Omaha daily bee., 1912-01-31
new YORK STOCK MARKET
Prices Rise Early, Then Fall and
Later Make Recovery.
REPORTS HAVE MOST INFLUENCE
steel Corporation's Net Earnings
Well Up 20 Expectations, but Are
Barely Enough to Pay Divi-
bends on Stock.

NEW YORK. JAM 9.-Under the spur
OF keen demand for the leading railroad
stocks prices moved forward quickly IL
the early trading today. Shares OF all
the best known roads and of a number
of Industrial corporations rose from 10
2 points, with few more extensive gains
But the fickleness again asserted itself,
and shortly after noon prices broke.
With the exception Of the stocks OF the
Vanderbilt roads gains were either can
celled or largely reduced.
In the last half hour the market made
another OF Its perplexing shifts. Prices
rose quickly and In some instances the
high level OF the day was reached before
the close. which was firm at a level ap-
probably higher than the last prices OF
the preceding day.
The most Important influences were the
reports OF the Hartman roads for De-
cember. the strength OF the shares of the
Vanderbilt lines and the quarterly state
ment OF the United States Steel corpora
tion. Although the steel figures were not
received until after the close OF trading
that they were TO be made known today.
United States Steel rose a pkint In the
early trading and although It sold off 10
below g for the first time this year II
bounded back to 81 In tho late trading.
The steel corporations net earnings of
t8,1oe,0p were well up 10 expectations.
Most estimates were somewhat below that
figure. and TO that extent the statement
was regarded as favorable. The net earn
ings, however. are nearly 100000 less
than those of the corresponding period
OF 1910 and are barely sufficient 10 pay
the dividends on the common and pre-
ferred stock
The appearance OF the Hartman state
ments showing decrease in net earnings
In December Of $4,000 for Union Pacific
and OF s7ls,00o for Southern Pacific was
followed by break In the stock market
to the lowest points OF the day. Unfa-
yorable reports had been expected, and
these statements were not effective In
keeping down prices for long Union Pa
clfic's showing was good BY comparison
with the November statement Chicago
Y northwestern reported a reduction OF
slSs.Wo In net for the last month. Cana
dian Pacincs strength was explained by
Us report OF gross increase Of nearly
100000 for last month and a gain 4 net
OF $4,000.
The pronounced strength Of the stocks
IN the Vanderbilt roads made them the
center speculative interest Gossip had
II that the movement was the result OF
plans for further combination OF the
Vanderbilt lines.
81. Paul displayed marked weakness.
AFTER gaining a point early in the day Il
sold OFF to i0fh the lowest figure since
lss, National Biscuit rose nearly 4 points
70 le. the highest price at which this
STOCK ever sold. Great Northern ore
cropped more than points, following
pupiication OF the company's annual re-
port suggesting the possibility OF slspen-
son OF payments on the ore certificates.
Trading in bonds fell Off, hut the tone
was iirfn. Total sales. par value, 1,oss
wv United States r. coupon declined !,
ana Panama Is coupon y on call
Number of sales and leading quotations
on stocks were as Follows: