The San Francisco call., 1903-01-11

ket The course Of the money market on Mon
cay was prompt 10 confirm the confidence of
dhu VINO bought stocks last week with that
confidence, unimpaired by the maintenance OF
stin rates in the call loan market. During
monday IS session one large firm marked down
Its rate for outstanding loans to per cent.
&Ld the whole market was quick to follow.
me rate fell below that figure during the
week. a factor Of further assurance over the
money situation was the continued softness of
Iorelgn exchange, which continued on down
the channels OF the London market. The Janu-
airy DIVISION or foreign exchange has been
lopAeQ 10 with some anxiety. even by those
who professed the least fear about the work
ing out Of the domestic money situation The
Ano"n laTee balance OF credits outstanding
abroad and the supposition that they We're
largely extended during the latter part of
december had given ground for some fears
lhat the JanusTy relaxation Of the local money
market might bs followed by heavy outwa I'd
movement of gold.
The announcement Of the dissolution Of the
bankers protective pool. which had subscribed
$50 coo COO for the protection Of the money
market against possible emergency was in
efect proclamation that the necessity for its
existence had passed. This action and the
large lending In the money market by some
an intimation that the attitude of disapprovai
II efforts 10 advance prices of stocks had been
modlned by the large financial interests With
tc money SITUATION eHectually cleared Up
there has been a revival of all sorts OF
IuInors Of deals, and the speculative idea
toward TINS development has undergone a
marked alteration. For some time the rumor
OF new project or combination promising A
large issue Of new securities has had a chill
ing eject upon speculation. Even early this
week news that the projected combination OF
the iron interests has been abandoned for the
present was hailed with satisfaction. The pro-
lect Tor practically doubling the stock Of the
fennsylvania Railroad, when first announced
Aill1 week was greeted with decline in that
stock, but the announcement OF the Reading
zeal caused an Outburst Of speculative enthu-
slasIil ms is true, although the actual pur-
chase or the securities involved in the plan of
control OF the anthracite industry has been
accomplished while the part remaining to be
acnleNed IS the financing Of the project pre-
Eumably by the issue Of new securities The
proposed plan OF selling the Hooking Valley
Is now regarded involving an extension OF
control Of the soft coal Industry bv the same
powers which have thus consummated the con-
trol OF the anthracite trade. Heavy ABSORPTION
OF ERE mas not been clearly explained but Is
generally believed 70 be connected with the
further working out Of the Capitalization OF
the control Of the Eastern coal and trunk line
railroad Held OF the weeks special move
fnents may be mentioned decline in Wabash
owing 10 a judicial decision against its right
strength upon the announcement that the dis
pute between the Pennsylvania and Wabash
had been settled. The rise in the price OF
copper lifted Anal lgamated. and its subsequent
subject Of the usual active speculation rreced-
ing dividend period The United states
steel stocks We're moderately helped by the
statement Of the extraordinary earnings for
trust measures in Congress was the cause of
some discussion here and there in the market
but IL was slight. and was not general among
the Industrial securities.
There was some increased demand for bonds
but mostly for those Of lower grade.
United states 2s and old As advanced Il per
cent ana the new As coupon l per cent, as
compared with the closing call Of last week.