The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-26
union PACIFIC ADVANCES
NORTHERN SECURITIES SETTLE
MENT STILL DOMINATES MARKET.
General List Was Stimulated by Rise
in Union Pacific-PrOft-Tni< king
Wiped Out Gains.

NEW YORK March 25-To-day's stock mar
ket showed itself sensitive to developments in
the Northern Securities settlement. Yesterdays
closing weakness was caused by the current
rumor that Union Pacific interests had withheld
their consent to the plan of distribution. 1t was
inferred from this that hostilities were again
threatened over the transcontnental railroad sit
uation
The revival in the market to-day followed the
issuance of statement. evidently By authority,
of the nature of the difference. The solicitude
of the trustees for the Oregon Short-line par
ticipating aud collateral per cent. bonds as to
their authority substitute Great Northern and
Northern Pacific stock for the Northern Securi-
ties stock. which constitutes the collateral
for these bonds. offered a very different condition
from the rumored insistence of the Union Pacific
party upon the return of the amount of Northern
Pacific stock in full put into the Northern
Securities merger
The issuance of this statement followed
by furious buying movement in Union Pacific
which carried it up $685. compared with So 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 proved impossible to
hold.
The animation awakened in Union Pacific by
the formulated statement of the uncertain points
al issue In the Northern Securities settlement
indicated that the operations in the stock were
DelilS conducted Dy persons not cOnVerSant with
the inside Facts and awakened suspicion of their
speculative origin.
The first influence of the sharp advance in
Union Pacific. however was to stimulate the
general market. The rise in ST Paul and South
ern Pacific Appropriated 2 points and the ma
Jority or the market leaders lifted a point
or more. Little attention was paid to anything
else but the Northern Securities news.
The large gain indicated by the weeks cur
rency movement was ignored, owing to the great
current case OF the money market The receipts
of Japanese gold included in the subtreasury
operations. which have yielded ST. TO- 900 TO the
banks for the week In addition there has been
received by the banks balance from the in
terror over So. 0OO, 600.
| 1t is probable that the interior government
repositories have swelled this with their remit
! tances to meet the call Of the secretary of the
treasury for 20 per cent. of government deposits
| which were transferred to designated banks to-
| day In readiness for the operations designed to
| prevent disturbance in the money market in con-
| nection with the Panama canal payment
An uneasy short interest in London made some
| demand for Americans in preparation for the
settlement which begins tomorrow The re-
| newed excitement in cotton on the census report
was not helpful to stocks nor was the storm
export were announced but II is the common
expectation that shipments will be made next
|
The movement TO take profits wiped out the
days gains leaving prices slightly below yes
terdays closing. The tendency of prices re-
| turn to fixed level is a sign of the prevalence
| OF professional speculative operations
par value, 81. 1000. United States twos regis
| tered, and the new twos advanced one-eghth
| of per cent. on call.
| Sales and the range: