Show I J Financial and I Commercial I New Nei York April I f 1 Whether thus the til I I nubile ew ran tan be be Ilo Inoculated with the tho fever of or speculation remains to be demon demon- cemon- cemon That hat this timis Is time the object of or the time I bl big back of oC the time bull huH camI campaign cam cam- I n 1 is evident an and as through h the time J 1905 90 similar movement tIme tho they have IJ e beI behind be be- I I hind them timer tim the powerful Influence of ot ofa I a n plentiful supply of or mUlo money that can canI bo be secured at nt low rates Time The question question queston ques ques- I tion a as to whether real conditions In inI I trade ton antI and Industry favor a n rise riMe In prices r of or securities at this timis time plays no part partIn In tho time present campaign Conservative c bunking Interests say the time result Is Inno in imm inno no manner mannel H Li I reflection of or current curent financial conditions nn and amid cannot be re regarded regarded re- re as other than thon a speculative campaign earn cam cr- cr paig hated on un the tho low rates of ot money for tor time to come com D Developments have favored the time bull bul side Of or primary Importance was time the I ending of or tin tin- Balkan contro controversy I I which has lus been been tw more moro of check on omm Improvement irnI Im irn I provement JO abroad than was generally appreciated on this thus side of ot the At lantic As Ami a result there huts has been a n general easing of ot 11 discounts counts abroad lh the th Hank Bank of or England cut emIt Its Is rates and In Inthis Inthis this market an Important favorable re reflection cc- cc was waH the time ll buying ln of ot our securities securities ties tes for CO- CO foreign account account Sentiment ha has also been favorably a In Influenced In in- by reports of or Improvement ement In some sortie lines of or trade So far Car as the thc steel Industry I Is concerned th these e hove have hl e beer been denied and are n no imo 10 means mean generally accepted It I is however truo true that railroad railroad rail rail- rai- rai road earnings have aye been heen conspicuously favorable ra lid ne mica Ir of r f 1 HI Imi rn To 0 return to this center of or a number num num- ber bel of prominent financiers particularly particular particular- I ly l. l E E. I II 11 Harriman has imas played Us its Is part partIn In tho time bull lul speculation This Timis has been blen followed b by a fresh output of oC rumors roomers as to the time big pending pending plans and anui deals of or lar large e Interests Deal ru rumors 1 0 11 however however how how- ever Oer are the tho usual accompaniment of or ofa orn a n bull bul market and arid as ns prices advance alvance further as RS Is widely expected moro more will wil be io heard heald of ot such mch reports Other bull bun points are aro also figuring In current discussion The Thc tariff legislation Is proceeding old tam on familiar lines The Time Senate enato Is preparing Its 18 own bill bi and Wall al street is convinced on incel that tho tIme tariff as finally enacted will wil show nothing Ikc like the time severe reductions proposed ed In Inthe inthe the pend pending Ins Payne bill bi That time the crop outcome will wi play an tin Important part in tho time future price movement of securities and In time the rapidity of or the recovery recover recover from business depression has imas been heen frequently pointed out Recent crop news new has been much moro more favorable than thai formerly and this timis in part explains the time Increased cheer cheer- In high financial circles cIrces On April 7 i the first government crop re report rc- rc port will wll he be made mude public and against the tho tle average April condition on winter wheat of ot trade expectations arc are that next weeks week's report will wi give gIve a condition close to 90 Another nother feature is the favorable labor situation with wage wago cuts heln being effected without die dis elsi els- i Tho The coal miners arc are at also so ex ex- ex peeled to shortly II short sign a long term agreement Lastly the time new adminis I is Inspiring confidence In tn the circle of or high finance Condition In fn Stool Steel Notably contrary reports have been been In iii circulation as regards conditions In the tho steel Industry Industry- In some quarters the time market Is declared to be moro more de the- e- e moralized than at an aim any time since the famous price war inaugurated by John V W. Gates Gatos in 1901 On the tho other hand good authorities declare leclare that steel trade conditions are improving the bottom has imas ms been reached and n that the turn for the bettor beter ha has begun begun Worldwide mone money developments in indicate in- in dicato that a protracted condition of or ens easy rates Is assured for some sonic time to come So fat far a as this mark market t is concerned con- con bankers sa say low rates are arc cor- cor tam aln until early carh next Autumn when tho the crop moving moving- demanded for tor funds runds de- de One Ont result of ot the tho easier money mOle market abroad was tho time abrupt ending of oC our gold fold outflow to Europe International Inter Inter- national bankers do not expect further shipments and foreign n exchange hero has held hea heavy and well below time the wel gold export level lovel Many Ian bankers are aro complaining about tho to unprofitable money noney raton rates and for this his reason roson were disappointed at time the ending of ot the gold export movement This Timis Is one otto reason wl wh there Is persIstent persistent per per- talk of oC a government call for Eo cal deposit In banks as such Huch action would tend end to make mako acton rates firmer Irmer Despite rumor ru- ru nors mor that a call cal for Cor 25 would short shortly be bo made Washington ton r reports have lave all aU been been to the effect that no imo such action acton was contemplated h by the new secretary of or tho time treasury Reports that he time treasury wold weld make malc an early Is issue is- is sue of or Panama canal bonds or of or orone one one- year vear certificates have also lacked con con- Jackel lon lon- S. 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