New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-02-17
FINANCIAL AFFAIRS
LIGHT DAY IN STOCKS.
Prices Generally Lower-Money
Misunderstanding Exchange Weak.

---e,z.c4,onx in Yesterdays stock market
were light In volume on a movement OF Eslue9
that generally tended In the direction OF lower
quotations The Idea held N many quarters
tle+ the marked Improvement that accompa-
MED the course of trading on the preceding DAY
did not warrant the expectation of the develop
rnent Of an active upward movement was Lu41S
borne out by the course OF prices and Ihe cnaL
scter of the operations. There was no puoliC
response 10 Mondays advance. AS conse-
oueuce professional traders with long STOCK on
their hands realized their profits. and, as RUE
returned to the short side OF speculation Win
moderate success throughout the active ISL Ia
which maximum losses ran IN many cases as
high as per cent, with final declines some" NAT
smaller. In some Of the Vanderbilt issues BAL
tir,ors &, Ohio Atlantic Coast Line, St Paul.
Atchisou & Wabash preferred, last quotations
showed net gains, but elsewhere among TIE
prominent shares the greater part OF the erect
of the early selling was reflected IN CLOSING
prfces Amalgamated Copper was notably weak
on selling based on trade conditions. while the
Erie shares, Reading, United States steel anu
Texas & Pacific also were particularly heaVy
features the last named issue declining on Ihe
announcement that no interest would be paio on
the companys second income bonds, most OF
which are held in the treasury Of the missouri
Pacific. The decline in the Erie securities was
based on the failure Of g buying movement TO
develop following the granting Of the companys
application to issue bonds. and on an IDEA IN the
Street that the terms imposed by the Public
Service Commission might not be accepted by
the company. The commissions terms are IN
the best interests OF the holders OF the com
pany's securities, and II they are not accepted
the road will have the prospect Of financing It's
difficulties through the medium OF receiver
ship.
Money rates were without change yesterday.
while sterling quotations were slightly under
the level OF the preceding day. The demand for
accommodation. was light, and banks reported
fair volume Of currency from the Interior while
on their operations with the Sub-Treasury a
gain was recorded as a consequence Of excess
government payments. So far in the current
month federal receipts have been heavier than
In the corresponding time last year, the gain
amounting to $2.919. 100, but expenditures in
the same period have been in excess of the rec
ord of 1903 to the extent Of S4,030,OO0. while
the deficit for the month TO date is 81. 734. $780,
against SIS, 624.450 in the same time year ago.
For the fiscal year, exclusive OF yesterdays
figures the deficit amounts to SS4. 549. 1O3. COM
pared with S22,310129 last year, while since
JuIy I total receipts have been S23. 024. $50
under those in the similar period of the preced-
ing year and expenditures S39.214,14 4 in ad-
vance of last years figures. It is encouraging
TO be able 10 report an increase in receipts in
the current month, made up chiefly from GUS
toms revenue, but the Improvement IN this re-
spect is more than offset by growing expenses
which must be met by government financing
early In the new administration. The most re-
cent estimates Of the cost OF the Panama Canal
place the amount IN the ueighboThood Of 800
100000, and the Secretary OF the Treasury now
has authority TO issue upward OF $4,000 900
bonds representing the unissued amount Of the
total authorized by Congress. and disburse
rnents on internal improvements will continue
heavy for q long time 70 come. while there is
no tendency by Congress to cut down general
appropriations It readily may be seen that the
government soon will be compelled not only TO
hal Of
bonds but seek revenue from other sources in
order to maintain its financial equilibrium.
Depository banks hold SS4. 231 of govern
ment money. but from this sum must be de-
Quoted the $30O00.000 recently called for by the
Secretary of the Treasury, and 1t IS not likely
that the new Secretary will allow the public de-
posits TO go below 600. The money mar
lxet has a problem ahead in connection with
government financing which may come at 4
time when the mercantile demand for funds
NAV enjoy a revival. and when the demands
upon the market for money representing the
Rotation OF new securities issues may be ex-
ceedingiy active. A tremendous amount Of new
securities has been issued since the first OF the
wear and from current indications there will be
no let-up in this tendency until money market
conditions make such operations prohibitive or
to believe that later in the season congestion
may develop in the bond market, which at the
present time IS active both for speculative and
investment account. but at the present rate Of
emission OF issues the markets power Of
absorption viii be severely tested Heavy spec
ulative operations are being conducted in bonds
and the fact that these transactions do not rep
resent the permanent retirement OF the issues
from tbs Street should be carefully considered