The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-01-04
BIG FACTORS HAD
BEEN ANTICIPATED
Securities Decision Seemed to
Have Little Effect
SOME WIDE FLUCTUATIONS
Another Advertisement Campaign Is
HeraIded Against the Prices of
Stocks, Which Announce
ment Had Effect.

New York. December 3.-Developments
of unexpected Importance confronted the
stock market for it's Interpretation with
the opening of the New Years business
this morning.
The fall of Port Arthur and the decision
in the Northern Securities injunction
suit have long been awaited as events of
prime Importance by those operating
stocks. The moderate effect Of today Is
easily explainable from the very fact that
the events were long anticipated.
There was some rather wide fluctuation
during the morning, but the moderate
proportions of the dealings warned those
sharing in them that they were not in a
large company, and the market settled
down the latter part of the day to a
rather dull tone, and with tie advances
indifferently held. There was some dis
position to credit this effect to a third
wildly heralded event, namely, the re-
sumption of the campaign by published
advertisements against the prices OF
stocks. The conjecture of events shown
by the public taking hold of these fresh
advertisements and that the market did
the force of these arguments. There was
not in fact a very palpable evidence of
the dire effects threatened for the mar
ket by this New Years proclamation. 1t
is not improbable that there was some
dread of the occurrence of such events
which had its part in lettering operations
from active dealings. The action of the
Berlin market and of the London mar
ket this morning had given some indica-
ton of VIII t was to be expected as to
the fall of Port Arthur. The action of
Russian securities gave no occasion for
unsettlement of financial sentiment, and
the London market showed some positive
encouragement which was due to an as
sumption that the reduction of the for
tress would tend to hasten the end of
war. Thus assured of immunity from
harm on that account, prices here started
upward in pursuance of the large January
demand for securities.
Active realizing met the advance and
had about wiped out the gains when the
Northern Securities decision was an
nounced. The speculative public has
been educated to a belief that larger
projects had been formed which were
only waiting for this decision in order to
effect and practically change the map of
the country by new combinations and
lines destined to effect the purposes of
the nation. 1t has been assumed that
the refusal to continue the injunctions
would have the effect of permitting a
distribution of the company's assets and
would thus precipitate the supposed al
tentative projects Immediately. 1t was
promptly learned to-day. however, that
the delay in delivering the mandate of
the court and the stay the appeal
which was determined upon would pro-
long the litigation indefinitely. All the
stocks related in a way to the litigation
stocks shot up on the announcement,
with st. Paul selling at 11Iss, Union Pa
cfic 116A and Southern Pacific 661h They
fell back immediately from that level
and 1t was not until the final stages that
they were marked up again. The sudden
rise routine of the day was all favorable
to values. The pressure of railroad traf-
fc was reported to be in excess of ca
pacity. Call money worked up easier
during the day and supplies were abun-
dant
There was a broad market for bonds
at higher prices The total sales, par
value, were s6,02O,000.
United States 4s declined a and Is
coupon Il on call.