The San Francisco call., 1908-09-10
Bonds. stock. and Money

The New York circular of Henry Ciews says:
IF general business is quiet the prevailing
tendency is Enthusiastically toward increased ac-
tiyity. Railroad earnings a whole show
ing smaller losses both gross and net each
month. In May the percentage of loss in gross
was 10. in June %, in July Is and in August 16.
September will probably show still better, for
the number of idle cars is steadily decreasing,
and the latest traffic reports more encour-
aging Conditions in the iron trade are also i'm
proving, August being the best month of the
year thus far.
1.-The most satisfactory feature however as
far as the security markets are concerned, is the
improved demand for bonds. This was based al
and the prospects for its continuance The de-
mand for bonds came from good sources such
as institutions or those controlling large sums
of money, and was not speculative in character,
although a number of issues have already scored
material advances significant incident was
the sale of $40, ,000, 900 4 per cent PHILADELPHIA
bonds at 103 1-3. contrasted with the inability
of New York to place Az per cents a year ago.
The bond sales on the New York stock exchange
more than a year ago, while the sales since
January have doubled over last year and
reached more than 5000, 900. 900.
THE MONEY OUTLOOK
THE prospects are for continued in
money for some little time to Crop de-
mands viii be easily met and business require
ments are moderate and financial obligations TO
be met during the next six months such as
can be easily provided for. Bankers are in n
very conservative though hopeful mood, and
only new financial proposals of the most ap-
proved character find ready support. August
interpretations were estimated at only S43 OO0, 600,
the smallest total in many months; and the
total since January l aggregated SITS, 600 00O
compared with 81. .219 000,0 600 the same time last
year; another illustration of the severity of the
panic There is heavy accumulation of idle
funds not only at home but abroad Gold is
pilng up in all the leading banks of the world
owing to large production and dull trade. Such
conditions, though the result of unsatisfactory
causes, work out their own cure and are stim-
ulating as regards the future. Gold imports this
fall not at all improbable, since at present
there is no other means OF adjusting our inter-
national balances, which are running largely In
favor.
Stocks may be too high, but as long as we
are free from political scares serious dam
age to the crops the situation will be favorable
to active trading. especially If the market re-
mains under control of the present leaders,
whose purpose is to create strong and active
market The return of many noted fnanciers
from their vacations will further promote ac-
tivity.''
J. S. Bache & Co. says:
THE general business of the country shows
great improvement west of Chicago; the middle
west not much, and the east still less In
the metal market steady conditions prevail
Money is easy all over the world. Capital
here is seeking investment industriously. taking
the safest things first; hence the bond market
shows steady absorption of funds
''All underlying conditions. taking into con-
sideration governmental and public attitude and
future prospects, are better today in the United
States than they have been for two years.