New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-22
FINANCIAL MARX EFT
LIGHT STOCK SALES.
Honey Rates Unchanged
Demand Sterling -fdUGnces.

on a light volume OF business stock
market prices showed irregular and un-
important ne. changes on the DAYS gen
eral movements Initial weakness was
offset in the early afternoon by opera
tons against the shorts. in the course
Of which advances of from | to - points
from the low levels were recorded.
though before the close renewed seIIin.
pressure upset most of the gains in the
larger number of issues. and in the case
OF Reading. Rock Island, American
Smelling. Anna lgamated Copper and
United States Steel. which were strong
features on the advance. last quotations
We're at net declines. Reading at one
time sold as high as 11o3.. with its clos
ing at 1853. The speculation Was with
cut significance in any department Of
the market and WAS made UP almost
entirely of the transactions Of the pro
fessional element which changed its po-
sition at frequent intervals. apparently
with no good idea of the probable direc-'
ti"n Of prices in the immediate future.
While the commission houses had few
speculative orders for outside account. a
little investment buying was reported
in such issues as New York Central
Southern Pacific and --merican Tele-
phone and Telegraph. The last named
stock enjoyed net gain of more thsu
points. 1t is not unlikely that Ameri-
can Telephone and Telegraph securities
eventually viii sell on gilt edged in
Nostment basis
American stocks on the London Stock
Exchange were heavy. and the general
market Was inactive at slight change
from Saturdays quotations, The Kings
speech was well received but appar-
emily the British markets were in a
waiting mood pending the beginning Of
active work by the new Parliament and
the statement from Premier Asquith
Exchange at Paris on London is attract
ing 4 considerable amount Of gold from
the British capital Ia France. More
than t3l1,Geo was shipped yesterday
from the Bank Of England. while the en-
tire amount Of the South African con-
signment Of tf3o.eU WAS taken for the
Continent. presumably for Paris ac-
count. a reflection of the demand upon
London for the yellow metal being
shown in an advance in bar gold in the
open market at the latter centre Of sd
from the minimum of rs 91sd. France
undoubtedly is drawing upon London in
connection with the financing of recent
flood losses. In the local exchange mar
ket demand rates were higher. There
was little inquiry for money here. but
call funds continued to rule at last
weeks firmer level
Gross earnings Of the railroads of the
United States in the month of January
were much better than looked for and
showed an increase over December of
about . per cent and a gain As com
pared with the corresponding time I ST
year OF almost IL per cent Ia December
the larger number Of roads in the West
and Northwest presented d loss in net
income as a consequence of increased
expenditures due TO meteorological con
ditions and labor troubles. and com
pared with December. 1903. total nets of
ali roads reporting were off upward Of
- per cent, against AN increase in gross
Of approximately GI4 per cent from the
year before. Weather conditions in most
parts 81 the country in January also
were adverse 10 the efficient operating If
the railroads. bat the large expansion IN
gross returns should be reflected in a
far more favorable exhibit of net than
was shown in the last month of 1903
The report of the Baltimore & ohio for
January shows gain in gross of $3.50,
so and a gain in net of Ss3,G63. the lat
ter comparing with loss in net in De
combcr of Sf1o.gUe Talk of business
reaction that is heard i'm some quarters
rs not warranted by the statements Of
the railroads and the records Of bank
ciearings, ANA the changes are that most
Of the pessimistic forecasts regarding the
course OF industrial affairs are based IN