New-York tribune., 1909-02-05
FINANCIAL AFFAIRS
CHEAP. STOCKS STRONG.
Unim portant Changes in Prominent
Issues-MOncy Rates FTmer.

Transactions in Yesterdays stock market were
made up in great part Of the operations OF pro-
fessional traders. who tried 20 follow the turns
in the shares In which manipulation continued
and to make profits from the unimportart nuc-
tuations in the general market. Prices moved
up in the issues in which the so-caled Hawiey
element is making campaign for higher quo
tations, also in Texas Pacific and MISSOURI
Pacific but in the majority Of shares there was
practically no tendency at all, with an extremely
narrow market for the more prominent securi-
ties such as Union Pacific. st. Paul, Northern
Pacific and Great Northern. Chesapeake &
Ohio Denver & Rio Grande. Rock Island, West
ern Maryland and Missouri Pacific were con-
sistently strong under the influence Of buying
attracted by the idea that the substantial in
terests were active in them. the movement be-
ing responsible for a crop Of silly stories re-
gardng the future OF the various properties
The Street learns information from some
one who has it from some one else who gets
il directly from a man who has friend who
hears it from trustworthy sources that get ii
from interests identified with people close 70 the
Hartman Hawley Hill Morgan houses that
there is to be a change in the general railroad
map of the country This is the character Of
news" now being put out to help or injure
values IN what has become a deadlOcked mar
ket, so far as speculation is concerned. The
development Of something wholly unexpected
appears to be the only hope of followers who
are anxious TO see some action in the market.
either on one side the other. Reading closed
down l q, but elsewhere among the prominent
shares final changes were confined to small
fractions, except in Consolidated Gas. which lost
l point after maximum decline Of 21a. Denver
& Rio Grande common and preferred. Missouri
Pacific Texas & Pacific. Western Maryland and
the Wisconsin Central issues ended at net gains
of from l to AZ points, Wisconsin Central COM
enjoying the chief Improvement Denver
& Rio Grande common gained ~, and the Street
appeared willing TO swallow the foolish tale that
the company would pass to the control Of the
Hill interests. Control of the Denver & Rio
Grande is held in the Missouri Pacific treasury,
and it is pertinent To ask what the Goulds would
do without the Denver & Rio Grande, as It
forms big link in the line which will carry the
Gould system TO the Pacific Coast. The Goulds
have not been spending money and time in
building the Western Pacific merely for their
health The Western Pacific would not be worth
its price in junk to the Goulds without the
Denver & Rio Grande. The bond market
moderately active yesterday, with weakness in
the Wabash Pittsburg Terminal Issues.
The call by the Secretary of the Treasury for
$50 000, 900 of government money held by de-
positary institutions will reduce the amount Of
federal funds in national banks exclusive Of
disbursing officers balances. to about $50 0OO 00G
and will increase the Treasury's working balance
to S74,S41,5S7. In the month Of January the
excess of government payments amounted to
more than SIS. 10000 making the deficit for the
seven months Of the fiscal year in the neighbor-
hood of $50, 00Q, 900; while estimates for the en-
tire wear place the total deficit at from Sll4 OOO-
600 TO $l35 600 600 the latter being the figures of
the National City Bank in it's February circular
and the former the estimate of the Secretary of
the Treasury in his recent annual report. From
current indications the deficit will be nearer the
banks forecast than that of the Secretary, and
in that event without recourse by the Treasury
TO further means of increasing its holdings the
governments available balance at the end Of
the current fiscal year outside of deposits in the
banks will be reduced to about $50, 900 900. The
Secretary OF the Treasury doubtless will main
tain in depositary banks & balance of at least
$50, 600. 600 which would permit of a further
small call for federal funds that at the end
of the year he Will have available, exclusive of
$50. 600 600 in banks. than $4,000, 600 with
which TO begin the fiscal period. This
can be increased by the issue of Panama
bonds, of the authorized issue of $1,000
900 only ss4.631.9 $50 has been sold while il also
could be increased by sale of per cent certif-
Gates Of Indebtedness 10 an amount not more
than s100 00e.00O, a provided by law whenever
the Secretary of the Treasury believes such ac-
tion necessary in order TO meet public expendi-
lures. Lower import du-ies may stimulate
Of merchandise To this country TO an
that viii actually increase customs re-
ceipts, but even with a greater volume of inn
ports it may be necessary in the next fiscal year
to devise new methods OF raising revenue for
the enormous public needs. including the Pam
anna Canal. that are ahead Of us.
Easier rates for loans in the local market ara
not probable. while II is not unlikely the next
change in quotations viii be in the direction OF
a better quotation level No important rise is
expected. however. In the course OF the next
two months. Financial conditions abroad are
stronger than they were few weeks ago. and