New-York tribune., 1909-03-19
FINANCIAL AFFAIRS
LIGHT STOCK TR4DING.
TR4DING.
Prices Close Heauy After Moderate
Gd;ns-SterIing Rates Higher,

<-.o.r, values moved IN an irregular manner
throughout the day, and though the under'one
was firm, until the last hour the greater num-
Der of issues showed small net losses as COM
pared with the final figures in "Wednesday
onerst tions In the early afternoon dec'deo
strength was reported IN various parts OF uls
list notably in Chesapeake &, Ohio which ad-
vanced to the highest point ever recorded nY
the stock at 89l2 but the movement isllec u
attract important commission house buying else
where in the market trading IN general neLis
light in volume and poorly distributed, win d
reactionary tendency in quotations IN the Ia'e
dealings While Reading, Union Paclhc ana
United States Steel common supplied large
proportion of the total transactions, the prlce
movements IN these issues were conflned 10
narrow limits with unimpoTtant changes at the
end. Union Pacific gaining q and Reading ss'
and United States Steel losing q. Columbus and
Hooking Coal and Iron was weak as conse-
ouence OF its recent extravagent strength, Whlie
Chicago Great Western made furtheF progress
toward the level at which 1t belongs as an
issue facing big assessment under reorganiza-
ton plans The general character OF tradlng
In the day presented no encouragement 10 the
people who believe that prices ought TO start
from the existing level on a movement to"aIu
a hetter range though the holders of such
views found solace in the fact that no stock
was pressed FOR sale the reaction from the
hest figures There was public buying IN the
market operations being made up almost en-
tirelz- Of the dealings Of the professional ele-
rnent which evinced no interest In outside al
fairs, even paying little attention to the re
ported retirement Of Mr. Hartman rom active
railroad work, which under ordinary conoltions
doubtless would have induced something of
selling movement Investment operations were
light in volume.
The chief provisions OF the tariff bill cal
cuIated to provide the government with sufti-
Gent income TO meet its growing needs and
wipe out the accumulated deficit. and therefore
its progress in Congress will be watched with
especial interest by the financial community
owing to the intimate relationship of Treasury
finances TO the local money market. Present
federal Treasury conditions are strong enough
10 maintain a comfortable working balance in
the Immediate future, but II is not improbable
that in the event Of a long drawn out discussion
of tariff changes in Washington the Secretary
Of the Treasury may be compelled to raise addl-
tlonal funds through another issue Of Panama
bonds or a sale Of short term certificates. either
of which operations would be a factor Of soma
Importance in money market circles. Through
heavier Withdrawals of goods in bond and a
larger import movement in recent weeks gov
eminent receipts are showing noteworthy I'M
provement but there is reason to doubt
the permanency of this movement pending the
final settlement of the tariff question. owing to
the lower duties proposed in many items. New
ertheless 1t is encouraging 10 know that at the
moment the governments income account is
making a far better showing than reported at
this time a year ago. the deficit for this month
70 date amounting TO only S1,17o,152. compared
with 81 p53, 726 in the corresponding period of
1905. with the deficit from July 1, however,
standing at SS7,53T,73 against S32,044,5 ,51S last
year. Sensible tariff revision Will stimulate
import trade, and people who are worrying over
the future position Of the United States Treas
ury may as we'll bury their fears as there is
nothing in view that will take the country back
10 a situation where the Treasury vaults win
be depleted through gold shipments or where
the Secretary Will be compelled to sell bonds at
a sacrifice price to banking syndicates to pre-
vent national bankruptcy.
Gold will continue to leave this country for
the present as consequence Of the falling off
in the export trade. the difference between
money rates here and abroad and the defects in
currency system, but there is to be gen
eral exodus Of the precious metal and ship
ments that will not be more than offset by
increasing gold production. In the natural
course Of events Europe VIII again become
active buyer OF products. tariff revision will
earnest Here three bull factors for the
future the Importance OF which cannot be over
estimated. Money was unchanged yesterday at
this centre, while movements of importance
were reported at foreign points. Sterling ex-
change continued to rule at the gold shipping
level, with indications favorng additional large
exports Of gold coin to London Tomorrow prob
ably In part for the account of joint stock banks
at the British capital which, in accordance with
a suddenly adopted policy among London in
stitutions, arc making active efforts TO increase
the general gold supply in England at the ex-
pense or New York. which is the cheap pest money
market in the world at the moment The Bank
or England made no change in its minimum
rate OF discount yesterday, while in IFS ,,,ae-l,,
return It presented q showing We'll under that
recorded at this time in 1903 but tri7e above
a nine-year average. the percentage Of reserve
TO liability being reported at 494I against 81 p,
last year, when the rate was reduced from p 81
per cent basis to per cent. the prevailing
quotation.