The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-04-06
PERTURBATION HAS
LARGELY SUBSIDIZED
Union Pacific Movement is Not
So Prominent
SPECULATION WAS RIFE
-
Operations Were Largely Those of
Professional Operators in Stocks, In
dictated BY the Manner In Which
They Were Conducted.
SPECULATION WAS RIFE

New York, April 5.-The perturbation
reflected yesterday in the stock market on
account of Union Pacific legal fight to
-egain it's former holdings of Northern
'acific In the dissolution of the Northern
securities company had largely subsidized
today. The result was a speculative move
ment of more breadth and more general
indication of interest than for long
time. That the operations were largely
those Of professional operators in stocks
was sufficiently indicated by the method
cal manner in which they were conducted.
First one and then another stock or
group of stocks was taken in hand and
advanced to higher level of prices. while
selling to realize the profit on the adj
vance was still fully conducted in the
very act Of transition to buying in an
other group. The sympathetic effect of a
rise in one department upon the whole
market is one of the most obvious phe-
nomena in the dealings in an open ex-
change. This system of operations WAS
carried through nearly all the principal
groups in the market today. sThe spread
of the demand for stocks was no more
conspicuous however, than the successive
operations to new quarters
The market was vastly improved in tone
and in the distribution of the dealings for
all that. There was a general concur
renee in the feeling that while the Union
Pacific interests had determined to claim
their utmost advantage in the distribu-
ton of Northern Securities assets, judi
cia1 decisions on existing conditions were
to limit the field of effort and to guard
s,,-@ 49,
ties market There was also less DISPOSE
ton to attribute the unexplained buy
ing of Union Pacific to a competition for
control. opinion leaning rather to an
accumulation by powerful capitalists
moved more by investment considerations
Union Pacific was conspicuously aloof
from the days upward movement, but
it had no appearance of being in free
supply or being pressed for sale. United
States steel preferred also failed to share
fully in the days strength. The knowl-
edge that nothing would be announced I'M
til after the close of the market regard
ing the preferred dividend, and the quar-
ter's earnings, discouraged trading in the
stock. 1t was generally assumed, how
ever, that the full dividend would be de-
clared on the preferred. There was an
enormous absorption of the second mort
gage bonds on a strongly rising market
The days news did not seem to play much
part in the general movement. Reports
of rains in the southwest may have in
duced buying of the grain carriers in
that section.
The reports of railroad earnings for the
fourth week in March which came to
hand, were distinctly better than the re-
cent average, especially In the southern
and southwestern sections. Prices of cop
per rose strongly both here and abroad.
and the strong statistical position in the
trade is much dwet upon. The local trans
actions as a group moved upwards without
news The anthracite carriers were in
slined to lag on account of the supreme
court decision requiring the companies to
produce their contracts before the inter-
state commerce commission. Sterling ex-
change moved quite decisively away from
the point of profit and on the triangular
gold export operation. both here and in
Park. The market closed Irregular and
with the effects of realizing quite evil
dent
Bonds were active and strong except for
some realizing in Union Pacific convert
ibles. Tdday's sales par value 81 600, 000