The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-04-06
STOCKS MORE ACTIVE
Speculative Movement o f
More Breadth Is Noted
PROFESSIONALS AT WORK
First One and Then Another
Group Taken in Hand.

New York, April 5.-The perturbation
reflected yesterday in the stock market
on account of the Union Pacifc's legal
fight to retain its former holdings Of
Northern Pacific in the dissolution of the
Northern Securities company, had largely
subsidized today. The result was specu-
lative movement of more breadth and
more general indication of interest than
for a long time. That the operators were
largely those of professionals in stocks
was sufficiently indicated by the method
ical maner 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 yhile selling to
realize the profit on the advance was
skilfully conducted in the very act or
transition to buying in another group
The sympathetic effort of rise in one
department upon the whole market Is
one of the most obvious phenomena in the
dealings in an open exchange. This sys-
TEN of operations was carried through
nearly all the principal groups in the
market today. The spread of the demand
ever. than the successive reactions which
followed the transfer of operations new
quarters. The market was vastly I'M
prved in tone and in the distribution OF
dealings for all that. There was gem
eral concurrence in the feeling that, while
the Union Pacific interests had determin-
ed to claim their utmost advantages in
the distribution of Northern Securities
assets, judicial decisions on existing con-
ditions were to limit the field of effort
and TO guard it against any incursion into
the securities market There was also
less disposition to attribute the unex-
planned buying of Union Pacific to COM
petition for control. opinion leaningrath-
er to an accumulation by powerful capt.
talists moved more by investment con-
sheraton Union Pacific was conspicu-
Gus aloof from the days upward move
ment. but it had no appearance of being
in free supply or being pressed for sale
United States Steel preferred also failed
to share fully the days strength The
knowledge that nothing would he an
nounced until after the close of the mar
ket regarding the preferred dividend and
the quarters earnings discouraged trad
ing in the stock. 1t was generally assum-
ed however. that the full dividend would
be declared on the preferred. There was
a nenormous absorption of the second
mortgage bonds on a strongly rising mar
ket The days news did not seem to play
much part in the general movement. Re-
ports of rains in the southwest may have
induced 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 bet
ter than the recent average, especially in
the southern and southwest sections.
Prices of copper rose strongly both here
and abroad and the strong statistical po-
sition in the trade is much dwelt upon.
The local transactions as a group moved
upwards without news.
The anthracite carriers were inclined to
cision requiring the companies to produce
their contracts before the interstate COM
merce commission. Sterling exchange
moved quite decsvely away from the
point of profit on the triangular gold ex
port 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 convertibes.
Total sales. par value s4.6oo.o00. United
States IS advanced Is per cent on call.
Quotations were as follows: