The San Francisco call., 1904-08-12
CONDITION OF TRADE.
The Situation Improving, With
Money Plentiful

'The Wall street letter ~ Henry Clews says;
The stock market exhibits A strong ana
cheerful undertone in spite Of ahsenteeisH,
and unfavorable reports concerning the wheat
crT-1- which induced more OF less realizing in
ne early part of the week The hopeful feel
ipg sn1W SO prevalent I'm the street is due tc
ghe changed position ~ leading bankers and
fnaDciars Who have abandoned the excessive
lv v'lorsertarfve attitude which they held for
'ste. LAST year Two and assumed one Of re
reu-ed confden1e in the future. The reasons
foF 5hfs change Of attitude plain They
are 10 the prospect Ol another profitable hsr-
vest. - the Improvement in the iron trade.
~ the practical certainty of easy money and
a. -he absence of any disturbing issue m the
Pres. Dental election. With such an array of
tn19enoes on the slce Or iulproV eTnenJ ana ana
s is rot likely that the big leaders viii lose
9lch an opportunity ~ putting the market
uron higher level
THE IRON TRADE.
'Ths Improvement in the iron trade is more
than talk orders have recently been placed
ror over 10000 tons ~ pigiron. which shows
thar trade leaders who are IN best opinion
To- judge believe the turn for The better has
cone The Iron trade rs as good a barometer
l5Nler r1e new conditions as under Ine Old.
End rhe way In which orders are coming IN
spd furnaces starting Is indsputable evidence
thar ir is business and not sentiment that is
sae-- orders on their books than at any time
rs-l~ year the turn naturally bringing in q lot
ar buyers who held back for that event In
the dry goods trade there are also very proulis-
ing signs Cf improvement Buyers are taking
hold with more confidence on the discovery
fhsr supplies are scant and prices Of finished
goods ara more firmly held in spite Of the de
cline in cotton. General business is almost
eteIy-Where reported in a satisfactory condi-
ZION except where temporarily disturbed by
'str.lzes Iu trief The expectations Of q good
FAN trade are slmoSr universal, North, South,
East and West alike.
MONETARY SITUATION
There Is no need Of concern about the
monetary situation our local banks carry q
bs surplus reserve Cf about $50. 600 o00 which
o - tle -erEest IN many years at this period.
fne vest and South are also amply supplied
WIN funds and the crop and business de-
gsnds are not likely 10 cause any embarrass-
r,ert. in the money markets. On August 1
,lhe stock ~ money IN circulation in the
crease az sl64 COO 600 IN the last twelve
months OF this increase So. 600. 900 was IN
e-1ll Nsin. STA 10000 in gold certificates and
s'l.ooo.eoo in national bank notes. During
sne- last seven Eears we have added about
$3.50 zoe No1 ~ our stock ~ gold and about
500. COO coo ~ more 10 supply Of bank
slete- raising The per capita circulation in that
period from s23 70 s31 such an enormous in
crease l our currency supply. out Of all pro-
lrt- % growth ct requirements. IS sure.
z maintained 70 have a stimulating effect
lr7- values especially when The latter are
F.iel lower plane than formerly as Is now
Lhe case Imitation may be undesirable but
IS --st as certain under favOrng conditions
- IS "a -a-l ln values from undue contraction
S-t are The Influences which are at pres
err governing the stock market. The only
SraN aezs are the injury 70 the wheat crop
continued labor agitation and the possibility
~ INJURY ta The crops during August and early
SepteUter