New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-19
EMINENT IMPROVING
| ON LONDON MARKET
usek Closes BuoyantIy After
Week Of Depression Due to
Continental Selling.
sol D BOARDING CONTINUES
Money Scarce and Dear in
psrlin and Vienna-"The
statist" Still Advises Buy
ing of U. S. Securities.
,nr cahle 20 The Trlhune !


rondon, May 1S.-The stock markets
.,nd up on Saturday with a better
lane than has been shown at any time
ling the week. Heavy Continental
l.uing. especially in Paris. in connec-
IN with the half monthly settlement.
ken together with the jump in money
~. at all centres, had a depressing
kc.ct here. and the market was heavy
al departments. with prices sliding
L. hut on Saturday. in spite Of the
[,n.usllv light attendance caused by
l.. Ane weather and by brokers rush
l,s 70 the country 20 take advantage
[ the sunshine. the tone was distinctly
nore cheerful and prices showed a ten
E.ney 10 advance in several depart
hents.
Money hardened in London as soon
|. Continental anxiety became appar-
=, and discounts went TO 1916 for
kas az all dates. but on Saturday. with
Inc better feeling among brokers,
Loonsv became more plentiful. and call
loan. we're quoted al ; per cent. with
weekly fixtures So per cent.
Tho Ranks reserve was reduced 81
LSeo to S131 ,O55.Oo0. the stock of
,oN increased 81 250Oo0 TO S1S1, So
InD and the proportion of reserve to
liabilities improved to J02o.
II cannot he said that conditions on
,se Continent are particularly hopeful.
In Paris money is scarce and dear
while the French people are very
anxious on account of the German mill
tary programme and little inclined TO
release their boarded money.
Money is also scarce and dear in Ger
many. The open market rate of dis
count in Berlin is about SIS per cent
and bankers are by no means inclined
70 lend freely. The general boarding
continues. Preparations have already
begun for the quarterly settlement and
as the month of June proceeds money
in Berlin will become scarcer and
dsarer. while. in the opinion Of the best
Judges. Germany will make heavy calls
for gold during June.
Money continues to be exceedingly
scarce and dear throughout Austria
and Hungary. boarding is going on
in those countries also, and is likely TO
90 on for some time. while the political
rste Of the Dual Monarchy certainly
does not improve AS for the economic
conditions there, they are black
enough. In the open market the
Vienna rate of discount is from o$4 20
8. per cent. and the further one goes
from Vienna the scarcer and dearer
mepev is. Business Of every kind in
the Dual Monarchy is exceedingly de-
pressed. and many failures are eX-
pected
Considering the general situation
The ststist" continues TO advise the
purchase OF American securities. 1t
says:
In considering the values Of Ameri-
can securities it is necessary 10 take
into account the great economic and
financial strength Of the American ma
ton. There is not a country In me
world with such great savings as the
United States, and should trade re-
ceiye check il is evident that the &C
emulation Of capital in America would
be 90 great and the demand for securi-
ties so considerable that prices would
recover to much higher levels.
Furthermore. 1t should not be for
gotten that railway conditions IN the
United States are more stable than
they have ever been. Current quota
tons on American securities are SO
low and yields so high that we regard
them as very attractive and tempting,
and even If q financial stringency su-
peryenes in the autumn, an eventually
which Is becoming increasingly doubt
M stocks at current prices are un-
eoubiedly below their intrinsic values
and therefore can be safely bought by