The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-27
i. P. z POINTS Up
EARLY, THEN REACTS
Sugar and Copper Active at a
Higher Range of
Prices

NEW YORK. April 26.-SpecuIati,-o con
sIrnent IN the stock market seems 10 he
SMdSeu at present almost entirely nv tba
t%a ing GOSSIP regarding the relations be-
e"eSn IdiIroad capitalists who control tbe
northwestern railroad systems TodaI'S
JUNIORS shlfted to the side of prevaiIinfr
nfa.In rC and a disposition to cooperate
ior mutual advantage. Out of This S,1h
Ject there had been built up during tba
!eceht Doom in stocks a complicated sTs
tE1n VI f supposed projects for centlaliza-
OF practically the whole country Tha
stump SUI IN Northern Securities stock shook
ne CONFIDENCE in these stories and during
the break of this week and laST onininSS
mas veered to the other extreme TnI
sIead or harmony, whispers of war and of
p ldhs OF mutual destruction have DeT-
h haueu me street The reports of restored
20 H nty To-Day came after the movement
OF stocks and there was suspicion that
nldLlPulatiVe processes PLAYED a large
part IN the price movement.
Northern Securities Declines
>r Inc downward plunge in the price of
Notlhern Securities was in a large mart
que TO the fear that with the reIsasp 90
the stocks of its constituent c0n7nanie.s
they would be freely liquidated on ac
count or the high level to which the nom
t,l1i ;puotatlons had been carried while the
EEoiullss were tied up in the Northern
Securities company ''''' Il
ms apprehension was Kept alive bv the
st toIJt ueGllnes IN the quotations for these
To-Day to the fact that the volume of of
IeIlhSS on which these declines had been
lH III was almost purely nominal, in spite
oI the rapid distribution heine, effectaJ
OF certificates of stocks of These COM
pdHleS 1t was reasoned from this that
me concentrated holdings of Northern pa
i E4I ana Great Northern We're probably
niue changed and that they We're not
coming on the market in large uuantitv
a fumor was set af1oat in addition that
an agreement had been reached as to the
"a do Of Mort 1, n
II was alleged in addition that the con-
ironing interests in Union Pacific had
idNerted a danger which menaced them of
losing control of their property and that
the proposed issue of 500 600 0OO Of me-
Ierred stock would be abandoned as II
mad been Intended only to preserve that
control There was a considerable ont
standing short interest which was alarmed
oy THESE developments. The effect was
clearly manifest in the movements in
Northern Securities Great Northern nc
ferred, Northern Pacific. Union Pacific 81
Faul, Northwestern Illinois Central and
New hOrk Central, all of which have been
Douhd up together more or less in the
speculation based on this topic Very
explicit declarations We're made also that
the long rumored lease by a dividend
guarantee of Louisville & Nashville to
termined upon.
Amaleamated Copper led strong group
Oh Oh copper, lead and smelling stocks, a
the dividend rate on Anaconda. a subsid-
larry company of the Amalgamated. The
United States Steel stocks at first reflect
ca disappointment on the part of the spec
uIatorS VINO had counted on larger net
earnings for the quarter than were re-
ported at the meeting after the market
had closed yesterday. But these stocks
showed good recovery when the general
strength developed The vagaries of the
price movement aroused growing suspicion
especially the feveriSh fluctuatiOn i'm
Louisville & Nashville and the sudden
subsistence at intervals of the active buy
ing movements. The market had already
become shaky when the news was pub
hShed OF the declaration of only the reg
ular dividend on Norfolk & Western. There
mas been extensive speculation based on
hopes OF an increase and the unloading of
points under last night and broke the
whole market. The closing was weak
and without effective recovery
90 Bonds 5o We're firm Total sales. par value
81, $50, 900. United States bonds were ali
unchanged on call.