Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-03-23

4Voo4UA6 XAACCt VI xlSuL WVUCy Ou
Commercial Operations Is
Experienced.
NEW YORK. March 22-The dull
stock market of this week showed
that speculation was still laboring un-
der the burden of unsolved difficulties.
The problem presented by the en-
forced abandonment of the Union Pa
ciic-Southern Pacific dissolution plan
was not wholly unexpected. but there
was room for it's further reflection in
additional declines Of prices. $685.
The release of credits tied up to
meet the obligations of the underwent
ing syndicate probably had its part in
the slightly easier tone of the money
market early in the week. This was
the more welcome because of the re-
newed demand upon New York gold
supplies, which frightened the call loan
market again.
Stock market operations made very
light requirements for money, The
prolonged Easter recess in prospect
increased the disinclination to make
commitments or to leave existing con-
tracts open. The latter disposition ac-
counted for some covering up of shorts
at the last. Pressure upon borrowers
proved especially costly to holders of
some of the so-called good will''
stocks, which were objected to in col
lateral. Necessitous selling of these
developed a thin market, and some Sc
we're declines resulted.
April Money Settlement.
Preparations for the April money set
Elements abroad continued Berlin draw
ing on London, for the most part, and
Paris on New York. The urgency of the
requirements was shown by the flow of
gold against adverse exchange conditions,
which had to be covered by extra interest
allowances New York passed on the
pressure to the country at large by trans
ferrfng loans to interior banks.
The question Of adequate supplies of
banking credits to meet mercantile de-
mands was thus fairly brought into con-
sideration. and the effect of tight money
on commercial operations began to find
place in the estimates of merchants and
buyers. The extent of the relaxation
which may follow completion of the
April settlements, or even the conclu-
of anxious surnise. Government bor-
rowings and deferred capital issues loom
In the background. American capital is
meeting the EFFICIENCY and is profiting by
It, but the liquidation Of these obligations
may force foreign offerings of American
securities In our markets or even mer-
chandise at cheap prices
Expansion of Imports.
While exports of merchandise for Feb
ruary were about stationary at last
years value, imports expanded over $15.-
100000, with corresponding impairment of
the trade balance in our favor. Cotton ex-
ports continued to decline, and the grain
trade betrayed nervousness lest assur-
ance of peace may induce some reoffer-
ing here of foodstuffs which were bought
in oversupply while war threatened. Talk
In Germany of trade reaction and a fall
in prices Of commodities added to the
effect Of the Presidents call for the extra
session of Congress to reduce tariff rates.
The downward trend of bonds as well as
stocks pointed to the financial situation
as the primary cause of the existing de-
preston.
The approaching spring promise Of the
mercial and Industrial activity We're help
full factors. Labor problems kept up an
| undercurrent Of anxiety
Cotton Goods Trade Light.
Trading in cotton goods at first hands
was very light for the week. There was
little change in values and that little
affected only q few constructions of print
cloths which were quotably easier, about
Is cent q yard. Financial complications
have led to additional caution in jobbing
and primary circles and 1t Is expected
that this will continue until after the
April settlements have been announced.
Mills are generally busy on a moderate
ly profitable basis many of them beng
fully engaged for the summer.
Browns and bleached cottons are quiet.
N a ~.
are being taken out steadily. Fancy
cottons and novelties, in dress cottons
are active. Duck canaburgs and all
heavy cOlored cottons rule firm, with
mills well under order.
Export trade is light. Some small or
ders have been taken for goods for
Manila and few scattering orders have
been booked for the Red sea. Figures Of
with q year ago. Fall River sold but
60 GOO pieces of print cloths last week, of
which half were for spot delivery.
Good Orders for Rails.
In finished steel products some good
orders have been placed for rails this
week by Pittsburgh traction companies.
Contracts are pending for about $4,000
tons OF heavy structure work in other
directions. The new subways are looked
to to take big quantity.
In bridge work good deal OF business
| is under way. The Erie railroad. with
other operators who are active in this
line, has asked for bids on three small
bridges. The Chicago, Milwaukee and
St Paul has contracted for a 275-ton
bridge.
Some difficulty Is still being met in sup
plying !billets and bars, but the shortage
is less acute than q week ago. Toward
the close OF the week business in struc-
tural material fell of. no business Of
consequence being placed for several
days.
The Great Northern railroad wants
500 box cars, and the Grand Trunk is
looking for 5000 forty-ton box cars and
1000 fifty-ton coal cars as the first in
stallment on an order for 10000 cars. A
number Of small inquiries are noted.
Pig iron is still scarce. leading oper-
ators declaring that the supply in sight
| is less than at any time since the revival
of business began.
Turkish Slaves