The daily morning journal and courier., 1904-04-06
Einamria1
YESTERDAY,S STOCK MARKET.
Speouiative Movement of More Breadth

speculative Movement of More Breadth.
 New York, April 5.--The perturbation reflected yesterday in the stock market on account of Union Pacific's legal fight to regain it's former holdings of Northern Pacific in the dissolution of the Northern Securities company had largely subsided to-day. The result was a speculative movement of more
 breadth and more general indication of interest than for long time past. That the operations were largely those of professional operators in stocks was sufficiently indicated by the methodical manner in which they were conducted.
 First one and then another stock or
 group of stocks was taken in hand and advanced to a higher level of prices, while selling to realize the profit on the
 advance was skillfully conducted in the very acl of transition to buying in an- other group. This system of operations was carried through nearly all the principal groups to-day.
 The market was vastly improved in
 tone and in the distribution of the deal- ings, for all that. There was a general concurrence in the feeling that, while the Union Pacific interests had deter
 mined to claim their utmost advantages
 in the distribution of Northern Securi- ties assets, judicial decisions on exist 1 ing conditions were to limit the field of effort and to guard it against any in-
 cursion into the securities market. There was also less disposition to at tribute the unexplained buying of 1 Union Pacific te 3 eomnetitian for con- trol, opinion leaning rather to an accu-
 mutation by powerful capitalists moved more by investment considerations. l Union Pacific was eonspicuously aloof | from the days upward movement but l it had no appearance. of being in free supply or being pressed>for sale Unit ed States Steel preferred also failed to share fully in the days strength. The
 knowledge that nothing would be am nounced until after the close of the
 market regarding the preferred divi-
 dend and the quarterly earnings dis couraged trading in the stock. There was an enormous absorption of the sec- ond mortgage bonds on a strongly ris- 1 ing market.
 | The days news did not seem to play
 much part in the general movement.
 Reports of rains in the southwest may
 have induced buying of the grain-car- rying roads in that section The re- ports of railroad earnings for the fourth week in March which came to hand
 were, distinctly better than the recent
 average, especially in the southern and
 southwestern sections. Prices of cop l per rose strongly both here and abroad, tand the strong statistical position in the trade is much dwelt upon. The To- cal fractions as a group moved up- wards without news. The anthracite carriers were inclined to lag on account of the supreme court decision regarding
 the companies to produce their con- tracts before the interstate commerce l commission.
 Sterling exchange moved quite decis- ively away from the point of profit on
 the triangular gold export operation
 both here and in Paris. The market closed irregular and with the effects of
 realizing quite evident.
 Bonds were active and strong, except
 for some realizing in Union Pacific con-
 vertibles. The total sales par value ag-
 gregated $46O0,O0
 United States twos advanced 1s on
 call