The San Francisco call., 1903-09-11
Money and Stocks.
THE SITUATION CLEARER AND THE OUT
LOOK REASSCRING.

THE SITUATION CLEARER AND THE OUT
LOOK REASSCRING.
The Kew York circular OF Henry CIews says:
Several sources OF anxiety on the Stock EK-
change are either disappearing or have become
ruuch less acute than at any time this year
Among these are the monetary outlook the
crop situation. the supply Of undigested securi-
ties. the labor agitation and the cotton corner
u Is perfectly correct 10 say Jnat all Of these
problems are much less perplexing to-day than
81 srv time since their creation, and the prob
ability is that the Gistrust which they have en-
pendered viii gradually disappear IN the an
s=nce OF further unfaTorable developments Ike
dictionary forces have already led TO some re-
c0yerg undue dependency Is passing away ana
values are gradually rising 10 a level more COM
r1ensurare with present conditions. Specuia-
tive activity continues limited partly because
al HOLIDAYS and partly because confidence is
not fully restored. bEt chiefly because the mar
kat leaders ere not yet prepared Tor an ag-
cressive campaign Many or the large oper-
s-ors are stiI absent and those Who control
IiE lending institutions very properly wish 70
see satsIacloIy o-t--ll--e - - =, = -. - -
,lreerrainries before Withdrawing their restraint
ur,on market operations such restraint Ger
rainiy exists. and 50 long as sucn po"sr u y
crrservatfvely exercised the community al large
.ar1a u5orev outlook is much better than an
-fcsrs-e5 q Few months ago. Crop demands are
now commencing and viii expand Tor some
--ealys 10 come The West may be better able
20 finance the crop than usual. but the HTG.n
uurr New York VIII nevertheless nave 10 be
faced and from now on no surprise need be
serve Is not large. it is about double mat OF
mis- -e-fod for the last two years Speculatlke
-.rc-ltrerreuts have been much reduced ana the
,,-ffrf-euess of the Secretary of the treasury %
srr.oesr so COO 600 Of internal revenue receipts
s., a- errergencv makes the monetary prosper
-.-.ssors hlv assuring A further source OF re-
Tfsr Il F-rI~0ue's readiness 10 renew her credits
- GOOD American borrowers, thus leaving
1a-7ere here more freedom IN proNldlng ioI
5--,-. -eor1ireneuts Mercantile borrowers need
fs-e no alarm. The banks are sure 70 give am
III. accommodation 10 all legitimate mercantile
wants and though rates are lkely 70 pe hlEH
~ i-,0~--z-euferc need be anticipated IN TINS
,-,-ar-er especially as many merchants are pur-
.uf0g q hand-to-mouth policy as simple mat
- I'd prudence In fact, the conservative
.-irst 5isulayed in all classes OF business opera
-iOre Is likely TO materially relieve the pressure
49, 49, - money market and ultimately
,-t-a-prFen the general situation Later on We
.l-r,-15 te importing gold in payment Ior OUT
--fl,-1fr1rsI products for which we are certain
"a GOOD demand during the next SIX months
=. -.--f+ab HE prices. In short there Is now lll-
- al aDv cause for anxiety concerning tne
,-.---s,, market FOR the remainder OF the year
- v-o-er that can happen from present indlca-
-f~ue being temporary nurries NileIl tl-t ~
,-e-~v movements or dividend preparations are
10 their climax