The Montgomery advertiser., 1904-04-20
WALL STREET. REVIEW
UNEXPLAINED DECLINE IN
 STEEL PREFERRED.
Supposed to be, Due to Forthcoming Announcemtnt in Regard to the Clairton Company-Trac-
 tions Also Weak.

New York. April it.-The belief amongst stock operators that activity waited on the decision of the Hartman petition to enioin the Northern Security plan Of ciatribution proved true today when the petition was refused but 1t did not appear thet the decision itself was the cause O; the increased pressure to sell stocks which developed and which caused sharp reaction on the whole market.
 The first effect of the decision was to halt the advance in prices, which was tLen Tn progress but the highest prices of the day were touched afterwards and when the decline was renewed period of duliness intcrvcncd which was moro marised than any tine during the recent dull period. The decline centered in United states Steal preferred and wal unexplained by any news before the maj ket closed. There were rumors that some announcement would be forthcoming af- ter the close but this was supposed to foreshadow something In regard to the proposed purchase of the Clarion Steel Company and gave no obvious explana- ton of the weakness of the stock. An ctber influential center of weakness was tn, local Traction group in which vfo- lent break in Metropolitan Street Rail- way was a feature. Some unusually | heavy blocks of this stock were said to board member. But the transfer of these heavy blocks was effected before the price | broke. Authoritative intimations were | given that the contest against the North ern Secuf1tieS dfStrtDutt0n would De con- tinued in other courts. thus depriving the market of the assurance that this dis | turbing factor is removed by the decis- | ion at St. Paul. It is evident, however, | that the St. Paul Is one failure to op- | pose an obstacle to the plan of distribu- ton which has been avowed by the Un- ion Pacific interests to be unfavorable to | their interests.
 The tone of the decision was interpreted l as an expression of opinion against the plausability and strength of the Union Pacific contention. This opinion was of disadvantage to Union Pacific and caused selling by speculative holders who have counted. on the value to Union Pacific of | the projected control of Northern Pacific, | Northern Securities on the curb advanced l-2 on the decision but lost 1t all in the | subsequent reaction. London bought and l helped the early firmness. although the | London market itself was reported un- settled by the budget proposals. and 1 specially the increase in the income tax. itself evident in the late market when
 Daseiess rumors circulated that J. P. Morgan was dead. The market closed Eeavy with a rally. Many millions were loaned in call at 1-4 per cent and inter | est rates receded for all sorts of loans. Another large remittance of Japanese gold from San Francisco was followed
 Exchange bills. 1t is supposed that | much of the Japanese gold Is shipped to San Francisco for the purpose of remit | tance 10 London Tn payment of obliga- tions for war material there. The privi- lege of telegraphic transfer from San
 Francisco to New York accorded by the | government saves expenses in this man nec of transmission. Some unusually large blocks of individual bonds which 1 passed through the market was reported
 to be in the nature of estate liquidation. Total sales, par value. S3.240.0O0. Regis tered United States 2s declined IA and the 3's registered and tho new Fs ad- vanced 1-4 per cent on call.
 NEW YORK STOCK LIST.