New-York tribune., 1910-02-02
FINANCIAL MARKET
STOCK TRADING DULL.
Money Rates Easy, While
Sterling Erchange AdUances.

Transactions IN STOCKS were lIS44I III
volume and made up iq large part OF the
operations of the professional element
Prices were down throughout the list
until the last hour, with the chief weak
ness in the Hartman shares, Reaolhs'
the local traction issues, Chesapeake q
Ohio. the United States Steel, in which
efforts apparently were made to brlhs
out stock, especially in Union Paclnc ana
Southern Pacific, which were adversely
affected by the publication of the De-
cember earnings of the two companies.
Though the gross receipts OF the Two
Hartman roads showed substantlal
gains as compared with the correspond
ing time in 1905, net results were dis
tinctly unfavorable. Union Pacific pre-
senting q loss of S715,479 and Southern
Pacific a loss of S14, 100, and coming so
soon after the heavy decline in the net
earnings of the Atchison naturally cre-
ated a most unfavorable impression IN
speculative quarters. Net earnings OF
various roads are decreasing because OF
weather conditions involving greater
costs of transportation and because more
money is being expended on physical
betterments. The railroad companies
have been handling d large volume OF
business for many months. and they are
row in a position to put back into their
properties a large proportion Of gross
earnings without endangering dividends
Earnings OF the Pennsylvania Railroad
for December were the largest on rec
ord, with a fair proportion Of gross
shown in net, but in spite of the show
ing the directors did not follow specu-
lators advice to increase the dividend al
their meeting yesterday.
In the late afternoon decided weakness
developed. but before the close enough
buying was reported to bring about ma
terial Improvement in ali parts of the
market, though the character of the
operations did not encourage active COW
ering by the shorts, nor did 1t suggest
especial interest in the trading by the
banking element. The latter appears IN
clined to leave the market IN traders
hands for the present. The INTERIOR
ough- Metropolitan shares suffered sharp
declines in the forenoon and bull pools
were reported to have reduced their hold
jngs in such stocks as Missouri, Kansas
& Texas. Wabash preferred and Laclede
Gas, all of which declined. though meet
ing some support on the movement. The
traction issues also were supported at
the low levels. There was nothing novel
about the decline in the lnterborough-
Metropolitan securities, as it merely rep
resented liquidation by bull pool that
10 longer was able to maintain its po-
sition. Early losses were fully recovered
in a few issues, but as a rule last prices
showed small net declines.
While the financial markets abroad
have made no especial response to the
loss of property in the French floods
Paris exchange on London shows de-
ciining tendency, and SO far in the cur
rent week the Bank of England has sent
more than 81 500, 600 in gold to France.
The fact that the Bank of France is
rich in resources, together with the indl-
vfdual wealth and thrift of the French
people, TO say nothing Of the nations
remarka bic. recuperative powers shown
in the past, suggests to many minds the
improbability Of results of the disaster
extending to foreign markets. 1t is too
early, however, TO estimate on the loss
in money involved in the floods. and until
bankers become better informed on the
situation they will not pretend TO speak
with any authority on the possibility Of
g withdrawal of French capital from
foreign investments. II WITHDRAWALS
are made New York will be called upon
TO ship gold abroad. Local foreign eX-
change rates are firm, with tendency
to advance, and as money is easy here
while foreign trade statistics are not
running much in our favor any pressure
for gold in Paris would be felt in this
market. The demand for money is not
heavy. Stock market requirements are
light and the mercantile inquiry Is not
developing as fast as recently predicted.