The Birmingham age-herald., 1908-05-14
STOCK MARKET
 SHOWS VARIETY Days Strength Is IrregularIy
 Manifested PROFESSIONALS ARE FIMID At a Meeting of Directors of Union Pacific and Southern Pacific the
 Regular Dividend Is
 Declared.
PROFESSIONALS ARE TIMID

New York, May 1S.-Whle the strength in today's stock market was irregularly manifested, there was no mistal1ing decid- ed character, and the speculation showed animation and considerable variety. The principal operations were attributed still to the larger financial powers, and the professional element was timid about ven turing to sell the market short in face of this belief in support by such formidable forces
 The purpose to foster the demand for new capital issues was believed to prompt the measures to control the market, and as the Hartman Pacifics are credited with largest interest at present in this purpose owing to the imminence of new issues, the sustaining operations in the stock market were commonly believed to emanate from sources in alliance With those companies.
 The meeting of the directors of the Union Pacific and Southern Pacific re- suited in the declarations of the regular dividends on both stocks, and that action helped stocks, but they were more all fected by rumors regarding the coming financing on which no announcement was made. The volatile rise in the Southern Pacific preferred indicated the credence that was given to a report that 1t was in contemplation to waive the company privilege to redeem the per cent pre- ferred stock at 115
 The existence of this privilege has had the effect of holding the price Of the stock close to that level. The motive Tor this supposed intention Is said to be the desire to market the balance Of author ized ureferred stock in the treasury of the company
 The runor of an intended extra distribu- ton of Northern Pacific stock was re- vived Both the Hill stocks and St. Paul were benefited by the large sales of new stock effected before the financial depres- sion set in. Suppositions as to the bene- fit to the companies of these funds In hand available for expenditure during the period of depression and low prices or materials played an important part in the strength of stocks
 Stocks of companies which have just ef- fected financial plans responded to thls news, especially some of the railroads or doubtful credit supposed to be confronted with difficulties in this regard. The Tact that note instead of bond issues were re- sorted to in these instances suggested graduation in the prospects of coming se- curities issues in proportion to the secur- ity offered or the financial strength or the companies. The prevailing temper or the speculation was clear from the aVidlty with which hints of favorable events were seized upon to rush up prices, while events seeming to bear unfavorapiy OH the outlook for values were ignored
 The engagements of gold for export while large, were entirely expenseo on account of the decline in the foreign traue balance in our favor and some remarKet- ings here of foreign holdings or American securities -,
 The foreign allotments of the Pennsyl- vania. bonds are reported as resold in this market in spite of their denomination Ill pounds sterling instead of dollars. DIS