The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1904-11-10
Afoner. stocIls and Business.

TIE New York circular o. Henry cIews says:
"As the future o. the market. granting
g. that has been claimed regarding the effects
q 6 profitable harvest, q business improve
mert, of easy money. or increased railroao
earnings and other favorable features. such as
the activity II iron ana copper j must De
recognized that these have been amply ais
counted. On their merits the majority q
soc stocks are fea-iE hish enough some n
facr are toO high. and bargains are scarce. II
not entirely absent Al The same time the
Speculative spirit has been thoroughly aroused
arE IS being sEufully nursed by those who
etI have stocks in plenty 70 sell. The big
banking houses are also interested IN prevent
Investment demand Tor good securities demon
Etrared by The rapid absorption OF recent bond
issues ana anording bankers a desirable op-
portunity for carrying out long deferred plans.
Tie next few weeks may consequently witness
re notation q number OF new issues II
conditions continue laForape. 50 that the op-
erat-ons Of our leading hnanciers naturally
make them as much averse 70 any important
reaction as 70 any rampant speculation The
market thus seems In an exceptionally salts
1actory condition, having the double advantage
O. national prosperity and the restraining
power OF powerful bankers who are more vi
tally interested 10 legitimate and successful
national development than ia hazardous specu-
THE OUTLOOK
some uneasiness was caused By the re-
neEal q gold shipments 50 far as The actual
Tor anxiety our present stock is unusually
large and we produce about $50 600 coo an
nlaliy. 10 say nothing OF receipts from the
kl0ndike and Australia The worst that could
r. al-ticl psreo would be q temporary reduc-
zion q the bank reserves and a hardening OF
money rates. the latter contingency one that
would not meet with much cisapproval IN
conservative banking circles. There IS an
o-ner view. however, OF unusual 8 move
= emf az this season when the supply OF uro-
clce Bills ought 10 be large enough TO pre-
went gold shipments. and that Is the strain
Imposed upon the Paris and Berlin money
MARKETS ~ the Russian war loan. Paris Is al
Eeac1 loaded Up 10 the brim with Russian
bones and eXtraorci mary measures have been
G--le 70 prevent panic there IA case OF Rus
go clteat. Government regulations now
frohlbt luture or short sales in order 10 pre-
Ne-L ceciine. but this operation may easily
prove an element OF weakness fnasmuch as
were VIII be no purchases On the short account
= support the market IN case OF q break The
lore-gn situation If one that requires close
Na-ealngi Tor. while our own market is IN
go shape a crisis the European borrses
here 'i-ii1e--oe
The prospects are for an active and ,r-
teel-er market. with possibly wide luctus
LtAs- higher prices may prevail before rhe
t'p IS reached, but values are already On +.
t-A -efe- ana the temptation 10 take profits iS
-11H-l6- = number OF large traders have
500 out and become bears for the time being
eAce division Of opinion occurs which works
- egl-arity and more active trading IN
-toia1-e Dank statements and sorueuvha+
lIaer money rates have been looked 90
s7-ea--l as the Government may reduce -
deposits IN the banks but NOT r1I,ch ,sSe+,,~L
ence Is likely from this source as fursS ,.,t-b
tia"n Tor crop purposes viii soon BE- RETURN
l-s me January disbursements ans inHysef
gent demands sre not FAR away. and 49,
l--sL exert a supporting effect. %