The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-24
UNION PACIFIC LEADS
PROFIT TAKING IN THIS STOCK DE-
PRESSED WHOLE MARKET.
Wall Street of Opinion that Great
Northern, Northern Pacific and
Burlins ton Forming Combination.

NEW YORK. March e3.--Transactions in
stocks to-day considerably over the round
million-share mark. established yesterday. and
they were not so Overwhelmingly preponderant
in Union Pacific as yesterday.
That stock still central figure in the
market. and its spectacular rise OF yesterday
the influence which caused the violent and
feverish speculation in other stocks to-day.
The pront-taking in Union Pacific. however.
was steady and persistent. and this had ulti,
mate effect the whole market. which showed
signs Of languor towards the end Of the day
The official circular, announcing the terms for
redistribution of the Northern Securities hold
ings of Great Northern and Northern PACING
stocks gave no direct ground for yesterday
excited jump in Union Pacific: The supposition
mental field had broken out again belied by
the firmness in the rest of the market.
The theory was much more plausible that the
fuential holding on the part of the controlling
powers in the Great Northern and Northern
Pacific in compensation for Union Pacihc's IN
fuence in Great Northern. Northern Pacific and
Burlington.
INTERCHANGE OF HOLDINGS.
This buying not regarded hostile or as
defensive against hostility, and the conviction
thereby formed that an interchange of
holdings in course of accomplishment.
looking to mutual representation on the various
boards of directors. which would work out as
effective a community Of interest in the trans
pany had aimed at.
1t this that fired the speculative excite
ment in the market with its inference of similar
measures probably to be taken in other railroad
groups. Southern Pacific was the principal prop
against the profit-taking in Union Pacific.
The new features We're Pennsylvania and the
Fries. number of the principal railroad stocks
and specialties a point more. The
movement of the market 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 frac-
tional gains were left at the last, where there
had been the principal strength, while the
ing.
UNION PACIFIC AND GREAT NORTHERN
DECLINE.
Union Pacific and Great Northern preferred
lost about points. The activity OF Northern
Securities the curb continued to-day, and
Northern Pacific when released was added
to the curb quotations. selling between 133 and
126. These movements obviously based
the adjustment of market prices TO the rate re-
attempt to accumulate the stocks.
The imminence of gold exports to France and
some rumblings from the cotton market helped
on the late reaction in the stock market The
Likelihood that the Panama payment will be de-
ferred until June not received with great
satisfaction, owing to the belief that arrange
ments were completed for making IL earlier.
Bonds related the Northern Securities
merger were inclined TO react, making the bond
market irregular Total sales, par value, s. 49, :
| 0o0 United States bonds unchanged on
call.
| Sales and the range: