The Montgomery advertiser., 1905-04-27
WALL STREET REVIEW
RAILROAD RUMORs PLAY IMPORTANT
 PART
Said That Lease by Dividend Guarantee of Louisville & NashyiIto to Atlantic Coast Line Has Been
 Settled Upon.

New York, April Misrepresentation in
 seems - .o pc M swagea ,ra aI pr tsa TSrtb ern railroad systems.
 Today's rumors shifted to the side of pre- vailing harmony and disposition to CO., operate for mutual advantage. Out of this subject there had been built up during the recent boom in stocks a complicated sys- tenn of supposed projects for centralization of control of the railroad systems of prac- tically the whole country. The slump in Northern Securities stocks shook the conf dence in these stories and during the break of this week and last opinion has veered to the other extreme.
 Instead of harmony, whispers of war and plans of mutual destruction pervaded the Street. The reports of restored harmony to- day came after the movements of the stocks and there was suspicion that ma- nipuiative processes played a large part in the price movement. The downward plunge in the price of Northern Securities was in a large part due to fear that with the re- lease of the stocks of it's constituent com panies they would be freely liquidated on account of the high level to which the nom inal quotations had been carried while the holdings were tied up in she Northern Se- curities Company. This apprehension was
 kept alive by the violent declines in the quotations for these stocks. But there was an awakening today to the fact that the volume of offerings on which these declines
 had been made was almost purely I nSmina.. ss fected of certificates of stocks of these com- panies.
 centrated holdings of Northern Pacific and Great Northern were probably little chang ed and that they were not coming op the market in large quantity A rumor was set afloat in addition that an agreement had been reached as to the disposition to be made of Northern Pacific. It was alleged in addition that the controlling interests In Union Pacific had averted danger which menaced them of losing control of their property and that the proposed issue or S10O 0O0 900 of preferred stock will be abandoned, as 1t had been intended only to preserve that control There was considerable outstanding short interest which was alarmed by these devel- opments The effect was clearly manifest in the movement in Northern Securities, Great Northern preferred. Northern Pacific, Union Pacific, St. Paul, Northwestern H. linois Central and New York Central, all of which have been bound up together, more or less. in the speculation based on this topic Very explicit declarations were made also that the long rumored lease by divi- dend guarantee of Louisville & Nashville
 to Atlantic Coast Line had been definitely settled upon.
 Amalgamated led a strong group of cop per, lead and smelting stocks a special in- fluence being the increase in the dividend
 rate on Anaconda, a subsidiary company of the Amalgamated, United States Steel stocks at first reflected disappointment on the part of spectators who had counted on larger net earnings for the quarter than
 were reported at the meeting after the mar ket had closed yesterday. But these stocks showed a good recovery when the general strength developed. The market had all ready become shaky when the news was published of the declaration of only the regular dividend on Norfolk 6 Western There has been extensive speculation based | on hopes of an increase and the unloading of disappointed holders carried that stock
 3 points under last night and broke the whole market. The closing was weak and without effective recovery.
 Bonds were firm. Total sales, par value. | S2,4SO0OO. United States bonds were all | unchanged on call.
 NEW YORK STOCK LIST.