Los Angeles herald., 1905-04-15
BY Associated Press.

.:.s.sa ***'s
BY Associated Press
NEW YORK, April 14.-A revival of
the Northern Securities settlement ex-
element resulted in a speculative
revel on the stock exchange, which
spread pretty generally throughout the
list, but the conspicuous fact about the
days operations was their enormous
congestion In the few stocks immedi-
ately affected by the current rumors.
especially Union Pacific, st. Paul, New
York Central and on the curb Northern
Securities itself
The last named stock bounded up to
the neighborhood of $1.S0, thus justify
ing predictions which have been cur
rent among street speculative opera
tors for some time, but without obtain
ing general credence. The rumors to
account for the advance were many
and various, and for the most part eX-
ceedingly vague. That which was most
definitely formulated alleged an inten-
ton to double the present volume of
Great Northern preferred stock for
purposes which were very dimly in
dicated in the story as circulated.
The capitalization of enormous values
discovered in iron ore lands in the
company's possession was hinted at,
Great Northern preferred closing at
$3.150D3.30, with no sales, the last sale
having been at $3.12. 1t was argued
that this development would greatly
expand the value of the Northern Sc
curities company about to be dis
trihuted under the order of dissolution
of the supreme court.
AS a large proportion of this dis
tribution will fall to the Union Pacific
treasury, that stock was held to be en-
titled to a corresponding advance, but
with the excitement started in the
market this explanation was deemed
inadequate and surmise fell back upon
the supposed uses to which the Union
Pacific preferred stock is to be put.
This line of conjecture led to the re-
covery in various stocks pointed to as
a desired object of acquisition by
Union Pacific, but which have been
dropped out of consideration for a
time with the growth of skepticism
over the stories current. The stories
are as entirely without official author
ity or admission today as at any time.
The palpabe fact, however. was that
almost unlimited amounts of the
stocks most nearly concerned passed
constantly through the market all day,
and the absorptive power for them
seemed Unsuitable.
The volume of transactions and the
movement of prices in the general rail-
road list was moderate and the extent
of the price movement was found on
careful scrutiny not to be very wide,
but in the industrial department there
was effective supplement- to the strik-
ing movements In the tranScontinental
group.
In this departmet also the most
prominent high grade industrials,
especially United States Steel pre-
ferred. were inclined to move narrowly.
OF industrials of minor class, however,
there is a long list which made adj
Vances during the day of all the way
from to 3 or points.
The brilliant conditions shown to eX-
list in the iron and steel trade by the
statistics Of production and consump-
tion have served to give great author
ity to the incoming reports of highly
prosperous conditions in all depart
ments of trade. The favor shown to
the industrial stocks increases accord
ingly. 1t is found easy to effect move
rnent by formation of pools in many
of these stocks, and Ii Is not unusual
for the rise to be heralded by some
such announcement as that arrange
ments have been made for sharp
upward movement" in this stock or
that stock. The movement is pretty
sure to follow
Operations of this class, however do
not tend to fortify confidence in the
market. The currency movement for
the week gave promise of a good cash
gain by the banks, and offered no
obstacle to the maintenance of the
speculation.
The irregular closing left prices not
far below the best of the day,
Bonds were irregular. Total sales
(par Value), $4,475,000.
United States bonds were all un-
changed on call.
New York Stocks