New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-12
FINANCIAL MARKET
Sterling Exchange Declines I'm
der international Parity.

On a moderately active volume or
business stock market prices moved in
an irregular manner throughout the
day, with more net losses than gains
among the leading issues at the close
While sentiment, as &. rule, was bulllsh,
many traders put out short lines IN me
afternoon operations on the theory that
technical conditions warranted a reac-
ton. but the general developments af-
feeling the intrinsic worth of securities
did not encourage the expectation of
anything beyond 4 speculative selling
movement. Reports from the farms
showed general improvement in the
growing crops. adviCes from the copper
trade reflected an increased demand
from consumers Of the metal and weekly
summaries of the course Of the iron and
steel industry indicated a, rapid passing
of the factors that recently started
period Of decreased activity at the fur
paces and the mills Furthermore,
money and foreign exchange conditions
were in favor of bull enthusiasm In the
Street These considerations, however,
did not prevent pressure from the trad
ing element in the last hour transac-
lions. though the declines from the high
POINTS of the morning were unimportant
and were not accompanied by extensive
liquidation. In view Of the advance that
has taken place since the death Of King
Edward further heavy profit taking
sales would not be unnatural, and 1t Is
not unlikely that the reactionary ten
dency that marked the course of speCu-
lation yesterday will become more pro-
nounced to-day, unless a heavy outside
demand for securities should develop.
Atchison. Brooklyn Rapid Transit and
the local gas stocks were among the few
prominent issues that ended at net
gains, Brooklyn Union Gas recording the
most conspicuous advance and closing
at a price more than 10 points above the
final figures in Mondays market.
Brooklyn Rapid Transit was bought on
the belief that the directors of the COM
pany viii increase the dividend TO & 5
per cent basis to-day.
While exchange at San Francisco rules
against New York. rates at other West
ern points are in favor Of this centre.
and according to estimates made yester-
CAV the weeks movement OF currency
will add a substantial sum TO the cash
holdings of the local banks. On their
operations with the Treasury the
banks have lost only q trifing amount
Of money, and II is therefore probable
that Saturdays bank statement will
make q. favorable exhibit, assuming that
no extensive increase in loans is now
under way tt is believed, however.
that the loan item will show some ex-
pansion as compared with week ago.
owing TO the active buying of stocks in
recent DAYS. a reflection Of which is
found in the steadiness of the call money
market in the neighborhood Of per
cent. Sterling exchange quotations were
weak again yesterday, going below in
ternational parity under the influence of
local and London money market condi-
tons and considerations based upon the
expectation of large offerings of bills
against American securities placed with
European banking houses, but there was
further buying by operators, who be
lieved that the decline had fully dis
counted foreign financing Of our new
issues and that at no distant date rates
would enjoy a material advance. In con
nection With the movement of money
between the banks and the federal treas
ury II is interesting to note that go far
in the current month government re-
ceipts on ordinary account have ex-
ceeded expenditures 10 the amount of
81. 133, 21o, against an excess OF expendi-
lures in the same time last year Of
81. T66, 446, with deficit since July 1 Of
only SIS, 57o.612, compared with deficit
of S71 .O03,011 IN the corresponding
period IN the year before, and deficit
on ell accounts of S43, so7. 7S1. decrease
Of ST.. ,o26 from 1869 new item
now appearing in ordinary government
receipts is the corporation tax, which has
added S22s $40 10 the federal income
since the lsw became effective