The San Francisco call., 1904-02-26
MONEY IND STOCKS.
Possible Contingencies Rcnde,
Both Uncertain at Present.

Henry CleVs says in his New York circular.
he stock market acts as 10 confused by
~. 'lultiplicity ot Influences chief cf these
course ls INC "ar ana its Dotentiallties-
u Ire struggle IS confined % Japan and Rus
f.f - q fro1anlt VIII he. its effect upon the
r nnanciEI markets viii not De serious
Et tfose who control The purse strings in
f-r1re are much more sensitive about the
er ~ The war than financial leaders in the
ErehereiFe of the effect ri defeat upon the
l5@an empire which is weak financially.
I.-oerisfrt-- there Is r. fear IN sn ,1prisin.
r-Is String I'm the Balkans. the outcome ~
r-r' rs entirely beyond calculation; so that
t.f foreign situation is Ear from being as
These contingencies however. can Only ef-
e-I MS market indirectly through the foreign
r0nIses The local market for Tho time being
lE chiefly under the control IF home conditions
These IN must be admitted sre- not entirely
Factory The apparent fricion betTeen
Pho Gould and Pennsylvania interests: the
rfaEt new capital commitments of the big
railroad systems and The certainty IT more 10
.'h- Lne oolnfnenceinenf ef cutting on gram
rates. the reports on decreased earnings on
fH. roads the disturbing conscqUences or
rh7 c0 aust in cotton the effect of THE Panama
canal payment upon the money market and
rrf urcerta inrt concerning rhe- approaching
Northern Securities. decision have contributed
tr encourage Iiroft fixing and 10 discoursg
purchases on the dong side Were it not for
mo clrnlenr Urcert0ne reflected ia good
ha .or bofas and snpperieo 5y me eyi,
cenr = o0ri ete iql'dation thers you'd
u-couhteci1 1c moro asE-essiTcncss srnong
e--euftd risks the short side. Professionals
have sold The market 10 only limited extent;
frr Pc resistance shown 10 unfaTorablc Condi-
lions Is surprising and eNceedinely sstisfsc-
ro-T AT present rhe market is ln . waiting
atfirule and greater activity is not likely
ro develop until some of the above uncertain
r.rs are cleared away.
TIE MONEY NARKE ET-
The money market. however shows little
u-es- -iness over rte situation. both time and
ca'f money being ulent'ful Even the PanlBa
cana. payments o. NOT disturb bankers here.
who recogr 20 thar preparations are made I'm
advance and that actual transfers viii fall
much short ~ fne tOtai payment. As FOR rail
I'D earnings decreases must BE- expected m
N'rW ~ The severe weather. Whicn both re-
re-ls traffic and increases eEpenses
Present f-r+lafionz are dependent almost
entirely upon room traders operations. TIE
rlulr are rot iu rhe market to amy great
extent and herein lies the latter's principal
saferr stocks generally speaking. are ia
slrlug hands and while big bankers show
deposition rr support abe market. prc badly 20
facilitate rhe rkeriuE of new issues. there
i-- no disposition whatever among the real
headers no encourage SPECULATION. on the con
-ra-- there is au evident determination %
rfe .Cat recurrence ~ the Wild piungine
orerarloss which chsrecrerized 1902 and 1903
Tnf policy af our leading bankers Just noW
q pears ro be- that ri acang rs q steadylng
r.leer sr least uutii the financial and indus
r. "a. Interests az The country have had n
GRANGE to recuntrate from the reVerses 81 last
z.ar gust such treatment as this that
rhe ruau- -al markets require