New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-28
FINANCIAL MARKET
DULL DAYS IN STOCKS.
Investment Situation Strong
Higher Money Expected.

ments resulting in few importan
changes AZ the close OF business o.
Thursday night. The average for IN,
leading railroad shares q month ago wa,
l24.il, compared with 1898 at present
while that OF the chief industrials in IL,
last week Of February stood at 81 30
against last weeks final Of $3.50. IN tht
month the average for the railroad;
touched a high of 1861 AMI the indus
trials 1886 these levels being recorded
on March :, since which time there has
been a gradual decline. with current in
dications suggesting a further recession
+ before a sustained bull market can be
4 brought about. Commission houses are
unable 10 encourage a public demand for
( securities for speculative account. and
IN spite OF efforts OF traders 20 inject
! life into the market by taking up one
| speciality after another outsiders appar-
entity prefer to take no part in the daily
/ transactions. The position OF affairs az
fecting intrinsic values is sound. but in
most cases quotations fully measure the
actual worth Of securities. both in the
stock and bond departments. Some opeT-
ators look for more active speculation
when the April settlements are out Of
the way and the labor outlook becomes
clear. though there are few traders who
are genuinely bulish over the situation.
The actual investment situation is
strong, and a better business has been
done by interests who have financed
new offerings than by the houses who
depend upon commissions on speculative
transactions for their bread and butter.
Heavy offerings Of new securities have
been made in the current month, and
they have been well taken by home and
foreign investors. the New York City
sale Of SITS AS presenting an instance
OF the good inquiry existing for hlGh
grade investments. The average price
for these issues was slightly IN excess OF
lol. and subscriptions for them amounted
! 10 more than four times the total offer
ing. Naturally some disappointment
I was felt in certain quarters because the
city was unable to secure a better price
but IN view of existing conditions IN the
bond and money markets and the enor-
nous amount OF city bonds outstanding
the municipality did exceedingly well
and received an excellent Endorsement
Of its credit
British cousols have declined 10 level
only trife above the low point estab-
lished IN 1907. and while they are on an
interest basis under that of q number oi
wears ago their tendency To move - a
lower range Is due, according 70 Inc
theory OF the best observers, more 10
. the high cost OF living Than to any other
factor. the same influence operating
+ against investment values IN general
especially the securities upon which the
/ interest return Is not large. II costs So
much 10 live that the ordinary person
has little OF his earnings available for
Investment purposes, and IL cases where
a man can buy stocks and bonds he
naturally wants the issue that returns
the most on a fair margin OF safety
The fact. therefore. that the city Of New
Yorl, was abe 10 sell its a. per cent
corporate stock on a basis 10 net more
than lOl ought 20 be extremely comfort
ing 10 the Mayor and his advisers. Wall
street placed the city financing a. the
top Of the list OF important develop
ments last week, and followed il with
The election in the l4th Congress Dis
trict of Massachusetts, OF a Democrat by
a large plurality. The campaign, ac-
cordirg 10 Wall Streets point OF view,
was fought out by the Democratic caudi-
date on the argument that the Payne
AldTich tariff measure was responsible
for the high cost Of living, and the de-
feat Of the Republican nominee appar-
emily convinced the street that there
would be q change in the control of the
next Congress. accompanied by new
tariff legislation and the business I'M
settlement which always attends tariff
agitation and tariff readjustment. There
is a strong probability that SPECTATORS
inclined toward the short side OF the
market viii make considerable capital
out OF The Cape Cod election, though the
best informed Boston interests state that
. the success of Mr. Foss was due 10 local
/ issues and not 10 the tariff.
The immediate outlook for money does
not encourage the expectation Of dis
tu.bauce IA the market but higher rates
undoubtedly win develop in spite OF the
inactive demand for accommodation
from Stock Exchange interests The
position of money ia London IS causing
some uu.asluess in financial circles, and
Ii Is quite likely THAI the Bank Of Eng
land VIII De compelled 10 advance its
minimum rate II discount this week,
while conditions at the British capital
later may lead 10 gold exports from
the United States 50 far this year this
,ountys adverse position in foreign
trade has been onset 10 a large extent
by European buying of our securities
lrt this movement already shows signs
OF waning. and IL is not impro liable thai
in soon viii ind a decided reflection N
the course Of sterling ,es. which are
not So many points away from the gold
shipping level as 10 warrant the idea
oppressed IA some quarters that How
of the metal 10 Europe Is out of the
question.
The local banks are losing on thci:
operations with the Sub-Treasury. and
the demand from the interior IS iHcrlas-
ing. our agricultural community IS IN
high state of prosperity. but FL is moi
carrying ats money around ina ats stock
Ing 4 large amount OF money Is on de-
post in New York for The account Of IA,
great farm land section Of The country
and Jus; as soon as heavy demands ale
nude upon home banks fo- funds Incl