The San Francisco call., 1908-11-28
MONEY AND TRADE
Money Plentiful, Both Here and in
EurOpe-Exhibit of Exports
and Imports

The New York circular of Henry Clews says:
Monetary conditions are'generally satisfactory.
Credit is much sounder than for several years,
and funds are readily obtained by all good bor-
rowers. Interest rates may become somewhat
nrmer toward the close of the year, especially
as the mercantile demand enlarges, but money
is likely to remain abundant and cheap for
months to come These considerations are re-
hected in the bond market, which shows steady
improvement. More than 500. .0O0. 900 in new
issues have been announced this week Large
sums of money awaiting investment, as
demonstrated by the promptness with which all
desirable issues taken up, several noticeable
examples having occurred during the last few
weeks. During the remainder of the year and
probably during the first six months of 1909
there will be considerable issues of securi-
ties The records show that over $1,500, 900 600
In new issues have been made thus far this
year. which is considerably ahead of last years
record, although allowance must be made for
issues intended merely for refuuding purposes
Nevertheless railroads have been annually
absorbing about 81, ,000. .000, 900 of new capital
and this rate will unquestionably be accelerated
during the next few months in order TO finance
Improvements and extensions that can not longer
be delayed Apparently the money market is
quite able to meet such demands, assuming they
will be judiciously distributed; and the effect
upon certain lines of industry will certainly be
favorable. A better demand for iron building
materials, and labor is already in prospect, all
of which is evidence of the various ways in
which recuperatiye influences are actively at
work
business Improvement
The improvement in business affairs referred
to In our previous advices continues. Compari-
sons made with year ago just now would be
misleadingS but in numerous instances the
volume of business transacted is as large in
1905 at this time. There is still much room
for improvement, and all lines of industry have
not yet shared equally in the recovery; yet the
progress which has taken place since a year
ago is simply marvellous and beyond all expec-
tations. Fortunately, our bankers and our great
industrial leaders continue in conservative
mood. and firmly opposed TO the creation of
anything like speculative boom, which our
unrestrained and mercurial spirit would no
doubt welcome and perhaps enjoy for brief
spell.
Our export trade continues 70 lag rehiud in
a somewhat disappointing fashion. This waS
largely. due to lessened shipments of cotton and
other agricultural products. In october our ex-
ports valued at SIT. 100. 600, or $500, 900
less than year ago. Meanwhile imports were
only S102. 100. 600. the smallest October since
1904 and SO. 500. 600 below last years total Ex-
S6S, ,340.0 600 in 1907, so that the trade balance
regarded satisfactory, but our foreign
trade is evidently still feeling the effect of
business depression.
The financial markets of Europe in better
condition than a year ago, though there has
here The United States leads not only in
booms, but in recoVeries from panic; thus sus-
tanning its reputation for strength and optimism
J. S. Bache & Co. say:
Money should continue easy and be ample
to meet the requirements of the commercial
France both report further increase in reserve
this week. The absorption of gold by the Bank
of France continues, amounting to nearly So 000,-
600 yesterday. This brings the total holdings
Of gold by this great institution up to SELL
600, 900. This is Sl37 O00,0 900 greater than at
than at any time before in the history of the
bank"