The Birmingham age-herald., 1907-06-24
FINANCIAL REVIEW OF THE PAST WEEK Securities Markets of World
 Are ApathetIC BUT FEEBLE FLUCTUATIONS Money Situation Abroad Ia Causing More Anxiety Than In the Un. ted States-Money in New
 York.
BUT FEEBLE FLUCTUATIONS

New York, June 23,-The securities mar. kets of the world were heavy and apa- thetic during the whole of last week, prices fiuctuating feebly In either direc- tion, There was evidence of liouidation. but demand was prostrate and no power Of recovery could be perceived, The strain of the semi-annual money settlements caused some anxiety, and markets evi- dently are awaiting the passing of that critical period,
 The money situation abroad is of moro anxiety than in the United States, It is, however, decidedly reflected in our own markets by the withdrawal of gold from New York to build up the reserve Tn Paris, The motives of the French de- inand for gold are canvassed with inter- est. One obvious motive is the purpose of the Bank of France to recoup itself for advances made to other markets during the strain of last fall and winter. Many millions of discount bills were taken in the London market by the Bank of France to mitigate the strain there for the sake guarding of the financial posi- tion 1F the world, which would be af- feeted by any troubles In London.
 There are many large French advances made to the Berlin market also. Mean time trade continued very active in France, and the French bank found itself many millions below the gold holdings of year ago, while it's loans and note issues were much greater.
 The sustained rates for money in Lon don have enabled the London banks to shift the French demand upon New Yorh. The persistence of the French demand gives rise to fears that political causes in addition are dreaded. The popular up- heaval in southern France over the dis content of the wine growers and the over turn of the Russian parliament are re- garded as containing the seeds of danger for the French financial position.
 The semi-annual settlements at Berlin are admittedly heavy, and an over-eX tended position there is dreaded. Extra ordinary demands are made also on Lon on, so that special facilities offered by the Bank of England for gold shipments have started gold exports from New York to Landon direct.
 The rates maintaned by the great for eign banks, 1 per cent by the Bank of England, 5i4 per cent and 31a per cent by the Bank of France, are higher than at this period for many years past, and are the index of. the strain upon money sources.
 The July 1 requirements on the New York money market are sufficiently oner- ous to make it clear that funds for any speculative movements in the securities will be lacking, pending the preparation for these requirements. Tn fact that dull neglect instead of active weakness IS the feature Of the New York stock mar ket, under these circumstances, is a proof of how much has been effected already towards the completion of the liquidation necessary to anticipate the conditions. Appearance of stocks show the same un- responsiveness to current developments which seem to show check to domestic trade.
 The backward spring has resulted In some accumulation of mercantile stocks and orders for future needs are affected to some extent.