New-York tribune., 1910-12-07
FINANCIAL MARKETS
Call Money Rates Higher, Wf1'Ie
Ster|inu Exchange Declines

.e-o- sF,oys-3ue a fair degree o. 81 if-iie '
light volume Of business III l"e
- .-.y=;-,e- The stock market became
zaat on expanding operations. maxim 'iilI L
Losses running from l 70 more tF'ah -
,o;,,+e with net declines about as heavy.
c.,,;,,e- followed the publication Of the
,--.9o.,+,s message. not because the rec
-,,a77.7a+ions in that document We're
NO. liked. but owing 70 the theory t"a'
+17a-- had been fully discounted AZ pun
r7c+a-s while sales also were mace Oh
+,,a decline in British consols TO ne"
-,,-- ~ocord As = 2ta per cent security
When consoIs were on d : per cent OASIS
-t,a,- sold as low as 74s4 il 1871 ano at
80 =, 1E4T. IN a time of serious unrest
:, rri+fsh financial and business circles
these prices comparing with 10" OIL
ISL Yesterday, which doubtless repre-
sented q general idea OF the return OF
liberal English ministry which IS sup
nosed. ro be committed 10 radical leglsia-
+ior Union Pacific was one Of the
weakest Of the active issues. and. al
though II appeared TO be we'll taken on
the decline no efforts were made by
banking interests identified with the
Hartman properties 10 check the down
ward movement. Lefigh Valley also
was q weak feature, and less stock was
taken II the idea of an extra dividend
which has been suggested IN VARIOUS
quarters in recent days. Hurried liqu1-
darior was reported in many stocks in
rhe. last hour. as well as heavy selling by
the bear element. with the largest trans
actions in Amalgamated Copper. Union
Pacific. Reading and United States Steel,
the last named issue coming out IN large
blocks to the accompaniment Of report
Of an extensive reduction in operating
forces at the plants of the big steel cor
poration The general buying power was
poor.
The local banks have lost upward of
s.. .000.00O on their operations with the
Sub-Treasury since Friday, but OK
change al interior cities does not sug-
gest a large loss. If any, on the out-of-
town movement Of currency. Govern
ment receipts are running in excess OF
expenditures. but not TO an extent that
is effecting an important increase in the
governments working balance. which
now stands at approximately SO, 600
0t0. against a total balance in the gen
eral fund including deposits in national
banks TO the credit OF the Treasurer of
the United States and TO that Of dis
bursting officers Of upward Of S47 700
oo0. Of little more than So, ,GD0.01G
The latter sum may appear relatively
small, but II should be TeIuemb bered that
the Secretary Of the Treasury is en-
powered by law 10 issue Panama bonds
10 the amount Of $3.50. 100000 and that
from the sale Of such bonds. which
doubtless viii be made IL 1911. the gen
eral fund Of the Treasury viii receive
more than Si;;;":;;. 100000 representing cash
advances from that fund on Panama
Canal construction. With restricted op-
erations in the stock market there should
be no disturbance III money in the cur
rent mouth. but already d frner ten
dency IL loan quotations is reported
which may result in fairly stiff rates be-
fore the end Of the year. as there ap-
pears TO be little chance of a material
expansion IN local bank reserves in the
next few weeks According to last
Saturdays statement Of actual hank
conditions the reserve above legal re-
qUirements stands At trifie more than
S3.0t0.000. Sterling exchange ratas ,,,s-o
weak Yesterday. with demand quotations
moi tar from the gold importing level