The Montgomery advertiser., 1907-05-04
THE STOCK MARKET
ACTION DOMINATED LARGELY BY UNION
 PACIFIC.
The Movements Were Irregular and Uncer- tain and tho Whole List Conform cd to Them With Much
 ExaEtftude.

New York. May a.--The action of the
 stock market today was dominated largei. still by the movements of Union Pacific These movements were irregular and uncer- tain and the whole list conformed to this
 with much exactitude. There were suen factors which played a nominal part in ths course of the uncertain stocks, put they were not effectively operative except when then tended to confirm the cornse or the dominant stock. The movement in Union
 Pacific showed some evidence of running out and this indication served to discourage erations after the first hours of business. There was large realizing in Union Pacific above ibo, the individual transactions show inx large blocks changing hands.
 On the other hand fah below 15c brought out special stock. The conse- quence was a restriction in the movement and a constant vibration within these linn its. The publication of the earnings of the Hartman PAcifics for March disposed of the supposition that the recent rise Ia these stocks was due to unusually favorable conditions in the operation of tho company Southern Pacific net earnings declined over Q half million dollars compared with Marcn of last year, although the February sttte- ment showed a handsome proportion of the gross increase. saved for the net.
 The Union Pacific saved only $15o.ooo in- crease of March net earnings out of gross gain of over a million dollars. Union Pa cific rallied to within a shade of the early high level. after the publication of the earn roads was emphasized by several oth's re ports especially the New York Cen tral, which showed an expansion Of expenditurts for the first quarter of s2.7ss. 100 or up
 wards of IT per cent. that for the first quarter in 1906. The quarterly dfyi- dend naeanwhile has been raised from one. quarter to one-half per cent The Tina, result after the payment of the dividend shows a deficit for the quarter Of S2.4ss,- 9s7.
 The stock was weak on this showing No official explanation was offered Of the noorer results but the extraordinary expan- sion in the expenses caused the supposition that improvement work would be cnarf ,u to the expense account. Southern Railway
 8S per cent. in net earnings in spite of a moderate growth in the gross earnings
 The effect of these reports seemed to be rather to discourage active operations than to cause any positive weakness There
 was some buying of Pennsylvania following the deduction of the 3h per cent semi an
 nual dividend from the price on the trad OTIS idea that this caused the stock to look cheap. The special movement in Brooklyn Rapid Transit was the result Of assump' tons of a new political alignment on cor poration politics growing out of the contest at Albany.
 The money markets showed little change in rates, but the tone was firm. The pro vision for redemption of the Chicago 'er and Ohio had some effect. Estimates of the weeks currency movement indicated 2 tide in favor of the interior, partly offss: by gain -on sub-treasury operations tne change in cash holdings being apparently less than a million dollars. The rise in ex- changes at Chicago to a payment indicates a relaxation of the Interior demand
 Crop reports were not Of muen hans,,snr immsd,ase to take profits fin wheat counteracting the effect of forecasts of cold wave tonight; Bonds were firm. Total sales par value | s1, 56s, ,000 United States bonds were un- l changed on call.
 NEW YORK CLOSING STOCK LIST.