The San Francisco call., 1904-06-30
MONEY, STOCKS, TRADE.
T Thel Foundation Solid and the
Outlook Cheerful

ThsI New o-- circular 81 Henry Clews says;
-fCof oflldecce is E-aGua iy s-re1sthering,
rHlrgt 20 encour1siug crop reports an apAill-
ance q money and tlc absence ~ olsV-I hl-s
Issues i- rhe Presidential campaign Thus
fer it has nct expressed itself ia any decided
urear1 or forward movements. but values are
h1-ee- ing ard good Investments are aosoroeo
ri ID sr1rlrs-ing readiness luch or the buy
irg rle last lew weeks has been = an invest
ricrt character. marginal purchases being al
mincru- because OK ths ultra conservatism
'-.Icea hy the experience Ct the last Two
laars Gil--edEed stocks are firmly held IN
t-rorr boxes. from which they do not seen
-e-s O. emerge 50 thaL current demands from
trscs.1-s lad 70 be- satisfied by new issues,
tle .rlatiug Supply o- older securities being
e1c- lfucly limited Al higher prices and later
c1 -,se Uay come on the market 10 some eK-
~ blL the blg owners are not likely 10 lessen
fl-r holdings al anything i~e present figures
$50 months llle technical position o. the mar
~ such o. Favor an a1fai4le movement
cl- ran irular on arf sz at present the outlook
e.es not promise an. a-lFe prone s1ls,it: - t.e
-At operators E-l ne 1Dl-s-l az 1ne star
g. tut ~ the uarket oI themselves n me
tale that Stow nlS sustained advance '~ill
e. 4utuallg create mere a-tiflty.
TNFL.UE-N r OF THE CROPS
-Crop prospe-t lETr row are IS good a.
rllld ae reasCrau.E expected. ne promise AZ
present is for wheat crop ot about - -, - 2 ,.'5
t,,sheie and a con-. c-or cf II. 000. g0V bales
Corn Is the only b. -kWard crop but nearly al
r1e other cro1s have had good star, a. -
= Cd CONDITION and have reached q degree ot
maturity tEa- VIII enable tAeln 70 "lti-sla---
ordinary s6ter-e conditions of weather, when
-r c,1rse r--s- be- counted upon il al calcula-
tons AhurLalr LarF=sts VIII tlrnl-A -Alcn
relfef rc the cllrtr-- 81 large. not only by IN
curing another season of prosperity u farmers.
hut also By Ee-ping down -e prices or leol
F-3ducts. Wh-.a have had much 10 DO Nith the
.-The none p situaIi6n is quite satisfactory
fr.ul the srocs market polrt ~ fieN Loa---
e4ie tuncz a'e 1ie.-lt-- a.-- go 80 ~ 49,
l.teh higher nan -Hr seteIal -eis -- .'
re-iol- ~ --rt rates ~ interest 2 nnui-
eFr 81 good c-f f-elc-Ia5 ing sto-As sle,- I, -- 4.
d--ler returns --1r cash. me lteh lLa DIE 77--L
e which mus l- preference t1r rla former
--tI such 6iTzl--oss are more nearly eq1ai-
i-L IT. mus- D. renen herec ta@l olr -.i5 -
-InE the lsst -eren Qr eight years ~ aa-
n7 - 1eL -.eH 7-s.s go 80 ,C-5-rs~r.i
-.. rrrr srofk r. money cannot be correspond
-iv reduced u-.- the present inelastie sys-
ms hence t1r-s ulist acclIl- ale anu seek
.-plcymeut il --T- caannels-
THE OUTLOOK
.a-rap demarl- have not yet asserted them
Ives though money viii no ooubt soon b
.-t south Il han z the cotton crop West
IN Requirement slC ll1 De less tnan usual,
r--s--re none j s.-ea5v more abundant than
eue 81 Western enters L = tirpossi nle
r predict what e-=t the war VIII nave upon
.rrernattoual m0EeIaEts. but sold is stiH ar
f.t tl-e Ion g1F1- go ~ - rlt-1----s
q soon arllfE e = N---N ---
sid exports should Europe 50 desire As
Hr.rnr guUrlT ~ iaL DIS VIII Son
D. available, hoWeEe, the prospect oL s9ia
ehinneute grows more and more remote
There IS stLl .lod demand Tor bonds,
which remains u.isat=t.ed iu spite oL recent
idersf issues This significant and Is eN-
client uFncf q leer feeling in financial
circles IN this CONNECTION u is OF interest
q recall the heavy sll---rerun loans made last
year b. the railroads These will IN due sea
zrn mature. and 10 1bt a large proportion
ufu D. turned into 1Ed capital in the shape
re bonds that would I've been uuUarke-aoi Die
when the original loan vas MADE. Ihis. too,
IS ccrvlnclug evidence % better conditions
IRE steel i-dustry Is silI suffering from de-
preston but the WcrT IN this respect has
r-1hzhly beer discuunr-d and the last SIX
--rrfhs % the year 1uElr u show better re-
-.frs fhzn the first he Presidential cam
-- en- Is hardly e fac-C- iu the market Ger
~lv little anxiety IS shown concerning the
..-uTf and Z hopeful sd -lt Is shown IN nearly
g." lines of business outstanding eEpecta-
rs % q quiet suu--e- Very soon the July
h1rrxeulents which l-st year reached over
g-rf Coo GOO viii he ir order and are likely
r he 9 supporting inll=rce-'