New-York tribune., 1912-02-03
FINANCIAL MARKET
Banks Gain Upward of S9,000,-
600 on Weeks Currency
Movement.

Trading in stocks was moderately ac-
tive throughout the five hours of bust
ness on a movement of prices that
showed great irregularity, with final
quotations in the larger number OF prom
inent issues at small losses, as compared
with the closing in Thursdays market
Reading furnished the chief exception TO
the downward tendency. ending at net
gain of "a, while Amalgamated Copper
and st. Paul likewise were strong feat
ures, buying Of the last named stock ap-
parently representing accumulation for
the account OF substantial interests
Lehigh Valley declined more than |
point and Union Pacific lost but a frac-
ton. The close approximation in the
quotations Of the two issues just men
toned naturally leads TO a speculative
comparison of the real value of the
stocks. as both are paving 10 per cent
annually to holders and, based on capt.
talization and earning power, Lehigh
Valley Just now appears to be more at
tractive than the Hartman security for
q long pull Some observers believe the
Lehigh Valley will be a second Lacka-
wanna in the matter of dividends. And
there are some people short of Union Pa
cific who are endeavoring to encourage
the idea that the present 10 per cent
dividend on this issue will not be main
tained. Interests identified with the
Union Pacific company are not looking
forward to a dividend reduction, and
there is nothing in the attitude of the
managers of the property or in the
curse Of the companys affairs that
warrants the expectation of change in
the dividend rate. The stock at Its
maximum advance showed gain of 3
points over the low price in Thursdays
market, although it closed fractionally
down. At it's high level of the day
United States steel common showed ID
gain of almost 3 points from the low on
the recent decline. Most stocks were
strong in the best part of the day, and
the late reaction did not discourage
traders. who believe the general market
eventually will sell much higher.
An engagement yesterday Of S2OOOWO
Paris caused no surprise in the financial
community. notwithstanding the fact
that exchange rates were somewhat
under the normal gold exporting point
The last preceding time Paris took the
metal from here it offered special in
ducements, and it doubtless has done the
same thing in the present case, with the
idea of strengthening its gold supply at
time when conditions at this centre do
not stand i'm the way Of a movement of
money to the other side of the ocean. In
addition to the S2OOO0OO engaged for
French account S25O,OOO gold coin was
sent 10 Costa Rica. the latter movement
representing the liquidation of foreign
obligations in the Central American re-
public through the medium of our mar
ket. According to the known movement
of money in the week the local banks
have gained net upward of $4,000, 900 in
cash holdings, owing to a further heavy
flow of currency from the interior.
Shipments of national bank notes to
Washington for redemption are large, as
a consequence Of the general plethora Of
funds. and the New York banks continue
TO lose on their operations with the fed
eraI Treasury, despite the fact that gov
ernment expenditures are running in eX-
cess Of receipts, the deficit on all ac-
counts for the month just closed amount
ing TO more than S3,JO0000 Since June
/, 1911. the excess Of ordinary eXpendi-
lures over receipts is more than S22OOO,-
900, against a deficit in the same time
in the preceding year Of little more
than $4,OO0,OO0, the increase in the def
icit in recent months being due in large
part to the reduction in the volume of
imports of merchandise subject to duties.