The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1910-04-06
(By Henry CleWs.)

NEW YORK, April 6-The month
of April opened with the stock mar
ket hesitating and depressed. Prices
underwent further reaction, and had
it not been that stocks were generally
in strong hands the decline might have
been still more marked Nevertheless
the big holders had somewhat lightened
their burdens and were indsposed to
re- enter the market as buyers until
of Importance could be OBJ
tanned 1t must be admitted that cur
rent developments were temporarily
of an unfavorable nature. The advan-
cling tendency in money was adverse to
stocks. In London the stringency was
particularly noticeable. the situation
there being aggravated by the British
budget difficulties. The quarterly and
fortnightly settlements in London oc-
CURED this week: added to which the
government was Obliged to meet I'M
posed severe monetary strain upon
London, the high rates for money
there necessitating gold exports from
New York. This movement would
have begun some time ago had it not
been that our adverse trade balance
had been partly offset by liberal Euro
pean takings of our investments esti-
mated at about S200,0O0,000. The for
eign demand for our securities, how
ever, has suddenly subsidized; and the
adverse trade balance it is feared
will continue unit 1.-The new crops are
available. Considerable quantities of
grain and provisions are still held back,
and these may be exported later on,
uation. Another depressing factor has
been a sudden rush to market new Sc
curities in unexpectedly large volume.
The railroads continue in need Of M
mense sums to keep facilities equal to
demands. and a desire to take advant-
age of the first opportunity the market
afforded has been accelerated by fear
of federal restrictions upon the issue Of
new securities The f1otations during
the month of March We're unusually
heavy and it is known that many other
important amounts are suspended
awaiting the next opportunity. The
result is a much congested bond mar
ket. The new issues have been readily
but have not yet found
successful placement with investors.
Low rate bonds. moreover ARE adj
versely affected by the better rates de-
manded for money, and the necessity
of investors securing as large returns
as possible in order to meet the in
creased cost of living Short term notes
are again coming into prominence as
the most feasible method of raising
funds for the railroads. One more eIe-
ment of weakness has been the labor
situation. The railroads generally have
made liberal concessions to their en-
ployes, which will materially increase
working expenses. How far this will
affect net results cannot yet be de-
term:ned; but railroad managers de-
pend for compensation through an m
crease of traffic, as we'll as some adj
vance in rates. Railroad earnings. it
is encouraging to note. are already
making very satisfactory gains. COM
pared with a year ago. and the expec-
tations of traffic managers are for a
heavy business next autumn, if not be-
fore. Still other causes of uneasiness
are, delay in the supreme court de-
cisions arising from the death of JUS
tice Brewer. and the general political
situation. especially regarding the tar