New-York tribune., 1910-03-11
FINANCIAL MARKET
STOCK SALES LIGHT.
Money Rates Unchanged, 7cith
Indications Of Frmer
Quotations.


ket were moderately heavy in a few is
sues, but in the general list operations
were confined to unimportant totals In
the early dealings prices showed an ad-
vancing tendency, especially in the Har-
rirnan shares while in the afternoon
slow decline developed under the inf1u-
once Of selling by the professional ele-
ment and further profit taking by sub
stantial interests who converted paper
profits into cash on the theory that ir-
respective of several temporary disturb
ing factors in the outside situation prices
were entitled to a decline on wholly
technical conditions. There was little
commission house buying, and the abb
sence of aggressive operations for the
rise when prices were marked up in the
initial business encouraged some activ-
ity on the part of the bears, though the
pressure from this was not heavy enough
TO bring about material losses, except in
Union Pacific, Reading, Southern Pacific
and Amalgamated Copper, which declined
a point or more from the high levels.
Norfolk Ss Western was consistently
ENN'h'
traders taking the stock on the idea
that the dividend would be increased in
order to add to the Pennsylvania ''other
income" account in justification of an ad-
vance in the Pennsylvania dividend to
per cent in May. United States Express
also was a strong feature, though on
small dealings. Wall Street believes that
the death of Mr.. Platt paves the way for
the establishment of harmonious rela-
tions between the majority and minority
interests of the United States Express
Company and q more liberal policy on
the part of the management toward the
stockholders. The market closed weak.
Broadening speculation In stocks, a
growing demand on this centre for funds
from the interior and the probability of
heavy financing by corporations are fac
tors that encourage the expectation OF
higher rates for money in the near fut-
ure, especially as local bank reserves arc
only trifie in excess of $11, 100000, while
loans Of the Clearing House institutions
are almost as large as deposits More
over, bank loans outside New York are
heavily extended at q time when an in
creased inquiry for accommodat ton usu-
ally develops. III addition to the factors
named the proposed issue of "A per cent
New York city corporate stock and the
relatively low position of the federal
governments working cash balance
should not be lost sight Of as material
arguments for increased activity in the
money market. The United States Treas
ury holds a working balance of $20,771.-
677 and in the general fund a total net
balance of s80.96o.37s is shown. the lat
ter including large deposits b. national
banks 10 retire circulation. compared
with upward Of S138.O0O,000 at this time
year ago. when the actual working bal
ance outside of deposits in the banks was
s65.077,077.
Treasury receipts sre running in ex-
cess of those at this time in 1909, but
expenditures continue heavy. amounting
for the fiscal year 10 date on ordinary
account to 1886, 7S2,419. against $46I373,-
067 for the corresponding period in the
preceding year, while receipts show a
total cf $f4@.717322. an increase of $44.-
499.327. The government doubtless soon
viii come into the market for money.
either on an issue Of Panama Canal bonds
or snort term certificates. one reflection
Of the increased demand for money at
the interior Is shown IN the loss by the
local banks 10 the Sub Treasury, the
movement being due To the payment by
out-of-town banks of obligations due the
government by drafts upon their New
York correspondents In favor OF the As
sis;ant United States Treasurer at this
centre Local money rates showed no
change yesterday. the undertone of the
market remaining firm, with actual bust
ness somewhat lighter than that OF re-