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Show CONDITIONS ARE IMPROVING. In speaking of the conditions during the past week in the financial finan-cial market, Henry Clows, the New York banker, in his market review, re-view, says: "The event of the week was the sale of $60,000,000 New York city bonds at an average price of 100.904. While the price realized was not entirely up to expectations, the avidity with which the bonds were taken made the sale a success, especially considering the freedom free-dom with which this city has been putting its obligation upon the market within the last few years. There is a limit to the demand for even such unquestionable security as a New York city bond, which ranks among the very highest of securities ; and this limit is evidently approaching. The chief significance of the bond sale, however, I was as a test of the investment situation. Evidently there is a very j fair amount of capital seeking investment, but it insists upon good re-! re-! turns. During the past two weeks there has been an excellent de- 11 I ' I I lllllll n urn i . mand for bonds at all the financial centers, and tho preference is plainly in favor of those which yield tho larger returns when the issue also ranks high in safety. Four per cent bonds, unless of the most unquestionable security are not now in demand, proving the law that when commodity values are high low intorest-bearing securities suffer because their returns are inadequate. Many bonds have now declined to a position whioh yields good returns, and this fact is being fully recognized by discriminating investors. "President Taft's reciprocity bill is a step in the right direction. It is much more liberal than expected, and should receive the prompt sanction of both the American and Canadian legislatures. There is no reason why trade on the northern border should be compelled to flow only East and West. It should also flow both North and South, and would thus benefit both countries. The chief obstacle is the undue selfishness of certain localities and interests on both sides of tho lino. There is no sound reason why New England should not buy her coal in the best market, that of Newfoundland; nor why Canada should not draw upon our interior coal fields when to her best advantage. Both countries would benefit immensely by thus lowering the barriers upon trade, which, it should be remembered, could not exist unless mutually profitable. A strong argumont in favor of the bill is that it aims to reduce the cost of living on both sides of the border by enlarging the free list on foodstuffs and the necessities of life. There will, of course, be great opposition to tho proposal, but the discussion will at least be enlightening, and every effort should be made to secure its adoption." |