Evening star., 1904-03-23
FINANCE AND TRADE
The Bull Movement Has Some
Setbacks.
BIG PRICE CHANGES
HEAVY BUYING AND SELLING OF
THE MERGER STOCKS.
Bidding Up Quotations on the Shares
Of Western Rails-Violent
Fluctuations.
BIG PRICE CHANGES

NEW YORK, March 23.-Opening deal
ings of stocks today were on very heavy
scale and at running sales in Union Pacific,
Southern Pacific and Erie. The first sales
of Union Pacific were of $500 shares at
S5 and S41s. compared with S45s. The price
subsequently ran off to "a. Ten thousand
shares of Southern Pacific sold at 49h and
495s, compared with 4S& last night. A long
string of transactions in this stock, in 800
and 1.G00-share blocks followed, carrying
the price up to a maximum of 50. In Erie
there were 1000 shares sold simultaneously
at 261a and 21A, compared with 25s last
night. Great Northern preferred jumped
points. and there were gains of point in
Baltimore and Ohio, Erie first preferred
and Southern railway preferred Otherwise
the market was carried quite uniformly up
small fraction. Consolidated Gas gained
~.
Enormous unloading of Union Pacific
shook the market and carried that stock
back to S21s and Southern Pacific to 40
The plane of the market Sagged to below
last nights level on moderate dealings, ex-
cept for congested activity in Union Pa
cific and Southern Pacific. At the decline
furious demand developed for other
stocks, especially the Erie, Pennsylvania
Baltimore and Ohio and the great railroad
stocks of the west. Pennsylvania rose to
120. Erie gained 2, and the other stocks
baltimore and Ohio, Reading. ST. Paul
Missouri Pacific, Brooklyn Transit and
sugar rose to 1h. Brooklyn Union Gas
jumped ~, and Chicago. ST. Paul. Mime
apolis and Omaha s. Northern Securities
on the curb sold as high as 1O01s and then
fell back. Union Pacific and Southern Pa
chic rallied with the general market but
reacted again, Union Pacific touching S2s.
pennsylvania also reacted a point
The market became quiet for time until
stimulated again by the buying of long
strings of 1000 to 6,O0O-share blocks of
Southern Pacific and Pennsylvania. South
ern Pacific touched 511h and PENNSYLVANIA
4
get higher than before. but L. s. Steel pre-
ferred rose 1as Rock Island 2ss the pre-
ferred ~. Consolidated Gas. 3A. and
Atchison, Wabash preferred and New York
Central a point. Pressure of realizing kept
Union Pacific below "a. The market re-
acted again before noon. Bonds were irreg-
ular.
The general list fell off to about the low
level of the first hour. and Union Pacific
sold down to 8%. Trading then became
quiet and feverish. with rallies and reac-
tons of half point. The market was on
the mend at l o'clock.
Southern Pacific rallied to near the best
and Union Pacific recovered more than a
point from the lowest, but the general mar
ket responded slightly. Heavy selling fol-
lowed the rally and both leaders lost all
they gained on the movement. Other stocks
followed fractionally the course of the lead
ers. Great Northern preferred lost it's
opening rise. Brooklyn Union Gas rose
101a. st. Paul rallied to the best of the day
at the end of the hour.
Twenty share of Northern Pacific stock
were sold at auction at the real estate sales
rooms today. The price paid was 14514 per
share. A number of Wall street houses
were represented among the bidders.
On the curb there had been bids and
offers, 100 having been bid, while the stock
was offered at 125.
At the auction the first bid was 100, and
the stock went up by half points to 125,
then by points to 140, then rose by half
points again till it was knockedd down at
145h.