New-York tribune., 1909-04-27
FINANCIAL AFFAIRS
MANY STOCKS WEAK.
Time Money Slightly FTmer-
Sterling Up Fire Points.

Stock market values moved WlIhln IldIl""
fluctuations in the greater number OF issues
viii, not losses I'm the majority of prominent
securities at the close. Transactions, both IN
stocks and bonds were lighter in volume thah
in recent active days, while there was ma
terjal contraction in the business through COM
mission houses for public account. the heaviest
operations for outside interests being on the
selling side especially in the late dealings when
the professional element attacked with some
success Union Pacific, Reading and ROCK lsiahu'
in which final losses ran above l point. me
decline was not accompanied by news develop
uents affecting the actual value of securities.
the movement being based on the overbought
position of the market and on the absence OF
a new active public demand The public ap-
narentIy has become somewhat alarmed over
the collapse in the wheat market as posSipie
Indication of a similar development in stocks.
but this condition OF mind doubtless will be for
gotten if the rich speculative cliques in the
Street are able TO bring about further improve
ment in prices operation that does not ap-
near at all impossible The chief huctuation In
the day was reported in Reading, which sold
as high as 1862 in the first few minutes Of
trading. then declining TO 1437s on the idea
that decision adverse to the railroads in the
commodity clause case would be rendered.
When announcement was made that the Su-
prame Court would hand down ruling on
this important matter with which Reading, by
the way is not directly connected, the price
Of the stock up TO 146 and subsequently
declined TO 1433s, closing at 1875. { net loss
of 17s. the dealings in the issue with those III
Union Pacific Rock Island and United States
Steel supplying only little less than one-haf
OF the total dealings in all stocks. Active bid
ding for United States Steel in the neighbor-
hood Of "A marked the early movement in this
security but It showed decided weakness in
the last hour operations. closing at 50. Good
buying was reported in the Hill shares on the
decline also in the Southern Railway issues
and Atchison, which closed above Saturdays
final prices. The AtchisOn and the Southern
reported most gratifying earnings for the month
of March. The foreign markets were inactive
and not affected by the course Of affairs in
Turkey Wheat prices again closed lower
The slightly frmer tendency that developed
I'm the money market last week promises to
become more marked If bull speculation in
stocks continues. while there IS some reason 10
believe that trade demands for accommodation
may increase to an extent that will maintain
rates at higher level without regard to stock
market requirements. There Is. however, 10
indication in the current situation of the deve
opment of stiff money quotations in the near
future, Currency is moving to this centre from
the interior in fair volume but it is likely the
excess Of receipts Will be offset by further ship
ments Of gold to South America and TO Europe.
Paris secured all Of the South African gold Of
fered in the open London market Yesterday, and
While general conditions at the French capital
did not suggest the necessity the part of
the Bank OF France of increasing its holdings of
the metal cable dispatches indicated the prOba-
bity of further efforts by that institution to add
TO its gold supply both from the London and
the New York markets London discounts de-
clined to the low rate of 1908 Local banks
again gaining on their operations with the gov
ernrnent and federal expenditures exceeding
receipts as against excess Of income earlier in
the month, but the deficit in the revenue
count for the month to date is more than
50 600 900 less than in the corresponding time 4
year ago Since April l customs receipts have
increased more than S6000,000, 8 compared
with that time in 1908, while internal revenue
and miscellaneous receipts show a gain of
$4,000 The Treasury's working balance outside
of deposits in national banks aggregates S66,-
500 600. the national bank repositories holding
20 the credit of the Treasurer of the United
states about SIS. .000. 600 If revenues continue
to improve government financing may be
done in the remaining months of the fiscal year.
but if the revenue law that will be passed ~
the current special session of Congress fails
to add a material amount of money to the daily
receipts OF the government the Secretary of
the Treasury Will be compelled 10 raise funds
by other means. II is probable that irrespective
Of expected gains in income from the new tariff
law more Panama bonds will be issued. while
in the event OF a growing deficit certificates Of
Indebtedness may be put out,