The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1909-02-08
stock Operations

making any important reductions In
the schedules.
stock Operations
stock exchange operations continue
TO reflect outside conditions. inertia
and weakness being the main feat
ures. Many leading operators are
absent on their usual winter vaea-
lions. and in banking circles there. is
a marked absence of the optimism so
prevalent before the election. The
main support of the market appears
10 be the money situation. Funds are
stu overabundant. and our banks and
trust companies are generally in ex-
ceptlonally sound condition. Their
chief complaint Is the difficulty Of find
Ing satisfactory employ mont feF their
money. Had we an elastic currency
system and effective redemption ar
rangements. the situation would quick
( ~ correct itself As II is the III ef-
fects OF this combination OF too much
money and too little business must be
Overcome as best we may. Our ma
ticnal finances are becoming a matter
OF real concern. The treasury deficit
Is now $50 100000. Some excellent
authorities estimate that II will reach
Sf35 100000 at the end Of the fiscal
year IN June. All this Il due more
to national extravagance than 10 a
falling on In revenue. The latter Is
only temporary and a deficit would
have come even had government re-
celpts been maintained because Of the
reckless increase OF national expenses.
with the depletion OF the treasury
surplus public deposits in the banks
are being reduced TO minimum
This, however. has no serious effe Il
upon the money market. since such
funds quickly find their way back 10
the banks. The condition of the
treasury will OF course be used as an
argument against tariff revision. rot-
wlthstandlng the fact that when bust
ness revives revenues wiz increase
and could in many instances be actu-
ally augmented by a judlcious lower
ing Of some OF the schedules.
Gold Export.
! Gold exports were renewed. further
shipments having gone to Argentine
on London account and moro IS Ike
/ " TO follow. London Is now finding
less difficulty In obtaining gol1 aud
is correspondingly relieved. 80 that
better tone Is reported in that mar
ket as well ~ a better investment d.
mand. Investors here are IN an OK
ceedingly conservative mood. Their
demands have been satisfied for the
time being. and banking ciccles are
not inclined 10 subscribe 20 further
bond issues until those now in the
market are better distributed. A good
ly portion OF the new issues have
been used for the taking care of ma
turing obligations. but the excessive
new offerings since January are ex-
ertlng a more or less depressing ef-
feet. Speculation is confined within
narrow limits. Every sharp decline
Is followed by more or less buying TO
cover on occasional good rallies, bot
the general tendency appears to be
towards a still lower range OF values.
There is no special source OF weak
ness except general sense that
prices have been too high, and that a
moderate recession would be both
natural and beneficial. Money rates
are somewhat firmer owing to the
pending withdrawal of government
deposits, to gold experts, to the with
drawals of trust company reserves
and to the expected large Panama
loan.
HENRY CLEWS.