The San Francisco call., 1903-01-22
Money, Merchandise and Stocks.

BUSINESS STILL VERY ACTIVE
THROUGHOUT THE COUNTRY. WITH
MONEY BECOMING EASIER.
The following review OF the current hnan-
Eal and mercantile situation comes from
ash authority in Wall street:
The stock market is pursuing a somewhat
uncertain course. A decidedly better under
one prevails owing 10 improved monetary con-
ltions; but all attempts 20 create any general
Upward aggressive speculative movement meet
slth only limited success. The real powers
y the market seem averse 10 encouraging any
Fiolent bun speculation at present They
ieeIn equally aNerse 10 permitting a oecilhe OF
any consequence, but perfectly willing 10 per-
nit a luctuating market In which values Will
sradually find their natural level. This nrm
Dut conservative control OF the market %
powerful interests is the striking feature, and
2 some respects It appears to be natural
i1leIoNlA OF ne Pullcs q cuhcelNi alloH M MMlllSA
las been going on for the past few years.
Whatever may be said Of the vast combina-
ions recently created. long maintained
hey certainly possess immense steadying pow
'rs and are a positive check upon violent huc-
nations. though incapable OF preventing ordt-
larry uls and Gowns
As 10 the monetary prospects. the indica-
ions are Tor lower rates than prevailed dur
sr0p demands assert themselves there appear
70 be no shoals ahead save the april settle
nents and the July disbursements. For the
iext nine months there should be fairly clear
iailing, II speculation is kept within reasOna-
Die limits Nevertheless the supply OF loanable
,unds likely prove oversbundant-
The demand for capital from new enterprises
enormous. and the inelasticity Of our cur
'cncy system tends 10 encourage firm rates.
Two very significant events have recently Oc-
,urred-the floating Of So. 100000 OF one-year
,otes at 3 per cent by Lake Shore indorsed
- New York Central. and the large issue OF
pennsylvania equipment notes on a "a per
sent basis. Both Of these corporations pos
less the highest credit and are considered tow
~ OF is-lc-aL s1lsl-stA ge. Iney 1Ie PAYS L
would have done twelve months ago. The
act is there are immense amounts OF cor
3oration paper held by strong institutions; and.
u view OF the big deals contemplated or IN
llperabundance Of funds for some time ahead.
sank reserves should show a steady rise dur
Jg the next few weeks, and the tendency
ought 10 be toward easier rates; but IL is plain
There VIII be little 70 spare for eXtrayagant
I'm other respects the stock market situation
= improving Railroad earnings continue to
show gratifying gains, traffic is still phenom-
snally heavy and. in spite OF the great addi-
ions &c rolling stock. the railroads remain un-
able 70 properly handle the enormous amount
.et up in sight. All this means that the in
iustrial activities Of the country are IN
checked. Consumption is going along at high
sater mark, stimulated. OF course. by the ac-
i've employment Of labor at good wages. Pro-
7uctlon also as a rule, Is being carried on up
20 the fullest limit In fact, the whole coun-
ny IS steaming at high pressure with indus
rial development. the only sources OF COM
p-alnt being the declining profits Of business
ma the late o,ereEEarsion in the financial
markets Prom the latter trouble we
-ortUnately recovering.
Some Improvements can also be noted in the
.oreign markets France has shown uneasi-
aess owing 20 internal political troubles. but
here has been partial recovery in Germany
rom the Industrial depression Of 1901 and 1902
and IN Great Britain a much more confident
.enper is displayed. ProstratiOn following the
Seer war is gradually disappearing, and Brit
81 enterprise shows symptoms OF revival.
thus Tar these changes have not expressed
themselves IN any return OF demand for
American stocks, distrust Of American hnanc-
.ns stil being deep rooted with the foreign in
Festor. A proiongation Of activity on this
SIDE OF the Atlantic may. however. change for
elgn opinion especially we have largely re-
suced our Indebtedness abroad and shown very
'ecently striking ability and resourcefulness
% meeting a crisis
-'Anti-trust and tariff agitation are not IA
sorable 70 the stock market Recent events
-onnected with the coal crisis are also calcu-
zted to create political disturbances These
are influences on which the investor and espe-
sally the speculstor. must keep a close watch.
o. must be confessed. also. that many stocks
seem excessively high ana not very attractive
Investments while money continues at its
present level. II money remains dear these
ligh-priced stocks Will have 10 yield, unless
letter dividends are IN sight. On the other
1and- there are plenty Of stocks which have
-ot had an advance corresponding their
Improved condition. BY careful discrjmina-
ton such stocks be picked up at profit
for we are likely TO have irregular market
3der1nE good opportunities for quick returns" ."