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Show Kxpnrf of Gold Follows Condition; Condi-tion; Xinofv-Ihiy Loans Below Be-low 3 Per font. MOVEMENT TO RETURN $100,000,000 IMPORTATION Placing of Rig Securities Indicates. Indi-cates. Imminent. Return to Prosperity. KEW YQTIK, April .10. Growing ease and a plethora of funds in the Xcw York mono." market was the marked feature of the financial situation situa-tion last week. With the mid-monthly disbursemonts of dividends a lVi per cent inlcrcst rate was found necessary to elfoct the placing of funds on call, and ninety-day loans fell below .'( per cent. Tho beginning of exports of gold was the natural consequence of this condition, and a call from the United Sjatcs treasury for the return of an installment of government deposits is not expected to havo any material effect ef-fect in stiffening money rates. That, tho plethoric condition of the money market is due to an important extent to tho violent measures for relief taken in tho throes of tho pnnic last fall is true, but shrinkage in trade activity is indicated, also, to an extent which deprives tho case of money ot much ol its favorable effect. Until last, week's engagements of gold for export, there, hau boon no return of aii3' part of the $100,000,000 of the metal which was imported during the financial crisis last fall. Tho rotontion of this groat fund of reserve mone3-was mone3-was facilitated by the enormous merchandise mer-chandise exports "which went forward month after month in the process of liquidation to meet eaeh requirements. In March, for rhe Jtrst time since October, Oc-tober, the value of exports fell below those for the corresponding period of last year. Approaching Prosperity Although tho shringake in valuo of imports has been much more violent, it is expected that the outwnrd movement move-ment qt gold will attain considerable dimensions. The movement is likely to be diverted in part of Germnny, the Imperial bank making an allowance of interest on shipments while in transit in order to facilitate the movement. The shipment to Paris represents a diversion of the' demand of that center upon London, which has boon in progress for a week or more, with the effect of raising the interest rate in London to a considerable extent. Tho ilor of the funds to New York from tho interior meanwhile continues in un-abatcd un-abatcd volumo and the surplus of the New York bank reserve is assuming an unwieldy volumo. Money market conditions, therefore, seem lo be reaching the condition promising prom-ising success for new offoring of securities. secur-ities. The known necessities of the railroad corporations promise largo is- sues of new securities as soon as conditions con-ditions becomo propitious. The Union Pacific, tho Illinois Central, the Delaware Dela-ware & Hudson, tho New York Central, Cen-tral, tho Tnterborough Metropolitan and some minor companies have announced rhoir plans already. Tenders for these issues will be awaited with groat interest in-terest to indicate tho course of the investment in-vestment situation. A factor having some bearing on this situation is tho borrowing by somo of the railroads privately, pri-vately, as roported last week, on temporary tem-porary notos, on which the interost rnte is said to be considerably above tho prevailing market rate. More Oars Idle Aside from the needs of the corporations, corpora-tions, the domaud for loans is slight, and tho ease of the inone3' market is due to this unequnl part with the abundance abun-dance of supplies. Tho course of earnings earn-ings of rnilroads has not turned for the bettor yet in sufficient degree to help their oredit, in spite of tho progress mado in cutting down expenses to meet tho inroads on gross earnings. The latest lat-est report of the commissioner on car efficiency of tho American Paihvay association as-sociation allowed that on April 2 the number of idle freight cars had increased in-creased since tho provious report of March 2, 9245 after it had been diminishing dimin-ishing successively each two -weeks' period sinco February 5. This disappointing disap-pointing showing was. considered corroborative cor-roborative of reports for some time past of a renewed contraction in trade activity. ac-tivity. This contraction is of especial effect, occurring in the metal trades. A fresh decline in order for steel products, in-stabilitj' in-stabilitj' in the iron market and continuous con-tinuous decline in prices of copper make a burden for hopeful sentiment to contend con-tend with. Recurring reports of an intended in-tended cut in prices of steel products have an unsettling effect in the trade! in spite of expressed determination of the allied interests controlling tho largest; larg-est; portion of the output to maintain prices. |