New-York tribune., 1908-03-05
sex dividend.
STOCK MARKET OPERATIONS.

Trading in the stock market yesterday as
sumed hardly than nominal proportions
until the last hour, when q rather active cover
ing movement began. which resulted in a gem
erai advance Of about a point. final prices being
a trife under the best but in most cases show
ing fractional net gains for the day. The mar
ket highly professional. and during the
greater part of the session the range of price
changes was not more than one-half point
News developments not abundant and
such came out had apparently little influence
on prices The most discoUraging of the rail-
road earnings reports was that OF Missouri Pa
ciffc for December with its exhibit of a s545,0O0
decrease in gross and S563. 900 decrease in net
earnings: but Missouri Pacific ended the day
with a fractional gain The cutting III two or
the dividend on Calumet and Hecla was widely
discussed. but the local copper stocks were not
adversely affected. and Amalgamated Copper
and American Smelling and Refining made net
advances of more than Y point each, in contrast
the 60-point drop of Calumet and Hecla in
Boston. The action of the Calumet and Heclas
directors has brought its dividend down to the
basis already reached by Amalgamated. in COM
parison with the rate prevailing before the
price of the metal began its sharp decline from
the record height of 26 cents pound. The
market advance in the last hour stimulated
by rumors that the Hepburn BILL which imposes
a practically prohibitive federal tax on transac-
tions in stocks, had been or about to be
withdrawn. The introduction of that measure.
although not generally expected TO be followed
disturbing effect the stock market. for it is
recognized that stranger things have happened
at Washington than would be the passage of A
measure at this session. which would bear with
great severity upon the business of buying and
selling securities public exchanges.
The statement for February of the receipts
and expenditures of the United States issued yes
terday shows a deficit for the month of $S.40O-
600, comparing with increase year ago Of
almost exactly the same amount and a deficit for
the period since July l last OF ST, ,000, ,000 which
compares with increase in the corresponding
period year ago OF about $4,000 900 The Sec
retary of the Treasury, il Will be remembered
in his annual report last December estimated Il
surplus for the fiscal year ending June 80 next
Of S42.000000, but that estimate was based upon
data gathered before the panic. What will be
The course of the public revenues from until
the end of June no one can forecast with safety,
but if the deficit shall continue grow accord
ing TO the average Of the last eight months
final deficit will be seen of about $4,000 900 for
The year. total which will be materially swelled
II the monthly rate shall approximate that OF
February The Treasury, however, is happily
well fortified for meeting deficit, il has not
been previous periods OF crisis. The crcula-
ton statement Of March ! shows a decrease
money in circulation that date compared
with the figures for February l. and an increase
of more than $500 900 compared with March l.
1907 when business everywhere exceedingly
active