Show CAUTIOUS SPIRIT IN WALL STREET I London Settlement Viewed With Some ome Apprehension t POOR BANK STATEMENT IS CONSIDERABLE CONTRACTION OF LOANS N w Tock rock My stUCk market w U oC 0 no The downward Wall us re retraced retraced traced before the end o oC the d dw Next London stock 4 ment Is viewed with om oe N j oh account of U the position ot or an extensive Account itt In An The Iier that the na 81 battle is ne r nt at its in Inducing a spirit of o caution The tc c Considerable contraction of loans loens tits do t ed by the bank statement Wa at something of a surprise in vieW of the heavy including thc Japanese loan Joan payment and sub subscriptions subscriptions to the new An American St Smelt Smelters t ers rs Securities stocks It is explained that arrangement has bas been n made for forthE forthe thE leaving on deposit of the paid aid in on the to the Pennsylvania bonds Donds the greater part Iii the New York banks th the rest in banks Th These deposits will m be avaIlable for u use usen e ein in n the call all loan market The proceeds of the Japanese loan JOlIn are at the dispo i of the Jainese tte government and tle information of the immediate use to be made of them is withheld Meantime the amount is still in NeW NeWYork NewYork York banks The extreme ease of money In foreign markets offers no JM in inducement Inducement for the transfer of this fund abroad and indeed foreign funds ar are offering in the New York mone money mar mark market k ket t The days in stocks are insignificant and the close was stag stagnant stagnant nant The bond market generally was as ir t ular Total sales par INtI value 1 Review of the Week After fter desultory resistance to depres depression sion stocks made a brisk midweek re reyer very yer and then drifted downward donard on the disappointing response from buy era at the recovered level Jevel or of prices Reports of restored harmony harmon in the northwestern railroad field gave t the e impulse to the recovery and that sub subject jP t MS has plaYed a large part in forming toward the market through throughout out ut It wag wa believed that the threat threatEned med Ened trouble in that lay at the bottom of the pressure upon the mar marJEt maret JEt et and the that trou trouble trouble ble had been averted caused a corre corresponding corresponding dt degree gree of alarm the ConsiderablE uncovered red short interest Th most notable result of the weeks events has been en to bring home to io the I V financial public fo los the first time tile the gravity of the situation that existed at atone atone one time amongst the controlling in int t in the various railroad systems in the northwest t It was wag fullY realised that the illegality galit of the Northern Se Sc t company and its ito dissolution ft sam me perplexing problems to be which that project had been designed ed to solve The failure of Union Attempt to continue its eon of Northern and a voice in that of the Burlington was understood Ja leaving th the old o 0 PI er territory and aDd traffic open for a af f tresh h settled But of 0 the railroad stocks con cen were ere marked buoyantly upward fur months leaving an unbridled spec speculation in the whole market on the unauthorized assurances that and more extensive pla bar were ere working out But Butt t tn take the th placE of the defeated Northern Securities plan The official no now seem to establish that f th the actual then existing fi those thOM of 0 armed hostility with mi im danger of rate wars that that would baie threatened Exhaustion of re resources resources sources and of extension of lines Into JEW rew competitive territory that would hae bave caused ut an entirely neW basis of competition for fot traffic and or of earning The intimation now given or of a agreement to refrain from Hlis cost costly costly ly warfare Is use for satisfaction to securities hoiden t tJ J th course ourse of Dt the market during th the 4 or of haard awakEns wonder at atthe atthe the degree of ml misinformation and mis e on It was bas The realization of the perils 0 Veil and the of the In Information Information formation even no now given or of the terms and the extent of the agreement leave leaveS leaven S n a spirit or of ution and lon Bonds have bees dull but prices pric U n ere well en u States SUtteR bonds b were all unc on call caU for the W week k |