The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1904-10-14
CONDITION OF TRADE.
Prospects for Another Good Year
Deemed F9attering.

Prospects for Another Good Year
Deemed Fqattering.
The New York circular Of Henry C1ews
Rays:
The week has been fruitful in favorable
developments. A number Of very sstisfac-
tory railroad reports were forthcoming, some
OF which showed gratifying gains in gross
earnings. others important reductions in
operating expenses while others have Joined
promised join the ranks of dividend
payers. All Of these disclosures prove that
the railroads, as q whole are enjoying con-
tinued prosperity. Nor is this all Traffic
managers appear very confident in a continu-
anee OF this prosperity for another season. and
- must be conceded that such views are well
supported. AL doubt about the crops is now
AT an end. and this removes a very important
restraint upon bullish enthusiasm We
finally assured Of al abundance Of corn, and
this even II the expected ,, SOC, 600 900 crop is
not quite realized is one Of our most i'm
portant sources OF national prosperity. We are
sure also. Of a big cotton crop, some esti-
mates now reaching u, GOO. 600. and while early
frost might cut OF 100000 to 200 600 bales it
could not DO serious injury. Even the wheat
crop is threshing out better than the crop
killers were willing 10 let US believe, and in
consequence OF these developments the prices
Of corn. cotton and wheat are receding from
the excessive high prices which they long
ago commanded II lie now demonstrated be
Nond doubt that American farmers-East,
West and South-are 10 enjoy another PROSPER
ous year which is the ali important FACT in
The business situation.
MONEY. SUPPLIES INCREASING
one Of the main sources Of buoyancy is
The increasing supplies OF money. Several
millions Of gold are now the way from
Australia 10 be added already pIethoric
stock Of gold the inaationary effect Of which
upon values Is not yet fully appreciated. our
circulation increased over So 500 600 in Sep
tember. and is now more than $3.50, 600 600 in
excess OF october ] last year This redund-
ancy Of money and its effect upon interest
rates is unQuesrionably one Of the most pow
erful elements IN the present bull movement.
Among The satisfactory features OF the
trade. A good many orders have recently
been placed for iron and steel so that q mar
tai cessation OF demand may follow during
confidence, trade and enterprise which is gen
orally observed promises a continued demand
during 1909 The turn in iron and steel bears
the stamp Of permanence. The revival of en-
terprise Is also strikingly shown In the re-
cord Of new corporations. aggregating see Co.,
600 IN September, compared with $50 600 600 In
August which the low record month
Failures are on the decline and business is
sunerlng no interruption whatever from the
election which is somewhat unusual Strikes
are on the Wane. Everything points To q
widespread and moderate recovery in both
trade and industry. There Is no material
Tor a boom, and large expectations are sure
- be disappointed. AS is always the case
Wall street has discounted this Improvement
IN advance because the captains of Industry
and finance are naturally the first 10 observe
the change in fundamental conditions