Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-04-14
Securities Market Adequate for Needs

e~N0AA IACS MAJ hci 11OcHudle LOT NSeuS
Tac effect of this favorable development
"u The securities market however, has
H,-. modified by the question OF its AIDE
quay TO meet the waiting requirements
l.-a-.ug over the money markets. t-pon
tH- meeting OF this requirement is felt to
d-9old the averting of the forces OF re-
AEON in business and industry which the
fill 'u the stock market was regarded as
p"rt'uding. The doubt felt on the SUBJ
Je''t Is tostered by the obvious Limitation
"t tl.e easier money conditions to a field
U"." OF less circumsCrihed. Money on call
q. a." stock exchange has fallen to almost
h"Hihai rates. and rates for time loans on
St'ik Collateral have yielded materially
owing 10 marked diminution in the de-
maud for such accommodations as we'll
'tS the substantial increase in the supply of
ndS offering In other departments the
rate OF return on credits shows a wide
discrepancy. Such railroad notes as have
"'"h sold since the LIST of April show no
abatement from the onerous terms exacted
Toy such credits previous to that time
The rates on prime merCantile also iaiI to
SOW relaxation below the per cent rate
'} above ruling for some time past. The
signs OF relaxation in time money haze
given rise to a prompt revival OF various re-
ports OF note issues by railroad ,.ompanies
Z" finance immediate requirements Large
payments remain to be made I'm s,ibscrip-
tons To new securities already issued and
there - large volume of securities au-
tli"rized and awaiting only an improved
money position To be issued and offered
in the market Evidences of revival in the
bond market gave hopes Of an effective Alb
snrption OF the congestion of issues which
had logged the market for some time past
IT. the hands OF underwriters and bankers
Trade Activity at High Level.
The subsistence Of activity in the bond
market this week has served To dash the
confidence felt for a time over this deveI-
opment, There is less agreement felt also
over the outcome Of possible slackening
al the money difficulty. Continuance OF
trade activity at the high level Is recog-
nIzed involving sustained tension in the
money market. but increased considerat lion
Is given to the reduction i'll earnings for
distribution to share capital which would
result from such a slowing down Of trade
would offer any effective relief TO the
market
Signs OF reaction in business thus far are
few Suspension of projected betterments
bN tile railroads is cutting down employ
m-ut of labor in some directions. The posi-
finu ia the copper market has been subject
-. dispute. The fall in prices of copper war
rants In London and of the metal at the
Now York metal exchange have been de-
MED true significance by the selling
agencies of the great copper producers, but
have had their effect on shares of the cop
per companies nevertheless. with some
sympathetic effect on the stock market as
n whole.
Reports from the iron and steel trade
have a confident tone and assert sustained
demand and undiminshed orders The
mercantile agencies also report that bust
Tess shows signs of shrinkage. The
progress of the coming crops as factor
IN speculation was brought into prominence
~ the publication of the first government
crop report on condition of the winter wheat
crop. which was regarded as satisfactory.