The San Francisco call., 1903-12-24
THE BUSINESS SITUATION
The Outlook Cheerful With Re
ue1gcd -4ctfUtfy Expected
With the Ne1c Year.

henry Cleus. The New York banker. says
il his circular
Ara.-s tr IRE steel trade have been an inn
uc--z-- factor. u-r merely becaus= q United
states steel securities but largely because or
rhe E-sa- Lu-u1r-sA-ce ~ -1ar material iu The
Industrial situation Iron and steel are stil
Tho bes- business barometer. this industry
more than anv ether beng Influenced by new
enterprise and growth. As the couutry de-
velcps r-e demand f-r iron and steel expands
a-s-. and fortunately rlere are no Indications
~ This growth being arrested. on -hs coutrzr1.
-here rs every Indication rha- the growth is %
cr---ur f-r sc-e tine % come The chief OBJ
zlac.= has been tlat in 1892 and 1905 we were
E-rE aleal TOO fast Nothing could check
-hal reccr1-treazinE pace except pruhi5itiF=
prices hence --s ez-ral ordinary high levels OF
Prices. -rE-s and vases There sril
large demand l-- ir-- and steel products ar
price. c-- rlr az recent figures There are stlll
many important enterprises projected that VIII
be deferred ---l- rls steel market settles down
p q fre normal BASS II leW ltfk CITY.
-rr instance. many millions ~ iron ana steel
H.. ce lse- during ---s reN- your Or I'VE lel-s
-.r Improved rrarsE1r-a-l-l faei-l--es- ~-e
Same ---e also i- ---=- large cities Amer
l.-E railroads must. rl- continue heavy pur-
r--ssrs ~ Steel f1r rhelr modern zario-i, which
s-l- z-el- neW railroad across
-1- continent Is I-o- -ec-el Il Canada and ether
-4- N-,e ---l TIE panama al1 L-i-=
.-1-l--eE demand 1acn 1ur constructive sner-
Trrre plenty -t business 10 sight for
---l. -1- a- el as ta--e7 become sell-rl ana
nearer ara likely 90 witness a re-
ri-al activity l- --e s-e=l rra1a- without.
-.e-.r e a4- ana INV me
pl-s t-ar t-s---eL -le boom Culn1iuaring a
.za- aE-- --e --lsslr.lE feature is the eFi-
-eu- -E-ess .t Iar1r % ACCEPT ITS share
70 reaction il This important Industry. wages
had Lee- unusually high and b. was Impossible
q. reduce c-s-s ul--c1r imposing share ur1l
labor. HL.-h had enjoyed ezceurignal adTan-
-az-s A moderate decline j. wages seems
-ts-- r7 D. accepted without The friction and
VEL t-r --e tzrlre. As soon as materials and
wages the lr-n trade get upon a reasonable p
level The 1--= stable VIII business conditions
GENERAL BUSINESS
Gene-a- business IS fairly active FOR the sea
--e .H-u 1r-- s.fe-t -esrtlcrarv reuEencies.
---e-a 1Elai-ef tl rle first case by les
--.- SPECULATION and i- The latter 1y smaller
lr.- ---eu-s- Ire Wesr seems 70 BE- enjoy
lrE --err-- -=t prosperity ard the South is
l1---.---rlE eAloer1nr over t1e high price ot
eFs --e 1-r1e1 or dear cotton -atls Elth
special severity upon the mills some q which
e. forced into temporary c1rlsi r-en-- but
-rr S---h as a whole is likely % have more
money rc eDe11-in 1914 than ever before
Cotton also proved 90 b an Important factor
DUP exports. Last month fN0Ternberl our
-r--r-+-E--e exports aggregated SI60. coo 000 or
81 1nO.llo --Cre than t1 -1e same month last
-=ar Eearly the whole of this increase. SD,
tooooo. Was n cor-ou. and vas due % high
prices and lacEHa-11ess cf the crop While
e-r November exports were only twice ex-
t0n compared uirl Se5. .90l. 600 last year This
-ef- a- excess ~ exports this year 0f SIS. .00o,-
co.. against cess rhll sac COO co a year sgu-
- favorable trade balance easily explains
r-a re-e-- --lE u- gold AID suggests i-s further
leur. r.-ualCe fer period, The present tendency
beng tor diminished Imports regardless Of the
expert Ulcreue-r. although The latter promises
good results FOR the current month.
MONEY AND STOCKS
AS the cI-ze OF the year draws near activity
1u the stock Exchange is likely 20 be confined
within moderate limits Closing Cf accounts
ard al rhe movements incidental 20 the end or
rle year continue 90 divert attention from the
stock market. The possibility of a slight
furry in rle money market also resrraius spec
ulatlCI- Nevertheless there Is a more conf
Ier- u--err1re rC the market and the release
~ about srf1 COO COO for dividends. etc. after
January 7 Is an important factor in the invest
rlerr demand especially as the amount viii
Be u excess u last years payments Ildica-
riCCs csr-alrLy point 70 renewed activity IN the
sock market soon after get into the new
year. and tre probability Is that then the
general trend Of values VIII BE- upward and not
downward A. previously stated. however. the
market uEs- BE- on the watch for surprises
possibly iE the Far East OF in case q the
merger decision.