New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-14
nisCount Rates Fall Steadily,
with Operators Indebted
ness to Bank Reduced.
UNDERGONE QUITE SOUND
Renewed Interest in Americans,
Owing to Belief That Lower
Tariff Means Greater
Prosperity.
LEY Cahle 20 The Tribune. !

roudon. April lin consequence OF
IN. Increasingly cheerful news on the
International situation discount rates
fcu steadily last week, and by Satrr-
5av the short loan market was in an
extremely easy condition. with supplies
plentiful and demand meagre. Call
loans ruled at : per cent and weekly
fixtures half point higher. while
sixtv-day bills were at g 1915, three
months bills at per cent, four months
bills at . l5-16 and six months bills at
SIS per cent.
Some determined optimists thought
the bank rate would be reduced last
week, and there is now general eX-
pectation that the reduction will take
place soon after peace is signed. Hopes
are again being entertained that tho
rate will be reduced this week.
The open markets Indebtedness to
the bank is now reduced TO about $40
100000. but maturing bills during the
next fortnight may induce fresh Dor
rowing at the end Of the month. The
prospective demands for gold from 'he
/ Continent and from South America, as
we'll as the conclusion of peace. are
likely 10 have a large influence in de-
tcrninng any reduction of the bank
rate.
1t is reported that the Brazilian gov
ernment intends to take a large amour;
OF gold from London within the next
few months. The bank reserve i'm
proved last week SJ,29J,Oo0 to Sl3l,-
O30O00. and the stock Of gold increased
s5.9joOOO to $1S5, 10000. The proper
ton Of reserve to liabilities recovered
from 41.SJ to 4j.2
The supply of money in Vienna is no:
quite as scarce as it was at the end of
March. The rate Of discount remains,
however. unchanged at SIS per cent,
with short money at { per cent.
The situation in Berlin is steadily i'm
proving. The open market rate Of dis
count is still around 4ss per cent. bat
short loans are now at 81. per cent.
Loans and discounts were reduced by
SJ5WN0OO at the Eeichsbank during
the week TO $iOj, O0o0c0.
The open market rate in Paris re-
mains close to the bank rate of per
cent
Al market factors tend now toward d
general recovery in prices, u much
stronger tone having been developed
within the last week. The undertonc
apparently is quite sound, and a pro-
nOunced advance is expected with the
official conclusion of peace.
The prediction for American securi-
ties continues here. The Statist," in
this connection, says:
There is indeed. certain amount Of
nervousness on this side lest reductions
Of duties bring about such improve
ments in American methods and such
economy in production that American
manufacturers will not only retain the
markets Of the United States but sue
coed in obtaining a much greater share
Of foreign markets than has hitherto
been the case. Such a result is no
means improbable.
1T is noteworthy that European in
yestors, ablo TO measure tho influence
Of lower duties from the experience of
this country. should, at a moment when
American investors are inclined TO sell.
be disposed to increase their holdings.
No one acquainted with the natural
wealth Of the United States and with
the energy and ability Of the American
people, can doubt that, whether the
tariff is high or low, the country viii
continue to make immense progress and
that railway and other undertakings
Will largely increase their earnings anu
profit from period TO period. Having
regard TO the great strength of most
American railway companies and to the
large margins of profit behind their
dividends. their securities, bonds and
I stocks at current prices in our judg-
pcur are highly aftractiVer