New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-05-11
FINANCIAL AFFAIRS
STOCK VALUES DECLINE.
WaU Street Sells to the Public
Money! Easy-Sterling Lo7oer.

In the first few hours of business stock mar
ket operations reflected activity on the part OF
commission house traders, who evidently made
I'D their minds over Sunday that the advances
recorded last week throughout the list of promi-
nent issues foreshadowed material immediate
appreciation in values. Public buying was &C
tive enough TO encourage realizing sales, the
selling for this account being especially heavy
in the issues that recently have been market
features notably the copper shares. Union Pa
cifc and the United States Steel stocks. the last
named being sold in volume by London interests,
who evidently thought the time ripe for profits.
Sales for London in the general market amount
ed to more than $4,000 shares. And this selling
was based entirely upon the speculative position
Of the market, which attracted the transfer or
paper profits into cash In a few issues the buy
ing power offset the realizing movement, Aneri-
can Can shares. American Cotton Oil Atchison,
Brooklyn Rapid Transit, Reading. Federal Min
ing and Smelling and Rock Island stocks pro-
viding in their final prices exceptions to the
long list of net losses. Brooklyn Rapid Tran
sit Peoples Gas Brooklyn Union Gas, Con-
solidated Gas and the Erie securities found
a good market in the early dealings, while
there was also an active demand for the pre-
ferred stocks of industrial companies for the
count Of public traders particularly in the case
Of United States Steel preferred. which was
taken by investors to an extent that practically
overshadowed the speculative selling in the
issue. The Steel stocks have been bought in
large amounts in recent days by spectators for
quick profits but they also have been absorbed
by actual investors, who have been attracted by
the remarkable record made by the United States
Steel Corporation in the recent period Of acute
depression in the country's industries. The gen
eral reaction in the day Of Insignificant pro-
portions as compared with recent advances, and
to the so-called bear element was extremely dis
appointing.
Bank statement figures at the close Of the
last week did not indicate the development in
the near future of q stiff market for loans. but
they did however. suggest the proba bility of the
maintenance of the frner tendency in rates that
marked the course Of recent operations. me
banking interests are not working for high quo
tations for loan accommodation for the good
reason that advanced price for money would
seriously interfere with plans for new corpora
ton financing now under way, and bring to an
end for the time the activity in the bond market,
which means much for the welfare of the
general financial and business situation. The
prosperous conditions that have prevailed in the
Wall Street community for many months have
made possible the liquidation of large syndicate
loans carried for a long period and the making
OF new loans at attractive terms. both operations
having served to promote stability in financial
affairs and to strengthen the position Of the
railroads and industrial companies lines that
rapidly are encouraging a return of normal con-
ditions in all departments of trade. Credit has
been established a firm basis, and
porations and individuals are taking advantage
Of this situation TO provide for present needs
and future requirements The position of the
federal Treasury causes uneasiness in some
circles but a careful study of current Treasury
conditions and Of factors that likely n
fuence government transactions in the rest If
the year do not warrant bearish attitude upon
our national finances. So far in the month of
May government revenue shows an increase of
about 100000 as compared with the CORE
spending period last year, while in the
time expenditures have exceeded receipts to the
extent of s1739,109, against excess in 1908
of s3.1S2,249 with the excess from July l SEA
1896, against S54S26,S64 last year. Since May
l income from customs shows an increase Of
upward OF 100000 over the same period in
1903; internal revenue also presents encour-
aging gain. and this Improvement in both items
promises TO become more pronounced the
months go on. owing 20 expanding business in
the country and the stimulating effect that tariff
revision will have upon trade in general.
Including deposits in national banks of ap-
proxnately $61000.000, the Treasury has an
available cash balance Of upward of 1924 000, 600
while the Secretary Of the Treasury has the
power to issue Panama bonds and short term
certificates of Indebtedness which would find
ready market, especially the latter, which
favored in financial circles Possible govern
ment financing the probability of further gold
exports and the present extended position of