New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-28
OPTIMISM AGAIN RULES
ON THE LONDON MARKET
Prices Now at Unduly Low
Level, Owing to Apprehen-
sion and Liquidation.
COURAGE, SOLE REQUISITE
American Securities Decline on
Series of Bear Gable Dis
patches and on Tariff
Outlook.
BY Gable 10 The Tribune. ]

London. April 21.-Though the stock
markets ended the week with business
very dull, the undercurrent of feeling
much better than at the end of the
previous week. The fall of Scutari was
the cause Of a temporary setback, but
the uneasiness was only momentary.
for the conviction prevails both here
and Oh the Continent that the new
problem presented in the international
situation will be solved peaceably.
The chief annoyance is because the
Montenegrin success means still longer
delay in the final settlement, but as
soon as a situation which precludes all
doubt that hostilities are at end is
reached rapid recovery in prices may
be looked for. In this connection The
Statist" says:
"As soon as the conviction is reached
that the present hOstilities are at an
end and there will be no quarrel among
the great powers there will be rapid
recovery of confidence. and we may
reasonably expect 10 see decided ad-
vance in quotations. Last week, when
hopes were strong, the upward move
ment was very marked, and even the
shock OF the fall Of Scutari did not
send down quotations much. The truth
seems TO be that prices have been
forced down so much by apprehension
and by liquidation that they are un-
duly low, and consequently as soon as
courage revives there is likely to be
marked Improvement"
Germany and Austria contributed
largely to the generally more hopeful
tone. Money is much more plentiful
in Berlin, and while there has been no
change in the open market rate, which
remained at AS per cent. short loans
were to be had at ga per cent. The
excess of note circulation has disap-
peared and the gold reserve Of the
Reichsbank reached $250,0O0.O00 for the
first time on record.
Conditions were easier in Vienna also.
Exchange rates have fallen and the dis
count rate is decidedly lower The
cash position in France. too, is steadily
improving. Last week the note circu-
lation was reduced about S29,000O00
while cash in hand remains practically
Unchanged a very large amount Of
gold is still being loaned i'm France, and
probably will not return TO the banks
until the government gives some indi-
cation that it is completely treasured
as Ca the international situation.
lu the general Improvement Ameri-
can securities formed the only depart
ment that did not participate. The
fact that the tariff bill is now under
discussion largely accounts for this.
bet there have also been discOuraginS
cable dispatches about advances in
railroad wages. about dividends being
m danger and about first class COM
panies having 10 pay high prices for
new capital
Money in London rules slightly easier
than a week ago. Call money yester-
day was At pa per cent, weekly ad-
yances were usually 3 per cent, sixty
day bills were at 9-l6, three months
bills at 9-16, four months bills at 81.
ana six months bills at 3la per cent.
The banks reserve increased 81,
$4,000 TO SI4l,0y0,O0 The stock Of
gold is S191,015,000, and the proportion
OF reserve to liabilities improved to
1863