The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-04-05
MANY OPERATORS
WERE NONPLUSSED
Acton of Union Pacific Inter-
ests Was a Surprise
CONFLICT is VERY HOSTILE
The Demand for Union Pacific Was
Conspicuous and Caused De-
.cided Advance In the
Price.
CONFLICT is VERY HOSTILE

New York, April 4.-Speculators who
have been trading for two weeks in the
confident belief that they knew the inside
facts of the Northern Securities settle
ment were non plussed today by the
terms of the petition of the Union Pa
cifc interests for an injunction against
the distribution of Northern Securities
assets on the plan proposed. 1t had been
expected that some judicial opinion would
be invited on the proposed plan, but the
question of legality IN the substitution
of collateral for the Northern Securities
stock now held against the Oregon short
line bond issue, was the only one which
had been admitted to be at issue In view
of the protestations from all interests
concerened that perfect unity existed.
A perusal of the petition makes SO
strong an impression of conflict OF nos
tile interests that sentiment In the stock
market was upset. SO far from an ap-
pearance of resignation to the communl-
ty of interest in control of Northernt ia
cific, the UnUion Pacific's contention IN
dicated a determination to conserve its
control of the Northern line secured in
1901, with such disastrous consequences 10
the stock market in general This condi-
ton was so at variance with the impress
sion industriously cultivated In the STOCK
market for the last two weeks that ap-
prehension of conflict between the Two
powerful rivals WHICH iiABhh -
the securities market was revived
The sllppositions used to explain the
recent large buying of Union Pacific were
decided to be groundless and the surmse
of the markets shift back to the hypo-
thesis of competitive buying for controi
Demand for Union Pacific was again con-
spicuous today and carried the price at
one time as high as 80. The stocks gain
on the day was 3h on total sales of 1S9,2lo
shares. 1t was only momentarily below
Saturday which followed the opening
bulgs and was carried higher by success
sive buying orders. The opening break
in the general list was partly repaired IN
sympathy with the first strength of Union
Pacific but the persistence 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 was mostly effect
ed by the opening break as 1t has been
most actively speculated in on the un-
warranted assumptions of the course OF
the Northern Securities settlement. 9th
er stable events seemed to be due to
special causes. Peoples Gas suffered
from the supreme court decision averse
to it's contentious against the Chicago
gas ordinance.
United States Steel preferred reflected
the anxiety over the showing of earnings
to be made by the quartely statement due
tomorrow. Amalgamated copper and
sugar weakened sharply withuot liquida-
ton. The squirt in Chicago Great Wes-
tern was called a traders movement. A
small engagement of gold for export was
announced and the holiday in London
was supposed to curtail the activity of
the exchange market in which the gold
movement depended. The weekly reports
of railroad traffic officials were some
what restrained in the expressions of
satisfaction with the trade outlook.
The bond market was active and some
what irregular. Sales, par value, 3d.
191 600
United States rs advanced Is per cent
on call.