New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-28
FINANCIAL MARKET
STOCK TRADING DULL.
Money Rates Shoe Slightly
Firmer Tendency, scith Sfer-
ling Erchange Higher.

tons made up largely of the operations
OF the professional element Whiie prices
show 4 strong undertcne, there is an
absence of aggressive speculation Tor
higher levels, and according to the IDEAS
of the best informed Wall Street inter
ests the prospects for 4 sustained Dull
movement in the immediate future are
not promising, owing to the various I'M
certainties IN the general SITUATION al
fecting money, business and politics IN
vestors and spectators apparently 90
not feel inclined to make large COMMIT
ments pending the decisions by the SUI
rren,e Corrt in the Standard Oil and
American Tobacco Company litigation,
though they do not exhibit any parucu-
lar apprehension over the possibility OF
q judgment against the corporations
Tangible property VIII not be destroyed
by a victory for the government but
corporations will be compelled to read
lust their affairs TO the law as interpret
ed by the Supreme Court of the United
States While past decisions of the court
in cases involving the Sherman anti
trust law have been used by Wall street
to depress prices for securities, the coun-
+r,-'S industries have not been injured,
and il is absurd to believe that II the
Tobacco and Oil suits end in favor of the
government the nations general business
will go to pieces.
Real buyers are demanding larger re-
turns on securities, and it is possible
that before the elimination OF current
uncertainties efforts will be made 10
bring about lower range Of quotations
In the stock market in order to attract
an active accumulation Of stocks and
bonds by people who have idle money on
their hands. There has been material
appreciation in prices since the low levels
made on February s, and the advance has
been effective in checking to some extent
the investment inquiry that was so pro-
nounced earlier in the month, while it
also has brought to an end the extensive
speculative buying that marked the course
of the market in the first two weeks or
February, a reflection of which is pre-
scented in the current light volume OF
business on the Stock Exchange In last
weeks trading daily operations were
smaller than in any preceding week or
the present year and in Wednesdays
market the total was lighter than on
any day since the end of last July,
amounting to 3S6.0s6 shares, while, the
total for the week was 2,153,960 shares,
against 4,155, 191 in the week before. The
average price for the leading railroad
and industrial issues al the close showed
unimportant net changes, with substan-
tial gains in few individual shares, as.
for instance American Telephone and
Telegraph, Louisville & Nashville, Pan
handle and International Harvester. in
which special considerations Influenced a
demand for the securities
Well informed people believe that the
advance in Louisville & Nashville fore
shadows some dis lribution TO stockhold
ers through new financing measures.
The company is returning remarkable
earnings, and as its credit is of the best
it is not unlikely that the directors are
considering the proposition of issuing
more securities TO provide for extensions
and Improvements in order better to
handle the increasing business of the
property. The company's physical con-
Gition has been wonderfully improved in
the last ten years, and it is a note
worthy fact that in that time S20,000,o00
from earnings has been put back into
the road without taking anything away
from the stockholders, who are now re-
ceiving 4 per cent annually in dividends.
but the fact remains. nevertheless, that
if earnings continue to grow at the cur
rent rate the company Will be compelled
"a.
lures to improve its physical facilities.
1t is thought that the company will
issue S40,000o00 new stock, and that
the Atlantic Coast Line Louisville e
Nashville collateral bonds will be re-
tired in the neighborhood of 105. Ia the
first half Of the present fiscal year Louis
Vile & Nashville showed a surplus after
charges of SG,514,2S:;, equal TO little
more than 10 per cent on its S600000O0
outstanding capital stock, the dividend
requirements in that period amounting
to only S210l000
Gross earnings of the railroads Of the
United States in the month of January
were much better than looked for show
ing an increase of Z per cent over the
>eturns in December, and gain as COM
pared with the same time in the preced-
ing year of almost 16 per cent. In De
cenber the larger number of roads in
the West and Northwest presented loss
IL net income as a consequence of in
creased expenditures, due to weather
conditions and labor troubles, and as
compared with December, 1903 total nets
of all roads reporting were off upward
o. = per cent, against an increase in
gross OF approximately Gla per cent from
the year before. Meteorological condi-
January also were adverse TO the eff
Gent operating of the railroads, but the
large expansion in gross returns should
be reflected in d far more favorable eX-
hibit of net than shown in the last month
of 1909 The full reports for January so
lar received, with the exception of Atchi-
son. make encouraging returns, the Bal
timore & Ohio. for instance, showing
gain in net of So, 063, compared with a
loss in December Of Sl10,9UG. Gross
earnings for February do not bear out
the pessimistic talk heard in some quar-
ters regarding the position of the coun-
lry's business, while the same thing may
be said of bank clearings, the latter
showing a gain last week over the cor
responding period in 1909 Of . per cent.