The daily morning journal and courier., 1907-05-04
FEATURES OF
 STOCK MARKET Prices Went Higher, Then Fell Off Due to Poor Re
 ports of Earnings. BANKS FAIR SHOWING Closing Uneven With 4 Per
BANKS FAIR SHOWING
Closing Uneven With 4 Per Cent. Call Money-U. P.
 and Reading Active.

OAAA ANS00LAAS 1AASAsNs
 The stock market yesterday was quite strong until reports came in of lessened railroad earnings on some roads and these prices weakened.
 The decline, however, produced dull ness and some stocks showed disposi- tion to rally.
 The March showing by Southern Pacific, indicating $56S,O00 decrease in net hardly Justified the reports that were circulated forty-eight hours ago to account for the excited movement in that stock The New York Centraps quarterly exhibit was perhaps the most disappointing of all, the $2,258,00 de- crease in net earnings with the $2,755,- 900 gain in operating expenses, al, recting attention to the greatly lncreas- ed expense ratio that some of the large systems are piling up. Union Pacific played its usual part in the vicissitudes of the day; 1t ended with a 2-point break from the highest. It was off, cially expressed that the increase in operating expenses was caused by the increase in wages and traffic conges- tion.
 Gross earnings of the Southern Paci- fic for March, published yesterday, showed an increase of $1, ,115, ,7S6, but for the first time since December, 1904, when a decrease of $2S3,O was report ed, net showed a falling off of $5S6, 90S c compared with last year. The de- crease in March net earnings was at- A tributed to the severe floods experien-- ced in the territory served by that con- pany. For the nine months ended March 31 gross increased $1S,653, ,615, and net $6,5OS,SS7.
 For the month of March Union Paei- fic reported an increase of $t, ,O93, ,S70 gross and $150,616 net Since July 1 last gross increased $5,462,521, and net $1,147,436
 \, It cost the New York Central 90 per cent. of gross earnings to operate in the January March period against 75 last year; the Union Pacific 62, com pared with 57 the Southern Pacific 70, as against 65, and the Southern Rail- way 7S1-2, compared with 71 1-2 The nine months record of the Southern Railway shows net loss of $2, ,3SS ,0OO
 For several days there has been a very persistent tip that the Hill stocks would be taken hold of. Similar re- ports have been current about St. Paul. But they have not inspired much con- fidence for nothing materalized.
 The professional element are very bullish. The continued strength of the market has impressed them. They did not think it possible week ago for Union Pacific to be forced above 15O. They find that stocks are not coming out even at the advance and that the public is beginning to nibble at the market.
 In the last few minutes Reading stock was bid up rather sharply, ap- parently to check the decline elsewhere This is an old device. Other stocks rallied trifle but the closing was heavy at substantial declines.
 The bull speculation in wheat went on without Interruption Conditions all through the winter wheat section and on the Northwest were decidedly un- favorable to growing crops. A dispatch from Omaha to one stock exchange house stated that blizzard was rag ing there with the temperature at 25 degrees. The weather report indicates sharp frosts for last night in Nebras- ka and Kansas. Estimates of the dam age to be shown in the government crop report a week from yesterday run all the way from 50,0OO,00O to 100000, ,0Ov bushels.
 The GOO cash gain that the banks show If reflected In today's return ought to bring the surplus up considerably. AS 1t is, to-day's return will have more than usual interest, since it will in- clude the operations of bank that has never reported before
 Before the afternoon service was en- tered upon Brooklyn Rapid Transit sold at 62, a net rise of points, and a gain of nearly points from the open ing price, The buying was called poli- ticai buying, and said to come from people who figured out that as Gov ernor Hughes has been "defeated' in the Kelsey matter the Public Utilities bill might go down also. At all events there were hopes that measures affect | ing local traction companies would es- cape passing down the present session. As the trust companies have reenter- ed the market this week as heavy len ders of call money, there is reason to believe that the banks will make fairly satisfactory showing ill the loan item to-day.