The Birmingham age-herald., 1904-04-22
SPECULATORS ARE
 STILL BEFOGGEO Stock Market Almost Entirely One of SpeclaltIes UNION PACIFIC STILL FIRM Traders Are Watching Developments In Securities Matter With Great Interest And 1t Is lmpor-
 tant Factor.
UNION PACIFIC STILL FIRM

New York, April H.-The minds of speculators seemed to be still befogged today over the vista of new developments in the Northern Securities contest and the consequence was that for the most part they refrained from operating. Stock market was almost entirely one of speci- alties and the peculiar grounds on which this class of securities usually moves were not materially manifest. The mar kets moved upwards to be helped by Union Pacific which seemed to be helped by the granting of a temporary injunc- tion by a New Jersey court against carrying into effect the plan of distribu- tion of Northern Securities asests
 The majority vote by the Northern Se- curitles stockholders in favor of the plan seemed to check the advance in Union Pacific but It holds its firm tone on the ground that the delay in the execution of the plan of distribution will be time available for negotiation and for arriv- ing at possible settlement which would definitely remove this problem from It's disturbing position in the market Ow- ing to the firmness of Union Pacific and the recovery of United States Steel pre- ferred, the sympathetic influences were in favor of higher prices in the otherwise semi-stagnant market. The influence Tn United States Steel preferred which re- ceved the most recognition was the agreement amongst ore producers to re- duce prices and to seek further to come to an agreement to limit the output.
 As there was some selling of the steel stocks yesterday in the fear that the ore agreement would be disrupted and an open market established, there was some hxr ch today a1tbOuRh the decision to reduce the price of ore is understood to be opposed to the conten- ton of the United States Steel corpora tion The coalers were the subject of a demonstration which carried them to a higher level, the high pressed members of the group notedly so. Any marked demand for these closely held securities with the comparatively small floating supply makes a striking effect on prices
 Today's demand was said to be due tc the very active demand for anthracite which has followed the spring reduction in prices. There was some talk of cror damage from the cold wave, but the rise in temperature today was accepted as a promise of better things. Hopes arc especially indulged to the effect upon re- tail and distributive trade of the ad vent of settled and seasonable weather when 1t shall come. For the day of z dividend declaration Amalgamated Cop per was approximately dull and slug gish The stock lost Ac on the day with the maintenance of the existing dividend rate. The reduction in the dis count rate of the Bank of England wal practically ignored as the plethoric con dition of the money markets in all thu gerat centers deprived the news of al interest Money on call loaned here a: low as 1 per cent and time loans for al periods showed continued softness oi tone The stock market closed off and below the best.
 Bonds were irregular. Total sales, pal value, s1,715,0O0 United States bonds were unchanged on call.