New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-01
FINANCIAL MARKET
STOCK PRICES FIRM.
Money Easy and Sterling En-
change a Trlfe LOUer.

Stock market movements showed de-
cided irregularity throughout the day,
with prices at the close somewhat higher
in the larger number Of issues, as COM
pared with the final figures in Wednes-
DAVIS operations Opening firm, the
prominent securities enjoyed a fair de-
gree of activity for a brief period, but
in a subsequent decline, which was fol-
lowed by further strength in the early
afternoon. transactions were extremely
limited in volume and were made up al
most entirely Of the dealings Of the pro-
fessionaI element. The so-called Lehigh
Valley melon and a report that Reading
stockholders soon would hear pleasant
news failed to stimulate an outside in
quirv, the public apparently finding in
the various uncertainties in the situation
ample rea son for staying away from the
market. Discussion of the probability of
gold exports and the movement among
many railroads to increase wages tended
m restrict trading, the latter factor de-
irving its market influence from the idea.
that higher cost Of labor would compel
= reimbursement of dividend levels. though
increases did not reach pro-
portions iustifying such q conclusion
The fact, however, that certain com
parlies are advancing wages doubtless
will lead TO demands from men employed
in other concerns. and for this reason
the labor situation will continue to he
e to
come.
The chief part Of the days business
was supplied by Reading, Union Pacific.
AnaIgamated Copper, American Smelt-
ing and United States Steel, the last
named contributing almost one-auarter
of the total in all issues on a price
movement that left the final quotation
at a small fractional change from the
closing Of the preceding day. Union
Pacific made the best showing among
the active shares. Trading in the gen
eraI market dvindled TO an unimportant
swapping affair in the last hour, and
while prices were firm movements were
without interest Sterling exchange
closed 10 points under the last quota
tons of the preceding day. but condi-
lions continued to point TO shipments
of gold to London in the near future
The Bank Of EngIands weekly return
made an 1ulfavora bic exhibit, showing a
proportion of reserve to liability OF 4].ol
per cent, against 41.45 per cent week
ago and a ter-year average for the last
week I'm March of 1915 per cent. the
in
bullion
So far in the current week the local
banks have lost upward OF S4,Uepp
on their operations with the Sub-Treas-
rry. representing payments to the gov
eminent on ordinary revenue account,
including payments by Out-of-town IN
terests who have been settling their
obligations 10 the federal Treasury
through their balances at this centre
The governments income from customs
and internal revenue is steadily increas-
ing. and as a consequence OF this I'M
provement there apparently Is no neces-
sity at present Cor the issuance Of Par
anna bonds or short term certificates.
though eventually the Secretary of the
Treasury doubtless will take advantage
~ the mower vested in him by Congress
10 finance Panama Canal expenditures
ont of income other than that received
from ordinary payments to the govern
,,eut. Since the beginning Of the fiscal
wear there has been paid from regular
receipts upward OF SD, 100000 on the
work Of the canal, and since
the date OF the beginning Of the canal
a total of Sl94, 405.5 12 has been expend-
ed of which $40, 035, 917 has been taken
from the treasury's general fund. the
balance representing proceeds from sales
NJ bonds The amount expended from
the general fund is reimbursable from
proceeds of bonds not yet sold, and as
there is a balance OF bonds authorized
hut not yet issued of $3.50. $4,000. II Is
easv TO see why no uneasiness ls felt
over the position Of the treasury. es-
necially ~ view OF the Increasing gov
eminent receipts. which for the month
,o date show an excess over eXpendl-
lures on ordinary account OF Sb4i3'i9d'
with the deficit since July i only SlS,-
121 30. against a deficit of SGo,o'3,3io
in the same slime last year.