Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-05-18
No Parallel Is Shown in the
Record for Many Years
Past.
EUROPEAN MONEY RATES
TIGHTEN ONCE MORE
Coming Events Expected to Throw
Light on the Actual Financial
Position.

NEW YORK. May 1.-THE stock mar
ket remains in a state of inanition for
which no parallel is shown in the record
for many years past. This is the con-
sequence of a profound prostration Of
all forms of demand. In spite of the
languid demand. the Market. no longer
reflects pressure of liqidation to any
considerable degree. The result is the
small dealings and the narrow, chang
ing fluctuations which marked the pro-
ceedings throughout the week
The lack of initiative showed in the
doubtful opinions held by SPECTATORS
as to the manner in which the market
might issue from its dullness. There are
the varying possibilities of renewal Of
liquidation or of a waiting period of ac-
emulation OF capital. to provide re-
sources to take up further new issues.
There is also the complicating factor Of
the amount Of capital which may be
withheld or boarded and simply waiting
for the most advantageous terms to offer
itself in effective volume.
European Money Rates.
The weeks money markets, which had
to be looked to for the reading of the
credit position. reflected the tightening
once more of European money rates
Paris took additional gold from New
York and Berlin turned to London. Next
Tuesdays Chinese loan is thus being pre-
pared for. with the French government
requirements and the war cost In the
Balkans as well as flood of other
borrowings in the background.
1t is not considered too earl! for
preparations to begin for the end-of-June
settlements in Berlin. The supposition.
therefore. that the Bank of England
official discount rate might be reduced
from Az to per cent during May finds
little further argument in Its behalf.
Relaxation Indefinitely Postponed.
Any relaxation of money stringency
thus seems indefinitely postponed.
Bond and note issues in New York are
made on terms corresponding to this
condition. Next weeks Chinese loan
issue and the New York city Az per
cent bond issue by their outcome are
expected to throw light on the ques-
ton of the actual financial position.
and. perhaps. to have a definite IN
fiuence in shaping the future market
News of the slackening in the iron
and steel trade confirmed the convic-
ton already reflected in the stock mar
ket. Other trade advices were cor
roborative. The Union Pacific dissolu-
ton problem the announced intention
of the government to institute new
proceedings against certain coalcar-
rying companies and the reduction OF
the New Haven dividend were made
factors in the weeks depression.
The price movement in cotton goods is
Irregular some cloths working to lower
basis preparatory to attracting the at
tention of jobbers who are slow to place
late business. and others working to
higher level after considerable contract
business has been booked by converters
and manufacturers of garments.
Print Cloths Advanced.
Print cloths have been selling more
freely at slightly advanced prices Prints
are being distributed steadily. Ginghams
Of staple character are well sold for
sixty days Bleached cottons are steady,
one advance of Il cent ayard being an
nounced on jeans.
Export markets are generally dull. al
though some fair business has been placed
for the Philippines.
Three factors are held responsible for
the decrease in the volume of new bust
ness In the steel industry-the inability
to obtain building loans in the New York
metropolitan district, the difficulty en-
countered in lifting the financial bur-
dens of the railroads. and the depressing
effect of tariff legislation. The sentiment
in the industry itself. however is optimis
tic and is based upon large specifica
tons on contracts. full rolling activities
at the mills, and heavy shipments into
consumptive channels.