The San Francisco call., 1903-09-05

year are the principal matters to be cleared up
before any definite stand on the future pros
poets Of securities is 70 be expected by stock
market commitments The feeling Of conf
dence over the money outlook has gained force
greatly. This due in an important degree
- the understanding that $40, 600, 600 Of Gov
FOR deposit in bank repositories. The inspiring
effect OF this assurance encourages some at
tempt 70 put up prices OF stocks by an ele-
ment Of professional spectators. But the
banks and large controlling interests in the
great properties whose shares make up the
body OF stock dealings appear to have frowned
on these efforts as calculated to defeat the con-
ditions Of security which growing up in the
mOney market The relaxation Of the money
market was felt 20 be very important for the
continuance OF business activity and prosper
fly. Conditions even for mercantile borrowings
nae crown ohero9s, thus threatening the e1-
tension or the depression ana contraction
which had swept over Wall street to the in
dustrial and business structure Of the whole
country. The hope has grown that with the
large liquidation offered in the stock market
and by avoiding new speculative imitation the
usual needs Of the fall season for money may
be met The premonitory symptoms Of the in
terror movement OF currency have appeared
this week and Il Is clear that the practical
test Of the country's money resources is at
hand. Trading in stocks is likely 70 halt until
the test IS made. The Government report on
cotton clears up one Of the important elements
OF uncertainty and is accepted as assurance OF
& plentiful crop. The situation is benefited not
only by its assurance but by its influence in
prompting the large liquidation OF present
relief for the cOnsumptive demands Of manu-
faCrurers and the encoura cement to bankers
- tLltE Dl4ts OF tAels1t-st Win tIt dssAi Silte
OF free movement OF cotton later with which
70 cover the Obligations thus assumed. The
American demand on foreign money markets
for exchange Is beginning 10 loom large in the
opinion of those markets. The advance in the
Bank Of England minimum rate OF discount
from 10 per cent on Thursday was directed
Immediately against Germany. which is max
ing very heavy acquisitions the English
gold supply al this time. But Germanys call
ing home Of credits is indirectly intended for
the American market MS was clearly set
forth N official utferances on behalf Of the
Imperial German Bank several weeks ago in
the form of complaint that German money
was freely loaned 10 foreigners 20 aid an in
dCstriGl competition against Germany.
The recall Of German credits thus may be
regarded as prompted by policy rather than by
the normal money needs Of German markets.
and is made effective in London by reason Of
been employed there ever since the rise in in
terest rates due 20 the Boer expenditures. Con-
ditiCns during the week promise normal pro-
gress in ~ corn crop. but there has not been
lateness OF the crop and lessen its danger from
early frost Fugitive runaors Of damaging
frusts have made their presence already. and
the certainty that they viii continue TO cir
culste. with whatever basis, until the crop
has been harvested serves 10 deter speculative
commitment IN stocks Reports Of iron trade
conditions show an increase Of hOpefulness. but
there have been complaints OF accumulation
Of steam sizes OF anthracite and some curtaiI-
ment Of production in consequence
Railroad earnings continue At a high level
and confidence Of railroad officials in future
maintenance Of traffic is expressed.
The market fer railroad bonds is dull. but in
some slight investment absorption il reported
Government bonds have risen in price in re-
spOnse 10 the expected need for additional hold
ings by the banks 10 serve security Tor the
Increased Government deposits promised.
United States old and new As coupons ad-
vanced . per cent, the new As registered l per
cent and the 2s and 3s y per cent as COM
pared with the closing call Of last week
NEW YORK. Sept 4--There viii be no
sessions tomorrow nor Monday Of the Stock,
Produce OF Cotton exchanges Of this city.