Show I I FRENCH CAPITALI CAPITAL CAPITALI i SEEKS OUTLET I I First American Loan in Paris for Several Years Sign Sig Sig- n nit OUR CREDIT GOOD ABROAD I Tate Ka-HJ In Foreign f J rone Market t and amul I American 4 Financial Condition Con Con- COI- COI dillon Stron Strong Now Nes York Yorka May iray a 27 The The working out of the he money mOley market problems was tho the most Important feature 01 of the tte week welk A A mon sl significant even event even was OS the tho placing of oC n a t American Joan loan In Paris This was wal I the first time In man many years ears that thai French capital has ventured into I America Ameria owing to the fact partly party ll lint t French In laws ws are arc all adverse to tc I French capital entering nt outside chan chan- nels the laws providing pro Heavy leavy taxes If I all ti reports are ate true the Pat Paris mar star market hot ket may mar make further ventures in lii inthe I the tho American field Held to mutual advant nd n age e. e Apparently thE Is more surplus sur sur- plus Illus capital seeking investment In n I Paris than in any of tho the other foreign lot for eign olga markets Our credit abroad is Il i strong but ut our needs are unusual unusual Our short time foreign obligations al alla already al- al la ready amount to somewhere In tho tin I neighborhood of S and ci a L I considerable portion of these will wi soon I become du due clime In all al probability the they will wi be extended without difficulty yet It ii Is fortunate that comparative ease case i rules rule In the Corel foreign n money market markets and that out our Ou own o n financial condition i Is Ss I inherently strong thus relieving us in I of apprehensions concerning the fu- fu tue Insurance Problem Another un unexpected une problem Is also aso being solved and that Is the financing of insurance lo losses ses resulting from free th the San Francisco Frncisco fre fire The Thc total Insurance insurance ance payments on this account are arc ar I estimated d at nearly learly ot of or r which about will wi fall fal fal I u upon pon American companies The strain 1 u American Insurance S upon pon companies h has as been een very severe ele e especially upon I t the he the smaller concerns and were It ho not t for f or the remarkable prosperity of or the the c country which brought hl good times to tc m the he companies and enabled stockholders e ers rs to make mae goo good the losses the re results re- re s would woul have been disastrous to tt s some ome of of ofte the te II lesser American corn com rom rom- p anies The foreign n companies doIn doing dorig do do- t In ing rig business in fn this country are as a r rule ule large concerns and ann quie quite awe able to stand tand s tho the los losses e Foreign companies h have ave already remitted emitted about half of or t their heir and whether the looses loces re remainder re- re n will wl be settled by gold od shipments shipments ship ship- ments by the time sale of or securities or 01 by bythe bythe t the he surplus held in this em country try re remains remains re- re mains to be seen Probably all ll I three methods will ill wi be resorted to io Both noth A American merican an and foreign losses wever will wi be sette settled gradually Ca Cash li Going East Enst J Jt i t is a fact ct of U much Jf lIl nV ir a i oJ urn Si n M n rn i 1 al d 1 without ay signs of or a n run 01 scarf The Thc banks there probably hold more c cash ash than Over ever V r before anti and ime a good s hare share of It I should come to New ew York where ts is usefulness and ami safekeeping arts are necessarily better beler t than itan In San Francisco co It I i is evident that the worst effect of or this thi great calamity have hove been amply discounted so o far tar as Wall street I lu n concerned The future of the local ocal money marl market et has consequently noa now nowa no a clearer outlook For the next eight or ten weel weeks s nt at least comparatively ens easy conditions ought to exist exist After August 1 when crop and arid legitimate trade demands be begin ln to Increase then firmer rates may tye e expected Stocks Irregular r. r In the tho st stOck ck market et the tendency has been Irre Irregular The Time tendEncy rampant I bulls bulis buls have o ha lost some of their en en- t but a n good I en-I re i m mains ains Alread Already there Is mains 1 a considerable consider consider- erI er- er I able increase e In the short interest and L should this be much exten extended ed another an arm- other rl rally wilt will wJ be he In order As re regards re- re 10 gards ards the future much will depend s as mu d wi usual upon crop conditions Reports ol 01 damage b by frost Crost are already in iii I evidence but it Is much too I early carty yet yel et to te form nn any reliable views rs as to tin the d outcome Railroad traffic Is hea heavy and as yet et there are no signs of abatement In general business vi vity So far as trade conditions act act- are arc i tory tom concerned to Wall ValI they al are street street entirely Speculative satisfactory I activity Is being conducted on more moie j I conservative e conser lines and anti the leading di building Interests are still sti disposed to C discourage cour e extravagant exta expectations In Iii the coal stocks there has hm been beer 1 much mud strength lh backed by rumors 01 of oC Important developments In I trade the tho con coal I Not Sought The demand n for railroad bonds continues somewhat at disappointing partly party owing to conditions in the tho mon money met marl and partly the lar large e sift party held owing h to cates sU by syndicates syndi syndi- awaiting purchasers It lb hi known that a num number er of our I large I railroad and steel corporations ns will soon suon wi come Into the market with new heir Js Issues large uc and this Is not considered a bullish factor although banking Interests are quite o likely quie lel fo to give their support to the market preparatory to tH the making of new Issues It must row now h be recognized that I r the great rent life Insurance companies with wih their large arge surpluses are no 10 longer available in case ease ot of necessity Jy for fOl placing of new stock and ald bond Issues itsUe The fhe latter must now mc meet In v. v t t Is a n healthier the method op open n tarl market though t. t II not always acceptable le to railroad borrowers who crime have extensive lave In view A plans year yeal or 01 two ago ngo the Pennsylvania railroad would not have been loan lonn obliged ed to go 0 to Paris for Us Its The Is have been he entire would readily taken lakon in Now b by some of or the tho York once cates eates ates If powerful PO syndi not by the seeking In the open market public for This by mone money the large largo corporations i Is a new departure and one that Is likely in the long run to be beneficial Active e E In a few fe weeks con congress ress will close and ant the market will bo be munch much of ot the time a agitation wi relieved from front The rite street treet laton recently so 80 o dis had seems scorns to lo have quite ia e quie enough of or Investigating committees and however beneficial they thy may ultimately b be the medicine for the time being is considered d suf set All Al present conditions favor Cavor a more active trading market market |