New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-24
sBx dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

I
Trading on the Stock Exchange started off
yesterday with a rush, which. If sustained.
would have meant 100000 share day. AS It
| WAS the total sales were extremely heavy.
1888 S4S shares. The issues related to the
Northern Securities Company furnished nearly
one-third Of the days total business. although
their striking advance of the preceding day
was not maintained. A great volume Of bust
ness done also IN Pennsylvania, and there
were heavy transactions in Erie. The indus
trials were neglected. making small price
changes on small transactions. notable excep-
tons. however. being Consolidated Gas and
Brooklyn Union Gas. which gained respectively
III and 10ls points.
The tremendous buying OF Union Pacific on
Tuesday with its accompaniment OF advance
IN price Of more than points. was probably
the result Of more than one impelling force.
The Morgan-Hill interests, Il is understood.
when the final form OF the plan for distribut-
ing the Northern Pacific and Great Northern
stocks held by the Northern Securities had been
decided on. put in large buying orders in Union
Pacific with the not necessarily hostile object
OF obtaining stock as a basis for representation
IN the Union Pacific board. as the Union Pa
cihc interests would the Northern Securities
distribution be IN position to ask for recog-
milton in the Great Northern and Northern Pa
ciac boards,
The execution Of these buying orders may
have been timed by a market strategist &C
quainted with the rather open secret that there
existed a very large short interest In Union
Pacific and one Of considerable size in Southern
Pacific At any rate. 2s the big buying for
holding purposes proceeded. stimulating tho
price a concurrent buying demand from the
shorts arose. accelerating the price movement
The comparative liveliness Of the stock market
in the last ten days. too. has again directed the
attention OF the outside public" 90 that con-
tinuous performance theatre OF financial war
fare and II is reasonable TO assume that a fair
part Of the advance OF Tuesday may be
ascribed to buying by the outside bulls, to whom
Il IS really instinct 70 Join in such stampede
as the Union Pacilc's upward rush.
Union Pacific yesterday opened wide" at
from X point to 1 point higher than Tues
DAYS close; but. although it was again one OF
the most active stocks on the list its opening
figure was the highest, and Il closed with u
net loss Of ga points for the day. probably due
10 the heavy profit taking. which was most
general in the late afternoon. Southern Pacific
on the contrary advanced points above its
opening level although in the afternoon IL fell
under the influence &C the general profit taking
ending the day only y point higher than on
Tuesday.
Northern Securities and the shares OF it's
two constituent companies doSolOeu thV iHtVA-
est Of the curb market. OF Northern Securi-
ties the very large amount Of $1,000 shares
changed owners at prices ranging all the way
from 9s to 10OH- The close was = per cent
above Tuesdays at 30 bid. 0919 asked
About noon the curb market began TO deal in
Northern Pacific and Great Northern. North
ern Pacific. which was exchanged at 10 for
Northern Securities stock. was last sold on the
Stock Exchange at 1924 in September, 1901
On the curb yesterday It opened at 40 and
closed at 131. while at the weekly auction sale
% securities twenty shares were sold at l4ola
The curb sales Of Northern Pacific were both
regular way and when released; and there
were also several sales OF Great Northern.
when released" at prices considerably lower
than the Stock Exchange quotations for this
stock regular way"