The Montgomery advertiser., 1904-03-24
WALL STREET. REVIEW
TRANSACTIONS CONSIDERABLY
 ABOVE MILLION MARK.
Union Pacific still Important Factor in the operations-Interchange of Holdings Believed to
 Be in Progress

New York, March 23.-Transaction In today,s stock market rose considerably over the round million share mark of yes terday and they were not so over whelmingly proponderant in Union Pacific as yesterday. That stock was still central figure and It's spectacular rise or yesterday was the influence which caused the violent and feverish specula- tlon In other stocks today. The profit taxing In Union Pacific. however. was steady and persistent and this had an ultimate effect on the whole market, which showed signs of langor towards the end. The official circular announcing the terms for redistribution of the North ern Securities holdings of Great Northern s ana Northern. Pacific stocks gave no olrect ground for yesterdays excited lump In Union Pacific. The supposition that any contest for control in the trans continental lines had broken out again was believed by the firmness of the rest or the market. The theory was much more plausible that the buying of Union Pacific was to secure an influential hold ing on the part of the controlling powers. In the Great Northern and Northern Pacihc compensation for Union Pacifcs Influence in Great Northern. Northern Pacihc and Burlington This buying was not regarded as hostile or as defensive against hostility and the conviction was thereby formed to mutual representation on the various boards of directors, which would work out as effective a community of interest in the transcontinental field as the Northern Securities Company had aimed at. It was New Works that fired speculative excitement in the market at It's inference of similar measures proba- ply to be taken in other railroad groups. Southern Pacific was the principal prop against the profit taken in Union Pacific and the new features were Pennsylvania and the Fries. A number of the principal railroad stocks and specialties rose point or more but the movement of the market was not comprehensive at any time and there were constant and fever ish fluctuations in the advancing stocks. The persistence of the profit taking In union Pacific undermined the market and only fractional gains were left at the last where there had been the greatest strength, while the average level of prices was below last nights closing Union Pacific and Great Northern preferred lost about points. The activity of Northern Securities on the curb continued today and Northern Pacific when released" between 1S3 and l2s These movements wereobviously based on the adjustment of market prices to the rate of exchange fixed for these stocks in the Northern Securities distribution, and there was no evidence of purpose to accumulate the stocks. The imminence of gold exports to France and some rumblings form the cotton market helped on the, late reaction. The likelihood that Panama payment will be deferred until June wak not received with great satisfaction, owing to the be- lief that arrangements were completed for making 1t earlier. The market closed easy at the lowest.
 Bonds related to the Northern Securl- ties merger were inclined to react, mak- ing the bond market irregular. Total sales par value $360.000. United States bonds were unchanged on call.
 NEW YORK, March 23.-The governors of the stock exchange have decided to close on Good Friday. but have refused to agree to the request for a double holiday and the exchange will be open Saturday, April 2.
 New York Stock Tiak