New-York tribune., 1909-03-05
FINANCIAL AFFAIRS
QUIET DAY IN STOCKS.
Prices Generally Weak at the Close
Sterling Exchange Higher.

Transactions In Yesterdays stock market were
light in volume. while the movement OF values
showed great irregularity, with uriinportaht
changes at the close. In the greater nuIloer Oh
issues small net losses were recorded Comrnls-
sion houses we're not identified with the course
of trading. nor was there any indication OF IN
terest in the dealings by the leading wall Street
operators many of whom were out or town anu
unable to get Into communication with the mar
ket owing to the break in the wire service Inc
rrofassionaI element found no incentive in the
general trend Of affairs for active operations on
either side of the speculative account tnougI
following the publication Of the inaugural ao-
dress by the new President OF the United states
there were symptoms Of operations for hlgher
nrices especfally !n the Hartman shares, Steel
common and Reading. President Tafts ideas on
questions affecting the corporations were Wen
received in financial quarters, and, as matter
of fact. his general suggestions reiatine 10
money and business legislation at future Ses-
stons of Congress found a sympathetic response
in the banking community. Transactions Tor
higher prices, however, were not accompanied
by commission house buying. and the absence OF
an active demand for securities IN the last hour
of trading ENCOURAGED operations for short ac-
count, which resulted in lower figures through
out the list especial weakness deVeloplng IN
Amalgamated Copper. American Sneltins, fSeau-
ing United States Steel and Union Pacinc.
Amalgamated Copper lost for the day 2%;
American Smelters. 2as: Reading rs; southern
Pacific IL and Union Pacific, rs. American
Ice Canadian Pacific and Kansas City southern
issues were strong features. Total sales were
,,nder zoo 600 shares, while in bonds dealings
also were light.
The new national administration begins its
work with conditions affecting the federal Treas
ury more promising than they were a few weeks
ago and with indications suggesting marked I'M
,,rovarnent in the balance Of the fiscal and cal
an5ar wear Owing to the current large deficit
however and the relatively light government
deposits in national banks further financing to
increase the cash hand doubtless VIII De
fo,,nd necessary in the near future but such an
oT,era+ion will be welcomed by the banks OF the
country owing to the large surplus supply OF
money at the financial centres and the low rates
prevailing Anything that VIII bring ABOUT
higher prices for loan accommodation outsloe
of pantcky conditions will be encouraged py
lenders and at the moment there Is the nope
that the present position Of the foreign exchange
market will lead TO gold exports 10 EUROPE
which of course, would tend TO strengthen 'ie
quotations for money. Sterling rates are H9'
far from the gold shipping level. the current ad
1ancin, tendency being due to European sellihg
Of American securities, increased imports oI
merchandise and scarcity OF conlnlerclal piiI'
&C a consequences of the high prices for gram
which have interfered with the outward move
,,.,+ oP 1,rea dstIIfrs Europe can buy Its grain
cbaane- in Argentina than here, and just as long
as supplies in the latter country hold oul tIo
American market must surfer 30 Iar III liio
current month imports OF merchandise nave
s,ondine, time a year ago, and against a gov
ernment deficit in the first four days OF N1a'C C!i
1qOe Of s14IS574, the present excess OF eXpenul-
tures over receipts amounts TO only $0o0rooo
though for the fiscal year to date the excess
-+s,6c ar sS6 66b 2S6, as compared with SzS'oOs'-
9s1 ,r the same time in 19070S- As govern
,,,ept expenditures will continue heavy 1t Is es-
,,acislIv encouraging 10 note Improvement IN the
federal income which it is believed Will De
F,,r+her strengthened by tariff readJustmeht
that will stimulate a heavy movement OF 1orelgn
merchandise TO the United States
In view of the prominence occupied by the
Trie Railroad as 8 trunk line company ana the
interest taken In the property by the nnahclal
co,,orounity owing to the financial troubles lhat
have beset the road in the last year. sraoual
pain in traffic along its lines is we'll worth es-
acIaI notice in current financial discussions.
The gross results for January were ahecteu ~
soma extent by abnormal weather conditions
t,+ showed nevertheless. Improvement over
January OF last year, while net returns were ex-
treT7eIv satisfactory presenting gain Of 22O
ner cent compared with a gain OF 2iO per cent
in December 1I3 per cent in November III per
cent in October 16 per cent in September ana
g loss Of IS per cent in August and per cent
in Julv In the last four months the Erie has
gained in net 81 600, and there is good reason
to believe that the figures for February VIII
show a material increase both in gross and net
also in March. In the first seven months of the
fiscal years the Erie earned it's fixed charges.
with comfortable margin TO spare The Erie
requires cash for immediate needs. and il is TO
be hoped that the convertible bond issue will be
& success, as with the proceeds from the sale of
these bonds and with improving traffic results
the company will work its way To the front as