New-York tribune., 1912-02-20
FINANCIAL MARKET
Stock Speculation Inactive
Berlin Again BorroWs
Money Here.

There was no activity in any part or
the Stock Exchange list in yesterdays
market and few important price changes.
Traders were unwilling TO operate Tor
more than quick turns. the larger finan-
cial interests exhibited no disposition TO
make new commitments and the pubic
was not at all concerned in the dealings,
except to a slight extent in investment
transactions. Suspended animation was
the chief feature. At the close quota
tions were not materially different from
the figures reported in Saturdays final
operations, and there was no indication
in general speculative movements or an
increase in speculative activity IN inc
near future The small amount or buy
ing that developed in the day represented
little beyond the covering Of short con-
tracts. Uncertainty over the character
of Supreme Court decisions and the ac-
tivity on the part Of Democratic Con-
gressmen in their efforts 10 bring ABOUT
an investigation Of money and business
affairs naturally tend to restrict tradlng
in the stock market. And In yesterday
dealings an important factor back Of the
dulness was the idea that decision
might be rendered in the so-called an
thracite coal trust case. Many decisions
were handed down by the Supreme
Court. but they had little bearing on the
general situation. The stock OF the
American Sugar Refining Company was
not affected by the report Of the Con-
gressional committee that has been In
vestigating the past Of the big sugar
concern. The company has Issued
statement to its stockholders In which
II saws among other things that the hnd-
ings of the committee have to do with
conditions prior to 1907, and that any
interest attaching to such findings Is
largely academic and in no way repre-
sentative Of the present conduct or the
company. An interesting development
of the day in the money market was the
announcement that German bankers
were again borrowing here. Discounts
were frmer both in London and Berlin.
Total sales of stocks were lighter than
any preceding full day in the current
year.
Although bank reserves at this centre
show a further reduction In last Satur-
DAYS Clearing House statement, and in
terror currency movements and opera
tions between the local institutions and
the Sub-Treasury suggest another de-
cline in cash and reserve holdings in the
current week, there appears TO be no
prospect of higher rates for funds in the
immediate future. The monetary situa-
ton, however, evidently is gradually
working I'm favor of f1rmer quotations
later in the season. Since last FRIDAY
the banks have lost more than Sl,Joo,ooo
on their transactions with the govern
ment, notwithstanding the fact that the
federal Treasury in the same time has
maid out more money than it has re-
celyed. For the month to date the gov
ernments financial statement shows on
ordinary account an excess OF expenol-
lures over receipts of upward OF 9o,ooo'-
900, and on all accounts, including ran
ANA Canal disbursements. an excess OF
inward Of S4,5O0,000, while from July
I, 1911, a general deficit Of more than
S21 100000 is reported, total slightly
under the deficit at this period a year
ago. That the Treasury presents def
icit In the face of heavy excess payments
TO tho federal vaults at this centre -
explained by the fact that the larger
part of the government income is re-
ceived at this point while payments arc
distributed over the entire country Fur
thermore, as frequently pointed out Ia
this column, interior obligations due the
government are liquidated to large
extent in New York by drafts to the AS
sistant Treasurer of the United States
in this city OH tho local correspondents
of out-of- town institutions. Gold con-
tinues to move from New York to South
America, the $750,000 withdrawal Satur-
day having been supplemented by an en-
gagement of $S50O00 yesterday. Tho
movement represents payments by Eu-
rope to the Argentine through the me-
dtuYo NJ this market