The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-03-28

its bonds was rslaaivsly away below that
roceived &C tho offering Of I per cents.
In DOosmber and was such a. plainly 10
suggest colhneas ard apathy In the cur
rent demand for investment securities.
There IL q Oonsensts among those having
an opportunity to be well informed that
the inquiry for our railway and muni-
cipal ISSUES from Europe IL much leSs
than Il was: but bstter indication than
either Of These is the fart THAI moro than
one largo railway system and industrial
company has recently resOrted to thu
expedient u raisinE money by short
term note issues rather than by the sAlO
Of long term bonds u tho customary
sort. whsthsr by reason Of tho high cost
Of living or by tho infiusnOS Of whatsvVr
other cause people ara asking q higher
return upon the securities bought by thsm
than they formerly did and bond and
Investment houses are finding this oft
to their sorrow. A regards the money
situation specifically. no great rise In
rates seems To bo anticipated in tho near
future. but a higher tendency for money
IN universally predicted by bankers.
We are still enormously in the debt d
England and the continent of Europe
through an adverse foreign trade balance
which continually presses down the
financial scales against us. Up to the
present timo heavy exports of gold TO
Europe have only been avoided by tho
large buying Of our securities by Euro
pesns earlier in tho year and by tho fact
that our creditors have not asked. owing
to monetary ease in their own countries.
for the payment % our obligations.
But the plain indications arc that this
easyeoing policy will no longer be con-
tinucd by England at least. The Bank
Of England has raised It's discount rate
to = PER cent. and the financial position
Of the bank AZ revealed in the weekly
statement last Thursday il such as To
make 10 quite possible that another adj
vance in the institutions discount rate
may take plac" in a short time. II il or
should be we'll known that the entire
financial situation in England just now
10 Of an artificial and complicated nature
such a. has never been witnessed before
in the history % the present generation.
The delays. financial subtcrfuges and
general mixup that have resulted from
the long failure to pass an English budget
anu toAA"CN va" NNNtUhFH " At" NbhAAAy
have led TO a condition Of Affairs there
that in a country less governed Ivy con-
servatiSm than is England would be
considered a. q cause for international
alarm. A. il is IL 10 highly questionable
II these matters can be Strengthened
out in England without a period Of finRn-
cial stringency. Labor disputes over
he country seem 20 ~ generally in the
way Of adjustment and 80 far have Af-
fected the course 81 security prices but
little. But IL Ii becoming more and more
apparent thar these adjustments are all
such a. to involve higher wages paid Co
employees. which must h. paid for either
out 81 the pocketbooks 81 railway stock
holders or by the mass Of the COM
AZ large and must set a precedent
for similar wage elevations in other direc-
tons which can have no other effect than
% increasing the general cost of living.
II would be pleasing IL some offset 90 these
more or less disagreeabla reflections could
be found at the moment in a brilliant
agricultural prospect. but tho truth 10 in
this respect that the same drought con-
Aitions that were 30 noticeable over a
large part of the wheat and cotton pro-
ducinR sections last year and the year
before seem 70 BE- again this year in evil
,tanca