The San Francisco call., 1904-06-16
MONEY, STOCKS, TRADE
Current Conditions and the Out
look for the Future.

The Nevv York circular Of Henry CleVs says;
--An0ther uneventful week has gone by. leaV-
ing Wall street in the same conservative mood
which has now prevailed fer weeks ana months
n anything, there is a change tor the petter'
and the wave % pesslmism Whicn mas long
been heaviest here is gradually giving way 70
more hopeful views regarding the future Op
20 cate this feeling has been more IN the ma
1lents o an unfavorahle character have been
amply discounted 80 Tar as the stock market
ts concerned and that no good reasons exist
f1r any further decline Consequently, reports
" lessencd business activity. decreased railroad
earnings smaller bank clearings. etc. have no
effeet whatever On stock Exchange values: they
belong to the past Wall street generally being
r---sf interested IN the future and hut slightly
concerned with the present.
Attention now Is almost entirely centered
upon the crops. These arc generally progress
ing satisfactorily. the only complaints being
az heckw ardness IN some regions ana INJURY 70
winter wheat Very soon harvesting OF the
latter viii begin. and then other crops will
follow in quick succession Anotner W.
months VIII practically settle the crop prob
leu and should The prospects continue IA
Korahie may anticipate general revival
- confidence while on the other hand any
real disaster 10 the crops this year will have
much more INJURIOUS enect upon business
.olr Industrial boom was in full swing and did
fnuch 20 counteract thar disaster
MONETARY CONDITIONS.
Monetary conditions, II must be admitted,
are generally favorable 70 better prices for
stocks Loanahle funds are plentiful, and gold
exports have been checked by the fact that
fore ign demands seem satisfied for the present.
7-he Fsnk "a France holds an unprecedented
supply % sold, while the Bank Of England's
reserve has risen 10 point where a reduc-
rion in the bank rate seems possible. There
fs therefore much less tnducement TO ship gold
il spite of our large supply and redundant
hank currency, which. of course. facilitate eK-
ports ID would cause no surprise II Europe
should make further calls upon Us, still. two
~ The most important factors IN he export
r-0tcueut-the Panama canal and the Japa-
nose way ga .rneuts-are now out OF the way.
and these facts lessen the reasons for gold
eIlu luulents other hlncraDces 10 gold shipments
~iH also come into play ere long. Crop de-
luauis UtI begin: first Tor winter wheat,
which usually develops IN The last half Of June,
and next tor cotton. Tie movement OF when
always cllls FOR large shipments Of currency
to the south from New York Then viii fol
lcH inc demands lor spring Wneat. corn. slc
Il is useless % expect the South or the West
10 r1eCt these demands unaided- Balances now
held here and swelling deposits VIII be drawn
drain Tor crop purposes upon this center not
outstanding the t-repeated assurances that
she West and south can take care Of them
selves. The backward and forward now OF
currency 20 points whore it viii do the most
service and secure the best returns is as
natural and as certain as the Ldes OF tne
ocean and pays equally slight regard 10 pride
o. location or nationality. The monetary sit
uatfon as q whole is satisfactory aside from
THE possibility Of a Treasury deficit and the
operation of redundant bank currency. which.
in times of stress, would materially encourage
gold exports.
zone of the most depressing features is the
condition of the Iron trade and the growing
supplies Of pigiron in the face % curtaied FRO
clctlon- etiA another dlscourag cement IS me
labor situation and the derlorable state OF an
archV which SITS iu certain parts Of Colorado.
The outlook Of the market is toward sin
further Improvement. Values respond readily
10 good news. and there is neither disposition
nor necessity for selling desirable secuf ties
As before said, the big men are not likely 10
assume very aggressive leadership until the
results Of crops and Presidential nOmina tions
are known. As FOR the Russo-Japanese war.
.- has no immediate pronounced Influence on
rrlceF''