition TO wait until
preparations for January disbursements
and settlements incidental to January are
over before assuming any new obligations.
Loanable funds are relatively scarce and
sharp scrutiny and conservatism both as
to loans and collateral. AS expected, cur
slowly than last year because of great &C
tivity in the west and because of the large
corn crop, compared with a failure last
year. Even the contraction of loans en-
forced by the banks during the last two
months has afforded no visible relief,
though 1t may have averted more disagree
rency increased $751; 800, 100 during the month
of November, but this, too, had no appre-
ciable effect. The truth is that trade ac-
ttvity, crop demands and syndicate opera
lions have practically exhausted the avail
able supply Of money, and until the demand
from some of these sources abateS no per-
manent relief can be expected. Very soon
crop money will come back more freely,
but any easing In rates just now would APP
parently facilitate gold exports, which have
already begun on a small scale; SO II is
evident there are no large sums In sight
v 5AbNh ma ~ boARSeC1f 49, 80 -
the key to the situation the prospect for an
active buying movement is somewhat re-
mote.
The presidents message was we'll re-
oelved. His utterances on trusts, tari1,
Currency and other questions were about
wnat were expected and had no erect upon
the stock market. The prospects OF any of
his recommendations being acted upon dur
Ing this session of congress are very re-
mote. The trust question seems likely to
bring on a prolonged struggle, the issues
being too numerous and complex to admit
of hasty or radical legislation. As to cur
rency, the chances of early action, desir-
able as that may be, are very remote.
There is a keener appreciation of the neces-
.i.y of currency reform, the result of re-
cent experience, and a clearer idea of what
legislation is most needed; but the CLASH
Of opinion between the advocates of diff
ferent measures is almost sure to prevent
action during this session of congress. In
fact no important legislation is anticipated
this winter, so the stock market ought to
originating in Washington.
Trade reports continue satisfactory. the
crest of the boom seems to have passed
from the east across the Appalachians and
Is now under full Roadway for the Pacific
coast. Near the ATLANTIC seaboard the Signs
nave been unmistakable. only another sea-
son of good crops saved us from unpleasant
consequences. Now that irrational specu-
lation has been checked there Is a chance
for a readjustment OF values upon a more
normal basis. When that Is accomplished
we shall have a better and safer market
than the present. Bank clearngs are show
ing smaller gains than last year. Railroad
earnings, of course, make good compari.
! sons with 1901, for traffic is heavy and
equipment is o~vertaxed. but net earnings
are often showing significant losses not
including the coal roads, which sufrered
severely from the strike. AS previously
stated the high cost Of labor and raw ma
terials is materially swelling the expense
ratio of the railroads; and, when bushes
falls back to normal proportions, less Will
I ha,ya 81. nnn down and diVfdRndg he re-
duced, unless the railroads can squeeze
more money out of shippers, which is very
improbable. The outlook for the indus
railroads, for these are handicapped by
stock watering, as well as the excessive de-
mands of labor.
Gold for Argentine.
Gold exports to Argentine attracted some
attention, not so much because OF the
that London was able to shift the demand
from that point upon New YORK. " rs Tor,
tunate that payment TO British holders OF
White Star, steamship stock on behalf OF
without gold shipments. In spite OF this
transaction IT is now believed, however
that American indebtedness to Europe has
been largely reduced during the last two
Paris, London and Berlin have been trans
ferred to New York. If this be. true the
financial situation may be better than II ap
pears to be; still there is so much mystery
connected with these huge and secret
transactions that prudence demands a eau
tious policy until the outlook is more clear
The future is not unpromising by any
means, but safety demands readjustment
upon a lower level. Speculative opinion or
the market is about evenly divided, and as
both sides are confident in their views the
opportunities for trading should be ample
Perhaps the new year will see a change fol
the better.