New-York tribune., 1909-02-11
FINANCIAL AFFAIRS
STOCK VALUES STEADY.
Report on amount of Copper on
Hand Helps Amalgonl0ted-
Money Market Factors.

Stock market trading vas light in volume
throughout the five hours Of business on d
movement Of values that showed great Hresu-
larity. with small net gains in the greater num-
Der OF issues. the chief exhibition OF strength
hejng recorded In the last hour, when the board
room element covered its shorts in most parts
Of the list. The better tone in the hnal opera
tions was helped by the buying Of Amalganateo
Copper, in which transactions were oaseo on
the report of the Copper Producers Association
showing an amount Of marketable copper on
hand in the United States well under recent un-
official estimates. There was a net increase IN
stocks on hand in January Of 21,f72779 pounds,
and from the rate OF consumption indicated by
the deliveries for the month the buying OF cop
per was much heavier in that period than gen
orally known, though well under the normal.
The total amount Of copper on hand FEBRUARY
was 1E4130,045 pounds, which compares Win
estimates made in the last two weeks running as
high as 100000 pounds, and as the official fig-
11res represent the operations Of all the copper
producing companies in the country more en-
co,raeing sentiment doubtless will develop IN
conner trade circles over the outlook for better
prices American Smelling and Refining also
was a strong feature, while in the railroad list
Chesa peake & Ohio, Union Pacific and the Colo
rado & Southern shares made progress toward a
higher level. Realizing sales were effective In
weakening the Denver & Rio Grande issues, also
PEOPLES Gas and Reading. United States Steel
remained unchanged at the close as compared
with the last quotation Of the preceding day,
while IN the general list operations were too
small to cause important variation either way.
a fair amount of business was reported in the
bond department, the Wabash refunding As and
the wabash -Pittsburg Terminal 4s being feat
ures Of activity and strength.
Paris exchange on London declined fraction
ally from the level Of the day before, which
marked the high point on the upward move
ment that set in following the financing of the
Russian loan while the Berlin rate also de-
clined. the course of exchange at the latter point
on the British capital attracting attention in
view Of the possibility of efforts on the part of
German bankers 10 secure gold in the London
market. It may be recalled that Of the South
African gold offered in the open English mar
ket two weeks ago one-half went to Austria,
ca BILE dispatches at that time indicating the
probability Of an active Continental demand out
side of Paris for the metal in connection with
the Balkan settlement. The Bank of England
is increasing its gold holdings, and 1t has need
TO do So The position of the institution is not
at all strong for this period Of the year. while
in the course of the next few months it will be
indirectly called upon to unusually heavy ex-
tent to assist in various large financial opera
tions which, however. at present it is believed
will be handled without difficulty unless there
should be an adverse change in the European
political situation Egypt is sending gold to
London as ii generally does at this time. and
the chances that the greater part of the
weekly offerings of the Cape gold will be
cured by the. Bank of England for several weeks
to come, while any further demand London
for the settlement Of South American obiiga-
tions doubtless VIII be financed from New York
as il has been done in the recent past Since
the first OF the year gold to the amount Of So
$4,000 has been shipped from this centre 10
Buenos Ayres for British account. Local rates
for sterling exchange are materially under the
level of week ago, chiefly consequence Of
the easier monetary position abroad and the
buying of American securities for foreign ac-
count in this market purchases of this sort in
recent days having amounted to a respectable
total
From now on the position of the federal
Treasury will hold more important place in
money market considerations, and the question
of financing the future needs OF the government
viii have to be seriously considered, as there is
little prospect of a decrease in national ex-
penditures. which running in excess of re-
ceipts at the rate of about $4,000 900 q month.
1t is encouraging to note a slight increase in
customs receipts in the last few days. but there
will have 10 be an enormous gain in this respect
to offset the falling off in internal revenue and the
large ordinary and extraordinary national ex-
penses. The holdings of government funds by de-
postory banks after the payment of the $4,000 900
recently called for by the Secretary Of the Treas
ury will not be large enough TO permit of further
large Withdrawals from the national institutions
and it is not unlikely that following the change
in the Washington administration the new Sec
retary Of the Treasury will place another lot OF
Panama bonds, and possibly issue one-year g
per cent certificates, for which he will have
authority under the financial act of March, 1900
The idea of reimposng the taxes of the Spanish
War period is under discussion in Washington
This method Of raising revenue or any other
method will affect money market conditions and
IN figuring upon the future OF money rates the
fully borne in mind