The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-04-30

doned this week eand as a consequence
Stocks were sold by those who had bought
in the faith that the suppositions were
true. A cloud of these rumors has enter
ed about the Northern Securities COM
pany and the actual dissolution of that
company and the distribution of its as
sets has been the principal factor in
discrediting them. The Inconvenience
which result from the dissolution of this
merger has been long known and recog-
nized but assertions had been persist
entity DISSEMINATED that the purposes
served by the merger would be conserved
Ly alternate projects and that the projects
had been worked out in detail and agreed
Upon. 1t seems probable that such sub
jects were discussed and negotiations
were had looking to their adoption. 1t is
difficult to account otherwise for the
boldness and extent of the market oper-
atoms which have been pursued.
But the conviction has emerged with
the progress of the dissolution of the
company that the railroad situation in
the northwest is left practically where 1t
was beyond the control of Northern Paci-
fic was secured by Union Pacific and the
Northern Securities company formed. In
cidents were seized upon this week to
inhame an apprehension that open hos
tilities would result between powerful
groups of capitalists. No clear policy could
be seen to be furthered by Union Paci-
fc holding of a minority interest In both
Northern Pacific and Great Northern in
place of its former control of Union Paci-
fic and it was believed its holding OF
the two stocks would come upon the mar
let The utilization of Burlington with
the Pacific coast roads was believed to
be pushing st. Paul and Northwestern
to competitive plans for Pacific coast out
let
The resignation of George Gould from
the Union Pacific board to give attention
to the Western Pacific was looked upon
as another measure of competition and
the question raised over the old Carnegie
company contract for United States steel
tonnage to the Gould roads was regard
ed as another threat of reprisals for
grievances elsewhere.
At the same time the appointed meet
ing of the directors of various companies
W ithout dividend increases which had been
foretold or without complaint various
merger projects which had been expected
amongst steel, smelling and lead COM
panies took the ground from under the
feet of the props of these things
Confidence is not firm in the ability
of the money market to the metal re-
uuirements facing it. The weeks rise in
exchange is believed to reflect an accu.
mutation in preparation for remittance OF
the japanese loan subscription Of which
a final installment of $4,000 Is payable
in New York on May % between May
end May 5: subscribers 500, 1000 of Penn
Sylvania convertible bonds will be called
upon to pay 80 per cent of subscriptions
with the privilege of paying the full sub
scrip;ion. The governments withdrawal
CT about 81 600 of deposits with ma
'tinnal banks < set for May Is. Railroad
traffic Officials admitted some decline in
the traffic offered last week, but other
wise there is nothing to show impair
,nent CT tho prosperous conditions in prac-
ticallv every department OF the business
All Industrial wcr id
B.nds have nci reen active and were af-
fected in SYM stliy with stocks. United
states registered &c advanced We and the
United States es coupon declined We on the
week