New-York tribune., 1911-02-15
FINANCIAL MARKET
Money Rates Unchanged, with
Sterlinu Quotations Higher.

On a light volume Of business stock
market prices showed decided firmness
in the best part Of the day with, how
number of issues at the close. Traders
endeavored at times TO bring about an
active selling movement, but their op-
erations met with little success, and In
most cases short contracts put out in the
early dealings were covered before the
end Of the second hour at loss, espe-
cially in the Hartman and Gould shares.
Missouri Pacific was leader In point or
advance, although its strength failed TO
encourage an active buying movement in
other parts Of the list. the improvement
in the price Of the stock evidently being
based upon the same considerations that
for many days have been effective in
CARRYING the issue to higher levels. Mis-
souri, Pacific will be in the dividend class
some day, and the fact that substantial
banking interests think favorably Of the
property naturally strengthens It's posi-
ton with Wall Street spectators. Wa
bash preferred moved up in sympathy
with Missouri Pacific. and these two
stocks, with Reading. Union Pacific and
United States Steel, supplied a large
proportion Of the total operations. A
contest for Missouri Pacific proxies Is
reported.
The Clapp resolution in Congress ask
ing for an investigation OF the alleged
copper trust, with the view Of determn-
ing whether or not the Amalsamated
Copper Company, the Anaconda Cop
per Company and the United Metals
Selling Company are operating IN viola
tion Of the antitrust law, attracted lit
tie attention in the financial community.
Wall Street has become supremely indif-
ferent to the activities OF certain Con-
gressmen along trust busting lines. Just
now the Street Is more concerned with
problems for the upbuilding Of corpora
tions to meet the requirements OF future
business expansion than with the solicit
tude of some lawmakers over their self
imposed duties Of searching out what
they may consider the sins Of omission
and commission by our Industrial and
railroad companies. If the Congressman
who introduced the resolution for an In
vestigation OF the copper companies
knew anything about conditions In the
copper trade he would readily realize
that there is no such thing as copper
trust. reflection Of the growing needs
Of the railroads for new capital TO meet
coming requirements incident TO in
creased business as q result Of increased
population is found in announcements
made yesterday involving the issuance
of S1O0OO,0OO notes by the Baltimore q
Ohio, $50, 900 900 notes by the New York
Central and report of SJO,0OO,OOO bonds
by the Southern Pacific. A reactionary
tendency developed In the late dealings,
and final prices were well under the best
Of the day.
Government receipts are running well
in excess of expenditures. and as con-
sequence the deficit on ordinary account
practically has been wiped out, while at
this time last year the excess OF pay
ments from July / amounted TO more
than S24, 100000. On all accounts the
deficit amounts TO S2O054767, compared
with $44, ,761 ,S6S a year ago. the excess
Of all expenditures over receipts at pres
ent being due almost entirely to pay
ments on Panama Canal construction
work which from the first OF the fiscal
year have amounted TO upward OF S23
900. 900. against a little more than Sl0.
100000 in the corresponding period in
1910. Although the governments reve-
nue. shows encouraging Improvement.
with the promise Of a substantial excess
OF receipts on ordinary account at the
| close of the fiscal year. il Is quite evident
! that the federal Treasury will be com
/ PEELED to do some extensive financing In
/ order to carry on Panama Canal WORK
and to maintain an adequate working
! balance. either through the issue of Pan
anna bonds or certificates of Indebted
ness Dispatches from Washington state
/ that Democratic opposition TO the bill to
| enable the Secretary of the Treasury 70
/ issue Panama Canal bonds under the
! authorization OF the last session OF Con-
gress, but without the circulation priv
| ilege. may defeat the measure II the
| bill fails 10 become a law the Secretary
| Of the Treasury Will be compelled tC
! issue short term 3 per cent certificates
| Of Indebtedness. Panama 3 per cent
| bonds. il Is believed, would find a ready
market. and IL is 10 he hoped that the
relief asked for by the Secretary OF the
! Treasury In the matter OF tho Panama
3's win be granted. as under presen,
conditions an issue Of these bonds would