Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-04-20
NEED Of BUSINESS
FOR NEW CAPITAL
Investors Slow to Accept Of
ferings at Rates Which
Now Prevail.
CHEAPER MONEY ABROAD
MAY HELP SITUATION
New Orders for Steel Are Slow, But
There Is Still Good Bust
ness in Sight.

NEW YORK. April 19-The absorb
ton of the financial community in the
question of enlistng new capital con-
tinued through the week. An extraordi-
nary degree of attention was given to
the course of the new St Paul AZ per
cent bonds, because of its acceptance as
barometer of the new conditions to
which other borrowers must conform.
The result cannot be said to fix def
nitely the new investment basis, or to
break the deadlock which has existed be-
tween investors and seekers of capital.
Active dealings in the st. Paul bonds did
not prevent drop to below the price of
the public offering. The announcement
that 20 per cent of the issue was left I'M
sold when subscriptions We're closed con-
trasted with heavy oversubscriptions of
successful bond offerings in propitious
times.
investors Not Attracted,
The inference was plain that the rate
of return, high as ii is compared with
the older bond issues did not attract in
vestors in effective numbers On the
other hand. dissatisfaction was shown by
corporate borrowers, which found ex-
preston in warnings of the necessity of
curtailing outlay for extension and i'm
provements to meet the situation Ii was
assumed that only railroads with half
completed improvements or with floating
debts and maturing note issues to be
FUNDED would follow st. Paul in offering
long-term bonds at present prices.
reduction OF the Bank of England Off
clai discount rate from = to ~ per cent
was hailed with satisfaction. as an indi-
cauon OF easy money conditions For
elgn financial commentators while ey
pectlng further early reduction in the
England pank rate To per cent. are
not sanguine Of any marked decline of
money rates
Plan for Future Needs.
The admitted policy of the central ooy-
eminent banks is To build Ip reserves
In preparation for coming autumn needs
The program for ornaments and for
financing the Balkan war debts shows
formidable requirements
Returns of national banks of Anril 4
show low stage of reserve among, the
interior banks and the likeli>ood OF
calls on reserve centers to replenish
them.
Weakness in pig iron having baaome
more pronounced. the effect on sentiment,
was disseminated all through the trada
In the stock market the movement was
Sio" dIiu SlHS, Win heavy Ipdar-
tone.
Steel Market Unsettled.
While new orders for steel structural
shapes are decreasing in number there
is a good deal Of business awaiting ac-
ceptance on bids, not only for railroad
work. but work of general Character
The Standard Oil Company is said to-
have bought 100000 tons of steel plates
and pipe material for delivery the SEE
ond half of the year. Locomotive build
ing is active, but equipment orders are
a marked decrease. Car plants
are reported to be running about so per
cent of capacity.
Pig iron is unsettled. and buying is
of the hand-to-mouth order. No i'm
portant tonnage is reported placed this
week.
Copper is advancing. with electrolytic
now at l5aa delivered thirty DAYS. /
about 1851 cash. Tin was dull but !
firm: lead firm.
Cotton Goods Orders Hold.
Cotton goods values eased steadily