The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-07
GENERAL MARKET
IS IRRESPONSVE
Some Heavy Dealings in On
tario & Western
SENTIMENT IS HOPELESS
subsIdence of Floods In Southwest
Was Regarded With Satisfaction.
Notable Expansion of
Movement in Corn.
SENTIMENT IS HOPELESS

New York, June 6.-The accumulation
Of Ontario and Western stock in today's
stock market had more the appearance
of an active speculation than anything
that has occurred in stocks since the
movement in Union Pacific in connection
with the Northern Securities decision The
general market proved itself almost who'll
ly irresponsible to any news in spite or
vigorous efforts on the part of small
room traders to extend the movement
Into the rest of the list. The dealings
in Ontario and Western during the first
hour made up almost the entire bulk OF
the whole market for the days session.
The outcome of the incident had the
effect of leaving speculative sentiment
more than ever hopeless over the chance
of inducing any activity in the market
The dealings were quick to drop into
the condition of apathy which has charac-
terized trading for some time past. The
organized effort of stockholders in onta-
rio and Western to effect the dissolution
of the voting trust by which the stock
is held, is said to account for the move
ment today.
Various opinions as to the source of the
buying were circulated. including the
voting trust party, Canadian Pacific and
the Pennsylvania. No authority could
be learned for any of these rumors. nor
for the assumption that the voting trust
is to be dissolved at all L AT the lethar-
gic condition which overcame the later
market, the feature was the inroads
made at new points in the list of the
minor railroad stocks. The Chicago
Great Western stocks were the most con-
spicuous victims today, the common losing
over a point. the preferred 'B" points,
and the preferred "A" 1872 points There
was not the slightest evidence of support
for those securities which have shown
little activity for a long time past, ex-
cept the common stock.
Small amounts of stock were sold ap-
parently for what they could bring, with
the market bare of buying orders on the
way down. No news respecting the
specific affairs of the company was forth
coming and the incident was supposed to
mark the general fear which has grown
up that in a period of declining traffic
and possible rate competition for busi-
ness. the small unattached railroads will
be ill-ftted to compete with the great
systems. Amalgamated copper rose q
when the reelection of the directors
without opposition became known, but
the gain was not held.
The subsistence of floods in the south
west was regarded with satisfaction and
It was pointed out that southwestern rail-
road earnings from this time will make
favorable comparison with the flood
damage period of last year. Railroad
traffic officials had no falling off in traf-
hc to report. There was a rather not
able expansion in the weeks movement
of corn. Otherwise the hand to mouth
policy of business and industry in gen.
eral was reflected in the railroad traffic
for the week. Movements in the inter-
national exchanges were toward the
point for a movement of gold from New
York to London.
The money market was unchanged.
Bonds were irregular, some of the lower
grades falling sharply Total sales, par
value, $1,6S5000.
United States bonds were unchanged
on call.