Evening star., 1912-01-14
FIRE HURTS Street
Stock Exchange Feels Effect
of Equitable Blaze.
THINGS were PICKING UP
Indications Of Outsiders Taking In
terest in Market.
STEEL PROSPERITY LEADER
Leading Mills Now Running Well
Up to Capacity-Strike Threat
ems Coal Industry.
BY 81. ALLoWAY.

Copyright, 1912 R. &. Hopper, N. ~
NEW YORK, January 13.-Benumbed by
its big fire-more than a billion Of securi-
ties buried under the ruins of the Equita-
BILE building-Wall street has this week
indulged IN scant market activity. Inn
mediately following the confiagration
some enterprising bear spectators un-
dertook to make raids. but they did not
long persist-there being indisposition in
any quarter to join in any movement of
any sort.
This fire, with the stupendous handicap
it has imposed, came at just a time when
Wall street spirit was improving, when
there was showing an increase of outside
interest in security investments. Commits
sion-swas traceable TO the confidence
found themselves enjoying communica-
tions from customers who for year past
refused to give any heed to Wall street
invitations. This change of attitude
and it promised early substantial expan-
sion-was traceable to the onfdence
which financial leaders throughout the
country agreed generally III expressing as
to 1912 8 business prospects. Politics asloe,
there was at the opening OF the year no
material argument against expectations
of national prosperity-sO almost uniform
ly the foremost bankers OF the country
felt sure And the poiiticai aeterrent
was as q rule regarded as much less to
! be apprehended than not long ago seemed
| to be threatened.
Pressing for Investment.
| Funds for investment upon tremen-
dous scale are pressing for opportunity
| to become probably employed. Not only
New York banks, but important IN
stitutions throughout the country are
making loans at rates more liberal to Gus
| toners than has been feasible for long
| time past. To an extent this Is t!aceaDle
| to the fact that Wall streets traolng mas
| been reuuir ng accommodation far below
normal averages, and 1t is becoming, In
New York at least. popular theory tnat
I till Wall street does reawake ana brokers'
| resume heavy borrowing the money mar
! ket is Hkely to continue with concessions
| from lenders.
| one pnase of the money market situa-
| ton to which not much attention mas yet
| been directed has to do with savings
| bank conditions. Depositors of vast
volumes Of money with sucn insttutionS
will receive for the ensuing year reduced
| interest. Already half OF the savings
banks of New York city nave omciany
payment.
Some intricate questions are involved in
| the savings bank problem. There mas
| been much crudeness in metnods impos-
and except for the fact that these banks
are in the hands OF trustees who unite
| business acumen with the very highest
| type OF personal integrity there might
at some recent junctures have been grave
difficulties in other than the strongest
uuarters-for there has been such loose
ness Of legislation. along with the imposi-
| ton Of Impractical rules. that the
| burden Of satisfactory administration has
been almost tntolerable.
Book Values Too Low.
What particularly is oppressive touches
the valuation at which savings banks
must list their securities. the fact being
that In large proportion book values are
| far apart from what actual values are.
Moreover, there Is embarrassment In the
J declines which have taken place through
Wall streets recent stagnation in the
very highest class Of investment bonds.
those Of the character to which savings
banks are limited. Apart, however. from
tina problems which the savings baRk9