The Washington herald., 1907-05-04
CONFUSION IN PRICES
PrOft-taking Helps to Make
Market Uncertain.
NO GREAT DECLINES SHOWN
Greatest Strength Exhibited in
FOreDart of Day-BFoOklyn Rapid
Transit Makes Notable Advance.
National Lead Common Also Makes
an Unexpected Move Upward.

New York, May 3,-The movement OF
security prices to-day was somewhat
more confused and uncertain than 1t has
been previously during the week. More
or less profit-taking was naturally ex-
pected after yesterdays active buying
for the rise in several prominent stocks.
but in addition to this there were various
matters in the news developments of the
day making for greater degree of con-
servatism In speculative ventures No
great declines IN prices occurred to-day,
but the market throughout was weak and
strong by turns, giving it a generally un-
settled appearance and leaving the main
trend of values in doubt.
1t could be said In favor Of the market.
as it has been for long time, that on
such recessions as were made, no great
amount Of stocks was found pressing for
sale, but on the other hand there were
plain evidences OF the execution OF manlp-
uiative tricks affecting rates. these con
sisting largely Of bidding up" on sew
eral occasions Of one or two stocks pre-
viOusly neglected. while selling was car
ried on with good deal of energy in 9TH
er quarters.
The market exhibited greatest strength
IN the f0repart OF the day. the Brooklyn
Rapid Transit shares making an especial
ly notable advance, presumably because
of signs that the public utilities bill now
pending in the legislature at Albany will
either not become a law or viii be so
amended as to leave It a comparatively
rational measure. An unexplained ad-
vance occurred in the National Lead
common shares and various other indus
trial issues.
Makes New Record.
Union Pacific common stock sold at
new high record on its movement. and
transactions in the stock were nearly one
quarter OF the entire days volume of trad
ing In the afternoon. however. q down
ward tendency in the market became
manifest. The declines did not take place
uninterruptedly. and there were observers
who declared that the market as a whole.
during the day could be strong Never
theless, selling OF stocks increased as the
day wore on. and it was sufficient TO leave
closing prices at irregular net advances
and decreases, with losses commonly
shown Ia the stocks in which the bulk Of
the trading has been concentrated.
The uufavorable news that the market
had 20 contend with was a budget Of
pretty poor reports of railway earnings.
and the receipt Of dispatches from the
West emphasizing more strongly than at
any time hitherto the current unseason-
able weather conditions VITA which the
crops are having TO contend. Wheat
prices again advanced, however, at the
close Of the day upon hiVing of profits by
speculators for the advance in the COM
modify.
L. p. shows Increase.
The Union Pacific Railway Company to-
day exhibited a gross increase Of S1,Og3. SO
for March turned into a net increase Of
Sl5o,6le, and the Southern Pacific company
for the same period reported a gross in
crease of $l,000.oo0. but a decrease on net
of S5eS 900.
The Southern Railways March net also
decreased S99S,o although the cOmpany's
gross increased $4,000. while the New
York CentraTs statement for the March
quarter told of decrease in net earnings
of So ,000
The Southern Pacific statement was
notable. as il was In the nature of a very
surprising change from that of other
monthly reports recently made by the
company and the 0verturn was said 70
be due to the exceptional losses Incurred
by the company through the month from
interrupted traffic and foods. Congestion
of traffic and inclement weather cOndt-
tiOns were also given as a reason for the
extreme increase in the New York Cen
trails operating expenses which resulted
in the roads sensauonaliy large deficit
CaH Money Higher.
These exhibits, coming after the state
Eleuts of reduced earnings also made dur
ing the week by the Pennsylvania aud
Atchison companies, as well as the indif-
ferCnt showing made by the Reading
lines, did not produce to-day q very eX-
hilarating impression in the financial dis
trict. Neither was the market helped at
all by a slight stihening of the cal money
rate. Indications concerning the char
aeter Of tO-morrows bank statement was
of an important character. and predicted
o slight gain in cash by the clearing
house institutions.
AT the higher call-m0ney rates, the last
few days, trust companies and private
lenders have been making loans witsl
greater freedom, and this extension OF
credit on their part will, OF course. serve
to improve the end of the week exhib!t
OF the national banks. But WheSSer the
loans Of the banks have not been also
enlarged by the advance in the security
market throughout the week is still an
unsettled question.