The San Francisco call., 1903-12-06
STOCKS ARE ON FIRMER BASIS
AND GENERAL TRADE IMPROVES
Outlook for Manufacturing Exports Is Brighter Than
Ever and the Prospects Are That the Year Will
Close With an Encouraging Financial Showing

have been an element in the specula-
ton for decline for some time past.
For instance, the cotton crop indicated
by the Governments estimate at below
ten million bales would be regarded as
amounting 10 a national calamity were
it not that the heavy marketing of cot
ton during November awakens some
skepticism toward the estimate.
INDUSTRIAL OUTLOOK GOOD.
Reports continue to be received of
the closing down Of iron and steel mills
and Of new measures of retrenchment
and economy in the trade. The sem
timent over the industrial future also
has grown distinctly more hopeful.
This is especially marked in regard to
the iron and steel trade, from which
come reports indicating that the de-
cline in prices has met a revived
demand, which promises some con-
sumptive absorption of the lessened
volume of output. The measures of
economy already adopted and those in
contemplation and the reduced freight
rates on steel products for export
arouse hopes of an available outlet in
the foreign trade.
Inc details OF the foreign TRADE SldLS-
ment for October offer gratifying evil
dences Of the revival Of the export
trade in all lines of manufacture. The
seasonable cold weather has given an
impetus to all lines of distributive trade,
and the coal trade, in which consider
able congestion had developed, is re-
ported TO be especially benefited by the
cold weather. In the stock market no
small part has been played in the re-
covery in the constant circulation Of
rumors of important adjustments of
control and Of policy touching the rela-
tions Of groups of capitalists tending to
harmonic those relations.
MONEY MARKET FIRM.
The money market has shown the ex-
pected relaxation following the compile
ton Of the December settlements. Con-
ditions abroad as well as here promise
a continuance of a firm money market
for the rest of the year. But it is made
clear from the movement of the inter-
national exchanges and the statistics of
international trade that New York
commands the exchange situation. New
Orleans and San Francisco have made
further acquisitions upon New York for
currency during the week, and addi-
tional shipments to those points are
expected, but the Western demand for
crop-moving purposes has come to an
end. Gold for import has been secured
in the London market whenever the
movement of money rates did not make
it more profitable for holders of ex-
change on London to hold UP their col
lection and leave the proceeds on the
loan in London.
A new development has been the
shipments of gold from japan to San
Francisco. San Francisco's exchange
needs are usually satisfied by way of
Australia, but large Australian crops
has thrown the advantage of exchange
to that center. San Francisco finds it
of greater advantage TO dispose Of it's
sterling exchange claims to Japan and
to take gold from there in compensa-
ton. The movement serves as a relief
from the San Francisco demands upon
New York for currency. Confidence is
undiminished that money will become
easier with the turn of the year, and
IL is believed that the movement of
stock is in part a discounting of this
expectation.
The bond market has been somewhat
irregular, but has grown steadier in
sympathy with stocks. United States
2's and the new As declined one-fourth
below the closing call of last week.