Show REVIEW OF WEE plethora of funds in new york money market a leading feature now york april 19 growing decaso and a plethora of funds in the new yd york rk money market was a the marked feature of the financial situation last week with the disbursements of dividends a 11 4 per cent interest rate was found nim necessary essary to effect the alar placing ing of funds on call and ninety day loans loane fell below 3 per cent the beginning of exports of gold was the natural consequence of this condition and a call from the united states treasury for the return of an installment of government deposits ti ii not expected to have any material ef feet in stiffening money rates rater that the condition of the money market Is IUA dua to an important extent to the violent measures for relief taken in the he throes of the panic last fall is true but shrinkage in trade activity Is indicated also to an extent which deprives tho abo ease of money of much of its favorable effect until last weeks engage engagements mentis of gold for export there had been no return of 0 any part of the of the metal which was imported during the financial crisis last laet fall the retention of this great fund of reserve money was facilitated by the enormous merchandise exports which went forward month after month in the process of liquidation to meet cash requirements in march for tho first time since cinco october the value of exports fell below those tor for the corresponding period ot of last year although the shrinkage in value of imports has bas been much mu ch more violent it Is expected that the outward movement of gold will attain considerable sid erable dimensions the no movement Is IB likely to be diverted in part of germany the imperial I 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 de demand and of that center upon london which has been in progress for a week or more with the effect of raising the interest rate in london to a considerable extent the flow of funds to new york from the domestic interior meanwhile continues in unabated volume and the surplus of the new york bank reserve Is assuming an unwieldy volume mon money market conditions therefore seem to be reaching the condition promising success for new offering ot 01 securities the known necessities of the railroad corporations promise larga jarge issues of new securities as soon as conditions become propitious the union pacific the th e illinois central the delaware hudson tho the new york central the metropolitan and some minor companies have announced their plans already tenders for these issues will be awaited with great Int interest emst to indicate the course of at the investment situation A factor having some bearing on this situation la is the bw borrowing rowing by some of the railroads privately as reported last week on temporary notes on which the Inter interest erst rate Is said to be considerably above the prey prevailing alling market rate aside aalde from the nee iceda of the corporations the demand for loans Is slight blight and the ease of the money market Is due to this unequal part with the abundance of cf supplies the ale course of earnings of railroads has haa not turned for the better yet in sufficient degree to help their credit in spite of the progress made in cutting down expenses to meet the inroads on gross earnings the latest report of the committee on car effi efficiency clency of the american railway association showed that on april I 1 the number of idle freight cars had bad increased since the previous report on march 18 by after having been diminishing successively eacil each two week period since february 5 this ahls disappointing showing was considered corroborative of reports for some time past of a renewed am contraction attraction tractIon in trade activity this contraction Is of especial effect occurring in the metal trades A fresh decline in order for steel products instability in the iron market and continuous decline in prices of copper make a burden for hopeful sentiment to contend with recurring reports of an intended cut in prices of steel products have an unsettling effect to in the trade in spite of ex pressed expressed determination of the allied interests controlling the largest portion of the output to maintain prices |