The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-26
UNION PACIFIC IS UP
BUYING MOVEMENT IN THIS STOCK
is FURIOUS
Wall Street is Obvious to Everything
Except the Situation Created by the
Northern Securities SetNement-Jap
anese Gold Receipts.

NEW YORK, March 25.-Today's stock
market showed itself still sensitive to
the developments in the Northern Sc
curities settlement. Yesterdays closing
weakness was caused by the current ru-
NOR that Union Pacific interests had
withheld their assent to the plan OF dis
tribution. 1t was inferred from this that
hostilities were again threatened over
the transcontinental railroad situation.
The revival in the market today follow
ed the issuance of a statement, evidently
by authority, of the nature of the differ
ence.
The solicitude of the trustees for the
Oregon Short Line participating and col
lateral per cent bonds as to their au--
thority to substitute Great Northern and
Northern Pacific stock for the Northern
Securities stock which now constitutes
the collateral for those bonds, offered a
very different condition from the rumor-
ed insistence of the Union Pacific party
upon the return of the amount of North
ern Pacific stock in full as put
into the Northern Securities mer--
ger The issuance n Of this hvS cement
ment in Union Pacific, which carried 1t up
to 1875. compared with IS at the. high
point of the week. Twice afterwards the
price was carried to that level again. but
the fluctuations of the market after this
squirt were undecided and advances prov
ed impossible to hold. The animation
awakened in Union Pacific by the formu-
lated statement of the UNCERTAIN points
at issue in the Northern Securities set
Element indicated that the operations in
the stock were being conducted by per-
sons not conversant with the inside facts
and awakened suspicion Of their specula-
tive origin.
General Market Stimulated.
The first influence of the sharp advance
in Union Pacific, however, was to stimu-
late the general market. The rise In ST.
Paul and Southern Pacific appropriated
two points and the majority of the mar
ket leaders were lifted point or more.
Little attention was paid to anything but
the Northern Securities news: The large
gain indicated by the weeks currency ne
great current ease of the money market.
The receipts Of Japanese gold are in
cluded in the subtreasury operations,
for the week. In addition there has been
received by the banks on balance from
the interior over $2,000,000.
1t is probable that the interior gov
eminent repositories have Swelled this
result with their remittances to meet the
call of the secretary of the treasury for
20 per cent of government deposits,
which were transferred to designated
banks today in readiness for the opera
tions designed to prevent disturbance In
the money market in connection with the
Panama canal payment. An uneasy
short interest in London made some de-
nnand for Americans in preparation for
the settlement which begins tomorrow.
The renewed excitement in cotton on the
census report on the crop was not helpIul
to stocks, nor was the storm news from
the West. No gold engagements for eX-
port were announced, but 1T is the com
mon expectation that shipments VIII pc
made next week.. The movement to take
profits wiped out the days gains, leav-
ing prices slightly below yesterdays clos
ing This tendency of prices to return
to fixed level is a sign OF professional
speculative operations.
The bond market was irregular. Total
sales, par value, 81 AGO, 900. United States
Is registered and the new As advanced
Is on call.
Securities on the Curb.
Trading in the merger stocks on the
curb was light and irregular at the open
ing Northern Securities broke LIS points
to 96R. but soon recovered half OF It's
loss. Great Northern preferred sold at
1863, and Northern Pacific opened at
124h on sales of few hundred shares
The market hardened, soon after the
merger stocks on the curb We're: North
ern Securities, $685.; Northern, Pacific elf
1851: Great Northern preferred 17oA.
The merger stocks closed heavy, with
the exception of Northern Securities, at
the lowest prices of the day.
North. Securities. SO 9SA 96% s7a
Nor .i Pacific -. 124 127 1914 124
Sales, 3,100 shares: 40 100
ct. Northern pfd. 169h 172 1859 1859
Sales, 2,1O0 shares. :,
Thirty Northern Securities stubs"
each one representing share OF IN me ,i Sc
ton after distribution, were sold TO-DAY at
from 5000 to $3.50 each.
Closing List.