The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-05-03
NORMAL COURSE IS
TAKEN BY STOCKS
Those Taken to Check Demon
aization Again Sold
INDUSTRIALS ARE STRONG
Louisville and Nashville is Strong on
Revival of Talk of Lease to the
Coast Line With Dividend
Guarantee.
lNDUSTRlALS ARE STRONG

New York. May 2.-The character of
in prices today carried a sufficient warn
ing that the stocks which were taken yes
terday morning to check the demoraliza-
ton in the market were being disposed of
again. 1t seemed quite evident that the
high opening had been helped for the
purpose of making a better market for
disposing of these stocks
This is strictly in accordance with the
normal course of the market movement
after such an episode as Saturdays vio-
lent break with the supporting tactics of
Monday. The appearance of this class
of selling somewhat dampenea the spec
ulative enthusiasm induced by yester-
days considerable advance in prices. Even
the conspicuous advances in special stocks
later in the day did not serve entirely
to restore confidence in the stability of
the market. Nevertheless quite a long
list of effective gains were shown as a
result of the Gays business, and amongst
industrials especially the strong points
were numerous and diversified.
The conspicuous advances late in tho
day were the result of stirring anew of
the rumors of deals which have almost
dropped out of sight in the decentralization
of sentiment for the past week. The re-
vival of talk of lease of the Louisville and
Nashville to the Atlantic Coast Line, with
a dividend guarantee was especially effec-
tive. The action of the Chicago and
Northwestern directors towards a 10 per
cent stock set affoat various rumors re-
garding the adjustment to be worked out
In the northwest. That stock itself had
an immense influence on the Vanderbilt
group besides. No detailed information
was given towards the ends proposed
with the proceeds of the new issue, but
speculative sentiment INDUCED in free
conjeetures along the lines that suited
best the prevailing mood The new stock
is part of an increase authorized by
the stockholders fully three years ago,
to be issued from time to time in the dis
erection OF the directors Plenty of rumors
were current also of the distribution of
Northern Securities assets in a manner
to adjust all difficulties in that terri
tory
Clearing house exchanges rose to fig
ures near the record level and this had
some influence on the superstition that
some large transactions in financial az
fairs were in course of completion. The
lead and smelter merger talk had some
revival in the natural course of things.
Consolidated Gas suffered from the
threatened opposing legislation at Albany,
and other New York public utilities were
some what affected in sympathy. The
weakness at this point had some effect
in aggravating the early reaction It's
influence passed away with the later
developments, but was renewed at the
last
The weekly crop summary was regarded
as satisfactory in its showing for the
winter crop. March net earnings of rail-
roads made a further favorable exhibit
especially that of the Pennsylvania sys-
tenn
The softness of the market when 1T was
sought to take profits on the DAY rise
indicated its limitation and the irregular
closing showed the days changes mixed