Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-03
Shifting Tendencies Marked the
Opening Dealings.
LITTLE REAL PRESSURE
London Was Again Sluggish and Gen
orally Heavy.
GRAIN MARKET VERY FIRM
Statements of Railway Earnings Fea'
ture of Days News-Local Trac-
lions Notably Strong.

Special Dispatch to The Star.
NEW YORK, May 3.-Today's stock mar
ket as a whole was one of quickly shifting
tendencies, and many particular stocks,
which usually fiuctuate more or less In
common moved in contrary direction. There
was little or nothing in the news Of the
morning or In the occurrences with the
course of the business session calculated to
shape speculative sentiment strongly in one
way or another.
There was no explanation In the morn
ings news OF yesterdays extraordinary
animation in the Union Pacific shares, and
those securities participated today In the
irregular movement of the general market.
Broadly speaking. however, 1t might be said
that the trading showed a very firm under
tone. There was little real pressure In
any direction, except that representing &C.
casional profit-reaIzing sales and the SEEM
ingly more significant changes in prices
were toward higher levels.
The local traction shares were notably
strong and active, presumably In connec-
ton with the course of political affairs at
Albany, which 1t was assumed might In
volve the chances of defeat for the pupnc
utilities bill. Transactions in the Industrial
and miscellaneous shares were character
lied by generally firm tendencies, notably
in the instances of United States Steel
common. NATIONAL Lead and American
Smelling.
In the railway list rather exceptional
strength was exhibited by Baltimore and
Ohio, Pennsylvania, Norfolk and Western.
Great Northern preferred and Northern "a
cifc. The Great Northern ore land GER
tihcates were also decidedly strong.
The preliminary estimates Of the princi-
pal movements In currency during the week
indicated a small loss in actual cash by the
banks The change in their position in this
respect was again due to the weeks large
transfers Of currency to the interior, as the
banks gained in their operations with the
subtreasury to the extent OF So4oOoo
The London stock market was again slug
gish and generally heavy, the only excep-
tons to the common drift being furnished
by the copper stocks, which showed con-
tinued strength and activity. American
shares were quoted at irregular changes
firm later losing ground. but. as has been
ures of yesterday, and the operations here
for foreign account showed small pre-
ponderance of purchases.
The grain market opened exceedingly
firm, later losing ground, but as has been
the case throughout the week the stock
market was but little affected by the fiuc-
tuations in wheat.
Included In the days news was a large
number of important statements of rail-
way earnings, including those of the New
York Central, the Union Pacific and the
Southern Pacific companies. The New York
Central report for the quarter ended March
81 showed g. deficit after dividends were
paid. of nearly s., 500, 600 as against small
surplus for the corresponding period of last
year. The Union Pacific showed that an
increase in gross earnings for the month
of March of 81 ,O93, $40 had been reduced to
an increase in net earnings Of $15O,6O6.
A Southern Pacific Decrease.
The Southern Pacific company reported
an increase in gross earnings for March Of
nearly S1.116,OOO, but a decrease in net
earnings Of more than s56s,OOO This strik-
ing change was officially accounted for
through reference to the floods In the Sec
tons traversed by the company's lines. to
other unfavorable conditions of operations