The San Francisco call., 1903-01-08
Commerce and Stocks.
CONSUMPTION OF GOODS STILL ENOR-
NOUS AND THE STOCK MARKET N
STRONG AND CONSERVATIVE


CONSUMPTION OF GOODS STILL ENOR-
NOUS AND THE STOCK MARKET N
STRONG AND CONSERVATIVE
HANDS.
Henry CIews. the New York banker. thus
reviews the situation at the opening OF the
rev .esr:
The year opens under somewhat different
auspices than ia 1902 Then the top oI the
boom was not in sight. To-day IL has been
fairly passed. AZ least So Ear as Wall sIreeL Is
and agricultural interests of the country con
tInue enjoying great prosperity, NJ All street
is soberly ccnterlIaatlns its Itsl eAcesss ~
period pf iuroNiCarilr IS over Ine lelI-s u
leIlouiug has also fairly aassed or but the
rank and file are sti- pioneering over lle eA-
fra0rclulrF GliUEs .- The la- ieM years ana
ei.dcaxarIrg to r-tLru tl more normal ccndi-
ri1ns The resDlr is somewhat confused
rfol-sr --- ,lrr-ar1l-irg outlook
"A look i-ro trade conditions shows that the
volume ~ business continues ca an enormous
STALE. The growth az population ana the
-esd ot prosperity among the masses mean
q great censlmptlon ~ ne necessarles ana
comforts 1t lie, ra say nothing OF luxuries in
demand ty thE wealthy The spirit OF lavish
ness Is abroad in sharp contrast with a former
spirit Cf economy. and this alone is a trpmen-
..Is trade s-lmllsnt. IN many cases prcduc-
r--. rapidly as ir is increasing in various
-llu. and So prices continue high All the
..Ief Industries are actively employed; and. il
llrf-s are declining, the volume ot orders
salWs no tiUiuutiol- Every Cne has been eX-
-l---lg "a reaction in the iron trade. yet the
A-l--L-a-i j e--- l--rl-t- y l-l- ~
Gers and has plenty of business in sight for
...1uths 90 come in spite of increased cOmpetI-
t8ni tle development " the country and new
H5ee -or iron setting aside all calculations
based C1cL former standards The same Is
trqe j. many other lines of industry, Old es-
q -oi. sf11er-s ara new ones being fully en-
I.Jyed, with uo Immediate prospect of over
supply. ln The agricultural field similar con-
C lions prevail Another crOI failure like that
e5s -S,es - 80 "a tl--'-7S ~ ~ 49, aile ara
t-=r- Is sreat activity and astonishing devel-
e..Ut1t This is demonstrated by the con-
sisted condition - traffic on all the principal
--=lsht moved the Great Lakes in 1892 was
at1u- = per cent greater than iu the previous
-4c Just llN soon the progressive move
b eit VIII exhaust itself cannot be foretold:
rre rleo--rls sr1-.-r5 5f tbe c05rtr, ;Tflere are
swung almost 40 IT'S limit one being the spec
u.--lln n real estate throughout the country.
------e-.e --.N7 tliaL eu sirll Lale mo- r
--zI zs-lzse sster -s-z-y ether GELS has heea eK-
--al -hat The same rule VIII hold true again
-raasllg lmportatCls must not be lost
r.sf- ot as depression abroad encourages the
Shipment q products AZ prices that must
PRESENT outlook however. is FOR another good
ar-a- .. ne f.l.-tlle4 AZ least until the next
arFcst and that VIII be a pivotal test; for
E rod cr-fs invariably insure good times. while
81 partial failure. should d. come this season.
--Az tor conditions within the stock market.
f-eF show distinct Improvement. OF course
rational prosperity is the bedrock Of values
el the stock Exchange. speculative excuses
c- tle last few years naturally produced the
recent severe reaction But Wall street has
commenced disc9uuting all the good features
again ana is uoW recovering from the forced
attraction that followed the imitation OF 1901
and 1872 There is sfll "a large mass q IN
o. igcste- securities 20 be disposed o. and while
money continue LiEn stocks cannot do ex-
rlsslFe climbing NeVerr heIess. the 1fuufda-
fi6n ~ The last three months has done good
rIedit -s in better shape and money promises
- Do easier following the large annual dis
.rrSernelts and "a return of currency from the
interior our illebtedEeEs abroad has h-eu
fr-uce1 and exports of corn and cotton should
soon increase thus diminishing the tendencies
tar gold exports thar later on viii have 10 be
f'ek.ned with. Another consideration remains
"lloH need not be forgotten. The market IS
l- control ~ strong hands and concentration
% BANKING. railroads and fudustriaIs has Gre
-ie4 "a resisting force OF great and unknown
capacity This vast power can be readily
useQ 20 restrain downward movements: its ef-
-c-feners ln stopping a speculative man "a
JAS already been demonstrated during the last
-.Iee ulaillf=+ and So long e. fs used for
F'Faos lHg purposes. rather than Promoting
olestlolanle ventures, the effect on the stock
market VIII be- beneficial January sbould VII
ness a more active market. There is much
-se reason tor suspense prices have had a
sharp decline and the opportunities for trad
lus promise ~ be SAFER and more attractive
man III the last two months Conservatism
however IS st.l the Wisest course"