The San Francisco call., 1908-12-29
MONEY. STOCKS AND DIVIDENDS
Interest and Dividend Payments Janu.
uary First VIII Be Very
Heavy

The New York circular of Henry CIews says:
The money market is again the DONNA ting
factor. Time money is plentiful at 3s4 @4 per
cent and seems likely to so continue for some
time ahead. Mercantile requirements should in
crease trade improves, and large demands
upon the money market seem probable from new
security issues, but the future of time money
for the next six months is generally regarded
with complacency. In call money temporary
stringency is not impossible, as high rates often
occur in the closing week of the year previous
TO January disbursements. BY the middle of
next month, however call money should be
normal once more. The big shrinkage in bank
reserves, due largely to government Withdrawals
inspires cautionary feeling, especially as we
should be facing a deficit in reserves had not
loans undergone sharp contraction OF over
reserve has receded fully $50 600, 900 during the
last three or four months that there has
been heavy contraction of lending ability on
part of the banks, which must have materially
restrained speculative activities. and no doubt
largely explains the recent declines. There is
still noticeable and commendable spirit of con-
servatism among bankers, which. while not dis
couraging healthy speculation. turns deaf ear
all questionable enterprises and get rich
quick schemes. 1t is many years since bank
ing conducted on such sound and conserva-
tive lines as at present and the results will un
EXPORTS AND IMPORTS
Gold exports were not important, but they
invite attention TO two facts-frst, the continued
extraordinary accumulation of gold by the Bank
of France, and, second, the unsatisfactory state
OF our foreign trade Our exports of merchan-
disc in November were only S161, 600, 600, de-
crease of S43. 600. 900 compared with last year,
while imports fell to sl04 900 0O0 or 81. .00o-
600 less than last year. Both exports and i'm
ports were the smallest in any November for
several years, rejecting not only dullness at
home, but also abroad. The of merchan-
disc exports for the month was only $57 900 000
which was much less than usual and which in
connection with the selling of American securi-
ties would suggest further gold shipments were
1t not for January remittances and fairly liberal
takings of our new bond issues. In IL months of
the fiscal year exports have fallen $152-
600, 600. while our imports showed the tremendous
shrinkage of 1926, 900, leaving excess of
exports for that period of $3.50 900 000 compared
with $3S5, 900, 900 year ago. Such were the
enects of the panic upon our foreign trade. Our
sales abroad were curtailed much less than our
purchases. tendency which. Of course, served
TO strengthen condition financially.
JANUARY'S DISBURSEMENTS
A good demand for bonds is of the most
satisfactory features. Investors seem inclined
to discriminate against stocks because of their
high level and because there are numerous good
bonds TO be had at about per cent level
January disbursements estima ted at about
$3.50, 900, 600, practically the same as last
year. Some decline shown in dividends to
be disbursed, but this Offset by increased
interest payments, due chiefly to bond issues
by the railroads. The railroad situation is grad
ually improving. Earnings are beginning to
make favorable comparisons with the panic pc
ri0d of last year, and in spite of idle cars many
of which doubt should be in the scrap heap
the volume of traffic is almost up TO that of
1905. so with better rates and economical opera
tion the railroad outlook for 1909 is quite salts
factory