The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-12
ISTOCK MOVEMENT
CAME LATE IN DAY
The Stocks Connected With
Northern Securities Active
REDEEMED THE DULLNESS
President RooseveIt's Position On
Railroad Legislation Had Repressive
InfIuence-LittIe other News
Had Influence.
REDEEMED The DULLNESS

New York. May IA considerable
movement was developed late today in
the stocks connected with the Northern
Securities settlement or associated with
that settlement in speculative surmises
redeemed the securities market from
nut of dullness and neglect that threaten
ed to exceed yesterdays record This
movement served also to reassert the
Influence of this group of stocks on speeu-
lative opinion in general. Previous to
their revived activity, the market showed
no sign of anything more than feeble
vibration In The rebound from yester-
days slight depression. Southern Pa
cific and Union Pacific were the leaders
of this rebound on the circulation of as
sertions that the policy of their admins
tration was shaping towards the inaugu-
ration of divinends on Southern Pacific.
The buying induced by the assertions was
quite substantial in comparison with the
sernl-stagnation of the general market
The movement laid the foundation for
the share of those two stocks in the latter
strength of the more immediate Northern
Securities group, in which Northern Sc
curities itself shared on the curb. North
ern Pacific and Great Northern prefer
red, moved up with stocks in the opening
market. The fact of this scanty supply
leaves the wide movements in the stocks
open to suspicion of manipulation which
is easily managed in the case of closely
held stocks of that class. No news came
out TO explain the movement, but 1t re-
suited naturally In reawakening all the
rumors pointing to an adjustment of
threatened dispute over the Northern Pa
cific control
There was no other news of the day
that seemed to have effective influence
on stocks unless it might be in prompting
tlS- abstenton from active operations.
The government crop report was conf
IDENTIFY expected to show highly favora-
Bile conditions that its appearance pro-
duced little effect though the actual con-
ditfon reported for winter wheat on May
was rather more than the forecasts
current in the stock market Tomorrow
Is payday for the completion of London
settlement, and a tendency was shown
both in London and here to await this
event. Other repressive influences of a
general character were found in the reit-
GRAFTON of the Presidents views on rail-
road rate legislation, the discussion by
the comptroller. of the currency of the
duties of bank directors which was
prompted by recent events in the banking
of the inquiry into the affairs of the Equi-
table Life Assurance society. The active
power for weakening the market of these
factors. seemed to have spent much OF
Its force, but as an influence against cor
porations in securities they are still
felt
The weakness of the local fractions was
=. ,,f I,A t0d
decision by the supreme court on the
franchise tax law. Twin City Rapid
transit had the benefit of the excitement
IF stock subscription rights. Money was
extremely easy. and it is believed that
This is partly due to the progress of re-