The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-04-05
SECURITIES
PUZZLES TRADERS
K STOCK MARKET
kSSED BY FIGHT.
nd for Union Pacific Be
hes, if Anything, More Ur-
GENT, and Price Advances.

New York, April 4.-Speculators who
have been trading for two weeks IN the
confident belief that they knew the in
side facts OF the Northern Securities set
tlenent were nonplused to-day by the
terms Of petition of the Union Pacific in
terests for an injunction against the dis
tributiou OF Northern Securities assets on
the plan proposed. 1t had been expected
that some judicial opinion would be in
vited on the proposed plan. but the CUES
ton of legality in the substitution of col
lateral for the Northern Securities now
held against the Oregon Short Line bond
issue was the only one which mad been
admitted to be at issue in view of the
protestationS from all interests concerned
that perfect unity and harmony existed.
Blu a perusal Of the petition makes so
strong an impression of d conflict Of hos
tile interests that sentiment in the stock
market was upset SO far from an appear
ance of resignation to tie community OF
interest in control CT Northern Pacific,
the Union Pacifc'S contention indicated a
determination to conserve its control OF
the Northern line secured in 1901 at such
disastrous consequences TO the stock mar
ket.
FEARS ARD RENEWED.
This condition was so at variance with
the impression industriously cultivated in
the stock market for the last two weeks
that apprehension OF a conflict between
the two powerful rivals which might eN-
tend to the securities market was revived.
The suppositionS used TO explain the
recent large buying Of Union Pacific were
decided TO be sroundlcss and the surutsc
Of the markets shifts back TO the hypoth-
esis of competitive buying for control.
Demand for Union Pacific was again con
spicuous to-day and carried the price at
one time as high as %. The stocks grin
on the day was 3ls, OF total sales of lS9.-
$40 shares II was only Tuomentarily be-
low Saturday on the reaction which fol-
lnUrp1 the nninlBn h1ttpa and EglS elrrfpJ
higher By successive buying orders. The
opening break in the general list was
partly repaired in sympathy with the first
strength Of Union Pacific. but the per
sistence and the volume of the demand
for that stock awakened the fears of the
traders and the general list was sluggish
: and heavy for the rest Of the day.
ST. PAUL AFFECTED.
st. Paul was actually affected by the
, opening break. as ii las been most active
" speculated in on the unwarranted as
SYMPTOMS of the course of the Northern
Securities settlement. other notable move
ments seemed TO be due to special causes.
Peoples Gas suffered from the Supreme
court decision. adverse to its contention
against the IS cents Chicago Gas orGi-
nance. United States Steel preferred re-
fiected the anxiety over the showing of
earnings TO be made by the quarterly
Copper and sugar weakened sharply with
out explanation. The squirt in Chicago
Great western was called a raiders move
lnent- A small engagement of gold for eX-
port was announced and the holiday in
London was supposed To curtail the ac-
tivity or the exchange market, on which
the gold movement depends. Weekly re-
ports of railroad traffic officials were
somewhat restrained in the expressions of
Satisfaction with the traffic outlook.
somewhat irregular. Total sales mar val
nc S.191.pG. United states rs advanced l.
per cent on call.