The Birmingham age-herald., 1907-05-01
STOCK MARKET IS
 ACTIVE AT OPENING
Union Pacific Unloaded at the
 Advance
us. STEEL HAS HEAVY TONE
Some Features of the Early Movement Arouses Dlstrust Which Causes
 Relapse Into Likeness.
 Fluctuations Uncertain.

New York. April s0-More business was done during the first hour of tooay ses- sion of the stock market than in the same time for many days past. Some or the features of the movement had commenced to arouse distrust by that time and there was a relapse Into dullness, and uncer- tainty in the fluctuations
 Many stocks were active during the first hour that have been unresponsive to the recent attempts to revive speculative interests. and the whole market took on an appearance of breadth and volume that has been conspicuously lacking lh the recent operations. This served as an answer to criticisms of yesterdays deal ings that they were practically confined to Union Pacific, but the fact became evident in short time that this diver sion of speculative activity was being taken advantage of to market holdings of Union Pacific itself,
 It was this that checked the upward movement, and induced the subsequent reaction, thus tending to reaffirm the dominance of Union Pacific in the present market
 The heavy tone of United States Steel was a drag on the market also. There was no expectation of an increase in the dividend at the meeting to be held later in the day, but all interest centered on the showing of unified orders on hand on March 31. That these should exceed the record figures reported on Decem- Der S1, was scarceIy hoped, owing GO the seasonable drawbacks of the spring quar- ter in the trade. But speculators feared the showing of a decrease, however ex- plained, might be seized on to point to In argument that trade reactions was indl- cated The London market was dull on the eve of tomorrow's May Day holiday and constributed nothing to the activity of this market.
 Stocks were but little responsive to the good showing of the weather bureau weekly bulletin on the crops, and the moderate damage indicated by the Kan sas state agricultural report for April. A plentiful rain for present needs in the upper Messssippi and lower Missouri valleys was the report of the government bureau. Coupled with news of additional rains since and promise Of more, ana the decided heaviness in the wheat mar ket itself, the factors in the crop out look were generally towards reinsurance. The leadership of western railroad stocks III SuCn strength dS tnS ihdlhcI otiONSN was a reflection of the crop news. An incident of the day was the sale of a stock exchange seat at an advance over the price of a preceding sale. Sustained demand for seats in periods of dullness in stocks is looked upon as a sign or confidence in early future revival of the business
 Much attention was paid to reports in circulation of the intended dissolution of certain stock market connections AS an evidence of decline in speculative inter- est in quarters most absorbed In that pursuit, whether preceded by unpleasant experiences of the recent past, or judg- ment of future probabilities, the effect of the example was not stimulating to the market The rates for money for short periods continued to relax. but money brokers reported some stiffening of rates for longer periods. Some effect on future railroad earnings is looked for from ad- vances in freight rates.
 Bonds were irregular. Total sales. par value, $1,446,0O0. United States Ss de- clined H4 per cent on call.