Los Angeles herald., 1905-04-27
by Associated Press.

by Associated Press.
NEW YORK, April 26.-speculative senti,,
ment in the stock market seems to be swayed
at present almost entirely by the varying gos-
sip regarding the negotiations between rail-
railway o1 system Today's rumors shifted to the
side of prevailing harmony and disposition
to co-operat,e T , for mutual adIantage van age h,,, nm
during the recent boom in stocks a compll-
Gated system of supposed projects for central
ization of control of the railroad systems OF
practically the whole country. The slump in
Northern Securities stocks shook the confidence
in these stories and during the break of this
week and last opinion has veered to the other
extreme
of plans of mutual destruction have pervaded
the street, The reports of restored harmony
and there was suspicion that manipulatve
process played large part in the price move
The downward plunge in the price of North
Securities was in a large part due to the
fear with large release of stocks of Its con-
stituent companies they would freely liqui-
date account of the high level to which
the nominal quotations had been carried while
the holdings were tied up in the Northern
This apprehension was kept alive by. the
stocks. But there was an awakening today
to the fact that the volume of offerings on
which these declines, had bee been . made 4,, was was
distribution being effected of certificates OF
stock Of these companies. IT was reasoned
OF Northern Pacific and Great Northern prob
ably little changed and that they were
not coming on the market in large quantities.
A"rumor was set atioat in addition that an
agreement had been reached as to the dis.
position to be made of Northern Pacific. 1t
was alleged In addition that the controlling
interest in Union Pacific had averted danger
which menaced them of losing control of their
property and that the proposed issue of 800.
oOO00O Of preferred stock would be abandoned,
as 1t had been intended only TO preserve that
control.
There was some considerable outstanding
short interest which was alarmed by these
ef
in the movements in Northern Securities, Great
Northern preferred Northern Pacific, Union
trail and New York Central ali of which have
been bound up together less in the
speculation bases in this topic
Very explicit declarations were made also
that the long rumored lease by a dividend
guarantee of Louisville & Nashville to the
Atlantic Coast Line had been definitely de-
Amalgamated Copper led strong group of
copper, lead and smelling stocks. special in
huence being the increase in the dividend rate
on Anaconda subsidiary company of the
The United States Steel stocks at first re-
fected disappointment on the part of specula-
tors who had counted on larger net earnings
meeting after the market had closed yester-
day. But these stocks showed a good recov-
cry when the general strength developed. The
vagaries Of the price movement aroused grow
ing suspicion, especially the feverish fiuctu-
ations in Louisville & Nashville and the sud
den subsistence at intervals of the active buy
ing movement
The market had already become shaky when
the news published of the declaration OF
only the regular dividend on Norfolk &
Western.
cn homes Of an increase, and the unloading of
disappointed holders carried that stock three
market The closing was weak and without
effective reco, cry.
Bonds were firm. Total sales par vale, 50,
United States bonds were all unchanged
on call.