New-York tribune., 1911-03-02
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKET
DuIneSs in Stocks, with Small
Net Price Changes.

DAYS llStleSS STOCK market was tllc Ou'-
look for an extra session Of Congress,
prices moving up little on early ad-
vices from the national capital that all
of the business absolutely necessary 70
be attended to would be completed by
March 4. and weakening on later reports
that an extra session would be called.
In the early trading strength was shown
and stocks moved upward about point
but before midday extreme dulness had
settled upon the market. and in the late
afternoon a recession set in, which car
ried away most Of the gains, the close
being irregular with trifling net price
changes in the majority of the issues.
Steel common, which, next 10 Reading,
was the most active issue. moved within
a range Of only IL point and closed with
a net decline Of 4 point, as did New
York Central, Southern Pacific and Mis-
souri, Pacific The January earnings of
several leading railways were made pub
lie Yesterday, but the rather disappoint-
ing showing which they made was not
reflected in the price movement Union
Pacific reported for the month gross
earnings of s2Ol.5OO smaller than for the
same month of last year and decrease
in net of s263.00O, and Southern Pacific
a decrease of $406. 400 in gross and s6S2,-
GOO in net The Pennsylvania Lines
East also made an unfavorable showing
i'm both gross and net, and the New
York Central reported a shrinkage or
more than 100000 in net. In all OF the
cases. however the 1910 figures repre-
sented increases over 1909 more than
counterbalancing the decreases repre-
sented i'm the comparison OF January,
1911, with 1910. An encouraging view
of the prospect before the iron and steel
market is expressed by the Iron Age,
which says that the freight rate deci-
sion has been followed by no cancella-
tion Of railroad orders now on the books
of the manufacturers. who look for addi-
tional orders before long.
The working balance In the United
States Treasury is now lower than It
has been in many months. and as the
Senate may not reach the measure
passed Yesterday by the House doing
away with the national bank note circu-
lation privileges in issues Of Panama }
per cent bonds, the Secretary Of the
Treasury may soon offer short term Ger
tifcates of Indebtedness unless he ~e~
ceives assurance OF an extra session or
Congress with the relief asked for in the
matter of Panama Us. No difficulty
would be experienced in marketing either
short term certificates or Panama bonds
but under existing conditions the sale OF
bonds would suit the Treasury Depart
ment far better than would the certln-
Gates on ordinary account the govern
ment's income at the moment is hghter
than reported at this time last year
while expenditures are heavier. the cN-
cess of the latter for February amount
ing TO upward of S1.OWOOO, compared
with an excess of receipts in the CORE
snonding month Of 1910 OF more than
81 700 coo. but for the fiscal year to date
the deficit is only S4,915,OCO against
deficit i'm the similar period last year OF
inward Of S24 100000. on all accounts
the deficit is approximately S23'ooo'Vo'
compared with about $45.O00,0O0 a year
ago. From July /. 1910, expenditures
on the Panama Canal have aggregated
sol 600. 900. making the total amount
expended on purchase and construction
~ canal S229 .43092o. Of which $l42,-
121 .334 represents money advanced from
the general fund OF the Treasury REIN
bursable from proceeds Of bonds au-
,borized but not yet sold Money rates
continue at easy levels here, and fur
thor weakness is reported in foreign dis
counts a reflection Of local and Euro
roan loan markets being found in inac-
tive sterling exchange operations. So
FAR there is no evidence of exchange hav-
ing been drawn against foreign pur-
cbases Of American railroad bonds. but
O. view Of the position of the money
n,arket this is not surprising, as 1t is an
oao,, matter TO finance such transactions
at this centre.