The San Francisco call., 1913-11-19
LOCAL AND GENERAL FINANCIAL AND COMMERCIAL NEWS
T NANCE OUTLOOK
BEGINS TO CLEAR
Fundamental Conditions I'm
proved, but Conservatism
Is Still Advised


Henry Clews, in his review for the
ment in the financial outlook The
most tangible form of improvement
has been in the Mexican situation
last week was largely responsible for
this change.
Another important aid to improve
ment is the partial clearing up of the
money situation in Europe. Condi-
tions in Paris have distinctly i'm
proved; sufficiently so to facilitate
the placing of the new French loan.
Wnich no longer causes any uneasi-
ness; Moreover, the great banks of
England, France and Germany have
succeeded in fortifying their reserves,
factor of much Importance, consid-
erlng the recent strain upon European
finances, which Is evidently subsid-
ing.
There is some contraction in the
volume of business, but thus far there
mas been no serious shrtnkage In con-
sumption. and the remarkable manner
in which railroad traffic is sustained
proves that there has been no serious
impairment In our varied national ac-
tivities,' says Mr.. Clews. The latest
government reports show that the corn
crop has been underestimated, and
about 2.500.000,000 bushels, which,
when added to the amount left over,
Will leave an abundant supply OF that
valuable cereal both for home and
Summing up, he concludes: Taking
all in all, the financial outlook is
stiu more or less perplexing, but be-
gins to look more like clearing up
There has been some Improvement In
fundamental conditions. and as the
Mexican situation shows more posi-
tive improving tendencies. we may
soon expect fair recovery in values
"a \. 6xrn af fuI
operations should still be conducted
upon conservative scale"
\
BETTER TONE ON EXCHANGE
There was a better tone to local
securities. on the San Francisco Stock
and Bond exchange this morning.
Transactions totaled a par value OF
S11, 900 in listed bonds and los shares
of listed stocks. In the former United
Railroads As were the leaders, holding
firm at $52.75. Associated Oil stock
was steady at s3S.25. while Northern
California Power remained at $24.75.
Prices generally held firm. In the un-
listed division no sales were recorded.
DIVIDENDS ARE EXPECTED
Divends of Ray Consolidated, Chino,
Nevada Consolidated and the Utah
Copper companies will meet the latter
part of next week for dividend action.
1t is said that regular quarterly divi-
dends will be declared. In addition,
Nevada's stock holders are In line for
an extra dividend of SO cents a share,
which probably will be declared as a
year ago.
NORTHERN PACIFIC DECREASE
A private wire dispatch to E. f.
Hutton & Co. says that the estimated
gross earnings of the Northern Pa
ciflc railway for October were $7412,-
257, decrease of about $255, 1000 ALL
of the loss was due to falling off in
freight traffic, as earnings from pas
senger business were somewhat bet
ter than last year. In four months
ended October 81, gross earnings to-
tailed s2s.654,976, an increase Of
$425, 600.
LUMBER INCREASE DEFERRED
Notification has been received by
the Southern Pacific company that the
proposed increases on lumber rates
from points in California to points
in Nevada have been suspended by the
interstate commerce commission for
two years, from January /, 1914.
y
CHINO COPPER's QUARTER
The report OF the Chino Conner
company for the three months ended
September 30 1913. compares with
that of the preceding quarter as fol-
lows:
Third Second