New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-11-23
BANK STOCKS ON STOCK ExcHAN
FINANCIAL MARKET
Money Rates Unaffected by With
draWaIS of Funds for Canada
and California.

on a moderately active volume OF
business prices for stocks moved in the
direction Of higher levels in the best part
of the day. the chief exception 10 the adj
vanc,ng tendency being supplied by
Third Avenue shares. which continued TO
decline under the influence of selling
based on the court decision upholdns
the company's reorganization plan. which
had been rejected by the Public Service
Commission. This plan assesses the
stockholders ID per cent, in return Tor
which they are to receive $40 in new
stock and so in first refunding mort
gage flfty-year per cent bonds. The
scheme ought 10 work out right in the
end. but evidently there are many stock
holders who do not care TO pay the as
sessment. The copper metal stocks,
especially Utah Copper. were in fair de-
mand throughout the day, buying being
encouraged by the advance in the price
Of copper abroad and by the legitimate
Improvement reported in the industry in
this country. but with the rest Of the list
these issues sold off in the late after
noon on a natural reactionary move
ment. In view Of the pressure exerted
b. traders and realizing sales the gen
eral market gave a good account of
itoelf, showing underlying strength and
ms rked unwillingness to respond TO the
hammering tactics of professional opera
tors The large interests extended sup
port when needed, but they did nothing,
so far as surface indications were con-
cerned. on the long side of the market.
substantial Wall street men are work
ing on various financial propositions OF
greater importance than stock specula-
ton. but the nature Of their plans, how
ever. seems to demand stability in prices.
Bankers arc in a position TO keep the
market on an even keel. Increased pub
lie interest in the better class Of stocks is
reported. The Southern group of securi-
ties is becoming more popular. Louis
Vile e. Nashville sold yesterday at the
hest price recorded since January ., l9lo
Withdrawals of funds from this centre
for Canadian, California and South
American account so far have not at
fected local money market rates, but the
chances are they will he reflected in
considerable reduction in bank reserves
in Saturdays Clearing House statement
Of the associated institutions The sur
Mus Il: week was SlO,SJO,OOO. on their
direct operations with the Sub-Treasury
the banks also have lost a substantial
amount. and il Is not likely receipts of
currency from the interior will supply
ANYTHING in the nature Of an Offset 10
the losses sustained. Federal Treasury
eyreuses continue TO exceed the federal
income. although New York is paying
more TO the government than 1t Is re-
ceiving from the government the OK
PLANTATION being found in the fact that
the payments 10 the Treasury are made
chiefly at this centre, including payments
Of out-of-town obligations from the local
balances Of interior banks while pay
ments by the Treasury extend over a
very wide area For the month 10 date
Government expenditures ON ordinary
account have exceeded receipts to the
amount Of about S5.Wo.HoN, against p
surplus Of about STp00O for the same
time last year. Since the beginning Of
the fiscal year the deficit totals more
than 81. 100000, but on all accounts the
deficit is only SG,546,52G. The Panama
Canal account shows cash from proceeds
NJ sales Of bonds Of more than S33,VUpo0
for the year 10 date and excess receipts
over cxpendjtures Of more than 100000.
OO1. The government has WORKING
balance in Treasury offices of S12.30H,
400 and, including deposits in national
banks Of about $4,000 600 q total bal
snce In It's general cash fund Of upward
Of $13oQO00O0