The San Francisco call., 1905-04-27
New York stock Marker

NEW YORK. April 26.-Speculatfve sentf-
nlent in rlIe stock market seems 70 be suayed.
ct present almost entirely bv the -y,arvfrs
gossip regard ng the relations between railroad
capitalists who control the Northwestern rail-
road systems TO-days rumors shifted TO
the side Of prevailing harmony and dis
position % cooperate for mutual advantage
Out of this subject there has been built up
during the recent boom in stocks a complf-
Gated system OF supposed projects for cen
tralzauon of control Of the railroad systems
o. practically the whole country. The slumu
IN Northern Securities stocks shook the con-
ndence in these stories and during the break
of this week and last opinion has geered TO
the other extreme Instead OF harmony whis-
fers of war and Of plans of mutual destruc-
ti0r have pervsded the street. The reports OF
restored harmony to-day came after the move
Hehts q stocks ana there was suspicion that
nam hlpuiatiNe process played large part in
the price movement. The downward plunge in
The price OF Northern Securities was in
iaFee part due 70 the fear that with the re-
lease If the stocks Of its constituent companies
trey would be freely liquidated on account OF
me nigh level 70 which the nominal quotations
had been carried while the holdings were tied
ur in the Northern Securities Company. This
8 apprehension was kept alive by the violent de-
aclines in the quotations for these stocks. But
there was an awakening to-day 10 the fact
that the volume Of offerings on which these
declines had been made was almost purely
nominal in spite Of the rapid distribution be-
ins effected q certificates Of stocks Of these
the concentrated holdings Of Northern Pacific
snd Great Northern probably little
changed and that they were not coming on
the market in large quantities. A rumor was
set afost in addition that an agreement had
a Northern Pacific. Il was alleged in ad-
dtion that the controlling interest in Union
Pechc had sverted a danger which menaced
them ~ losing control OF their property and
that the proposed issue of 500 000. 600 Of
yreferred stock would be abandoned as it
had been intended only 10 preserve that con
troll There was considerable outstanding
short interest which was alarmed by these
developments. The effect was clearly man.
ffesf il rihe movements in Northern Securities
Great Northern preferred Northern Pacific
Union Pacihc. St Paul. Northwestern
trai All of which have been bound up
O. gether more less in the speculation based
on this topic Very explicit declarations were
mace also that the long rumored lease by a
dividend guarantee Of Louisville and Nash
fflIe 10 the Atlantic Coast line had been
70 definitely determined upon. Amalgamated Cop
Per led 2 strong group Of copper lead and
smelling stocks. a special influence being ths
increase in the dividend rate on Anaconda. a
= <subsi6iary company Df the Anal lsamated The
o United States Steel stocks AZ first reflected
Sfeaprointrnent the part Of spectators who
had counted on larger net earnings for the
quarter than were reported al the meeting
after the market had closed yesterday. But
o these stocks showed good recovery when
the general strength developed The vagaries
~ the price movement aroused growing sus-
ricion especially the feverish fluctuations in
Louisville and Nashville and the sudden SUBJ
ridence at intervals Of the active buying
movement The market had already become
shaky when the news was published Of tho
sSorfoIk and western There has been ex-
teneixe speculation based hopes Of an in
crease and the unloading Of disappointed hold
night and broke the whole market. The clos
ing was weak and without effective recovery
Bonds were firm Total sales, par value,
tinted States bonds were all unchanged on
call.
r Hutton Co. 40 California street.
ean Francisco. members OF the New York
stock Excnsnge, furnish the following official
quotations OF that Exchange: