New-York tribune., 1906-03-26
THE FINANCIAL MARKETS.
DULL WEEK IN SECURITIES ENDS NTH PRICE,
HEAVY.
Money Market Still ChecE Speculation Better Conditions
Hoped for in AprI
THE WEEK IN WALL STREET.


out the week. price changes az the close show
ing little important difference from the last
quotations Of the preceding week despite tne
fact that at times there were wide fluctuations
in values In certain issues. notably Readihs'
aggressive speculation was recorded, put IN 'He
majority OF shares there was little aC'i'''S'
while the general character Of trading cid hol
suggest the immediate development 'I a pis
movement on either side OF the speculative aC-
count Conditions in the money market are sun
unfavorable for bull operations in the STOCK
market but some of the best posted men IN the
Street believe that there may he chahSe III
April which viii encourage public demand
for securities especially as the greater huu'oe'
Of issues are now selling many points uIlue'
the best prices Of the year, which were recorded
in the January rise. OF course. the various uh-
certanties in the situa tionas. for instance tue
differences between the miners and operators III
the soft and hard coal fields. the unrest over
the bad conditions in the insurance world and
the agitation against corpoTatiOns-may serve
10 POSTPONE the resumption Of bull activity, hut
fortunately there is nothing in these factors
which is working against the intrinsic value OF
securities Vested rights are not in danger
Investigations into corporate affairs are belnG
made in the interest Of stockholders ana az
tempts by Congress and state legislatures 10
establish laws governing railroads and industrial
lean investments with greater protection from
the dangers which at times have developed from
the greed and criminaHty Of men in control ot
the peoples money.
Conditions in the local money market in the
last week did not encourage the expectation OF
easier rates for funds in the near future, but
on the other hand there was nothing in the
position Of the market which suggested the de
veopment Of stringency at this centre. While
the holdings of the local banks are unusually
small for this period of the year. there is no
reason for uneasiness on the part of the mer-
camille community. fnasmuch as foreign lenders
are putting out their money freely at this point
through the medium Of the exchange market,
and in the event of a further advance in loan
quotations gold doubtless will move from Eu-
rope to the United States. Engagements Of the
metal which were made by one Of the city banks
last week showed little if any profit on the
transaction. and in some quarters of Wall Street
the opinion was expressed that the operation
was conducted solely for effect on the stock
market. The demand for funds in all parts of !
the country is extremely active, owing to the
prosperity in all lines Of business, and the will
ingness Of borrowers to pay the current stiff !
rates for loans indicates extreme confidence on |
the part Of business men in the rutUre Of trade.
There is an active inquiry for money in connec- |
ton with the opening of spring engagements in !
the business world and the beginning of the |
planting season in the agricultural sections.
Paris is drawing on London for gold in con- !
nection with preparations for the financing of /
the new Russian loan, and as London, Berlin |
and Paris will have the burden Of helping the |
Russian government it is not likely that for
eign bankers will be willing 70 send large
amounts of the yellow metal TO the United |
States unless conditions at this point should |
develop most urgent need for assistance Of this
sort OF course, money moves 10 the centre (
where it may be most proftably employed. and /
as rates for loans in New York are now higher !
than they are in Europe, foreign bankers are !
extending credit to this country in the shape Of
finance bills. which local borrowers expect to |
Iiquidate al maturity through the excess Of ex-
ports Of merchandise from the United States. |
Rates Of domestic exchange at interior cities on
New York do not favor a large movement Of (
money 70 this place; indeed, the inquiry for /
money outside of New York is so active that I
shipments Of currency to the West and South
are being made in large volumes. In the week /
money was transferred through the Sub-Treas- /
ury to San Francisco. the movement represent |
ing a withdrawal by Japan of funds on account !
Of the recent japanese bond issue, final payment !
Of which made last Tuesday. The opera /
ton will involve shipments of gold from. the /
Pacific Coast, but this drain on our money sup
ply will be offset by the extension Of European
credits here
Trade reports received by the commercial
agencies covering all parts Of the country pre-
sent no evidence Of unfavorable mercantile con
ditions. While there has been slight falling off
IN new orders in the iron and steel industry. the
various companies have on their books con
tracts which Will keep their works busy through
out the second and third quarters OF the year
II is not likely, however that the present Iu in
this department Of trade viii last for any length
Of time, and in this connection II is interesting 10
record the fact that at the close Of the last week
pig iron producers expressed the opinion that
prices would advance in the near future. The
demand for structural material is large enough
70 suggest an increase in orders Of consid-
cradle size before April l. The United States
Steel Corporation is handling a volume Of bust
ness far in excess Of that arranged for at this
period in any preceding year and according 70
information received from official sources earn
ines in the current quarter VIII be far in ad-
vance Of the excellent results obtained in the
same time i'm 1905. Great activity prevails in
the market for steel rails and it is only a oues-
ton Of few days when important new con-
tracts will he placed by Western and Southern
roads The total tonnage now booked for 1906
is 100000 tons. while contracts are now pend
ing for between 10000 and 100000 tons
TRUST AND SURETY COMPANIES