Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-03-23
MARKET EXCITED
AND FEVER|SH.
Trading in Union Pacific aud
Southern Pacific Was on an
Enormous Scale
CAUSED MUCH CONJECTURE.
Northern Securities Went TO Over q
Hundred, Then Reacted North
crn Pacific at 1851

New York. March 2S--An excited and
fcyerlsh stock market resulted today
from the announcement Of the terms Of
distribution Of the Northern Securities
holdings OF Great Northern preferred and
Northern Pacific stocks.
Trading In Union Pacific and Southern
Pacific was on an enormous scale, and
almost monopolzed the market for a
time. but when these stocks began 10 run
on under heavy realizing the demand
shifted to some Of the eastern trunk lines
and the western groups. Some fears were
entertained that the excited buying OF
Union Pacific represented contest for
control as that company Is ensured large
and influential holdings Of Northern Pa
cihc and OF Great Northern under the
terms Of the distribution without any
compensatory holdings in Union Pacific
on the part OF those companies. There
was mucn mystery attached TO the whole
movement, and the suspicion that II
might be due 10 speculative manipula-
ton kept the tone feyerish and uncertain.
On the curb market there was eager de-
mand for Northern Securities stock
which carried II up to lO0ia before re-
action set In, Trading In the stock was
carried on simultaneously In three or
four groups amongst the curb brokers,
The opening prices for Union Pacific were
not held. on The hrst reaction II touched
SIS and after teyersh rally ran OF
again more than "a.
Twenty shares Of Northern Pacific
stock Were sold az auction at tho real
estate sales rooms today, The price paid
was 1854 per share number of Wall
street houses were represented among the
bidders
on the curb there had been bids and
offers, 40 having been bid. while the
stock was offered NJ rs. Al the auction
the first bid was lg), and the stock went
up by half points TO U.s. then by points
to 40, then rose by half points again un-
I'll II was knocked down at 1914.
open dealings In stocks today were on
very heavy scale and on running sales
In Union Pacific, southern PaclhG and
Erie. The fist sales In Union Pacific
were Of 800 shares at IS down to siIs,
compared with Sss last night. The price
subsequently ran on 10 81. Ten thousand
shares Of southern Pacific sold at i9i.
and 1875, compared with isA last night
A long string Of transactions In this stock
In DO and 1850 shares blocks followed
carrying The price up to a mlAimum OF
20. In Erie there were 100 shares sold
cd with 251s last night, Great North
ern preferred jumped 3 points and there
were gains Of a point IN Baltimore n
Ohio, Erie first preferred and Southern
Railway preferred Otherwise the mar
ket was carried quite uniformly up a
small fraction. Enormous unloading Of
Union Pacific shook the market and car
ern Pacific TO 49, The plane OF the mar
ktt sagged to below last nights level on
moderate dealings. excepting for a con-
necfed activity In Union Pacific and
Southern Pacific At the decline a furl-
Gus demand developed for other stocks
especially the Erie. Pennsylvania, Balti-
more & ohio, and the great railroad
100 Erie gained and the other Erie
stocks. Baltimore & Ohio Reading, st.
Paul. Missouri Pacific, Brooklyn Transit
and Sugar rose to w. Brooklyn Union
Gas Jumped ~ and Chicago, 81, Paul,
Minneapolis & Omaha 5. Northern Secur-
tiles on the curb sold as high as lcOA
and then fell back, Union Pacific and
sopthern Pacific rallied with the general
market, but reacted again, Union Pacific
touching S2S Pennsylvania also reacted a
point.
The market became quiet for time UNI
III stimulated again by the buying of long
strings Of loco 10 5000 share blocks OF
SOutnerN fdClnC ana ftHnSylNhnld,
Southern Pacific touched 5li5 and Penn
sylyanla recovered 10 l2O, Prices gem
orally did not get higher than before,
but United States Steel preferred rose
IA, Rock Island 2h, the preferred ~,
Consolidated Gas SA and Atchison, Wab-
ash preferred and New York Central a
point. Pressure OF realizing kept Union
Pacific below 81. The market reacted
again before noon
Bonds were Irregular,
The general list fell OF 10 about the low
level OF the first hour and Union Pacific
sold down TO S2A. Trading then became
quiet and feyerlsh with rallies and reac-
tlons Of half point The market gas on
the mend at / O'Clock
Southern Pacific rallied TO near the best
and Union Pacific recovered more than a
point from the lowest, but the general
market responded slightly Heavy selling
followed the rally and both leaders lost
all they gained on the movement Other
stocks followed fractionally the course Of
the leaders. Great Northern. preferred
lost Its opening rise Brooklyn Union
Gas rose 10Y. 81. Paul rallied TO the
best OF the day at the end OF the hour,