The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-29

NEW YORK, March 28.-The specula-
tive excitement which kept last weeks
market stirred UP over the Northern Sc
curfties dissolution had pretty thorough
ly subsidized in today'S market, and the
tone relapsed into the dullness and las
situde of the period preceding the North
ern Securities decision. Much less sig
nifcance was attached to the mystery
still surrounding the affairs of the mer
ger, the one fact having remained in evil
dence being the undeniable absorption on
large scale of Union Pacific without
news to explain it. Sentiment seemed not
to be timid over the possible outbreak of
hostilities between the old contending
forces in the merger, the protestations of
all parties of desire for peace having. it's
influence in quieting this apprehension.
But there is still lack of finality in the
distribution of Northern Pacific and
Great Northern which lea res room for
uncertainty and nervousness.
If there are in fact legal obstacles to
Union Pacific'S subs titution of those Sc
curities as collateral in place of it's
Northern Securities stock, the danger of
whatever may be the desires of the par
ties for peaceful settlement. A sugges-
ton was heard today of a possible es-
cape from such dilemma by the ex-
change by private agreement of Union
Pacific's Great Northern stock for North
ern Pacific stock of the other recipients,
which would establish the status quo Of
the holdings for the great railroads con-
c6Tu0Q. UNION racine HldQe d rise VI d.
point in the morning, but did not hold it.
The weakness of the merger stocks in
sthe curb market had a bad effect upon it
and upon the whole market. The London
American stocks from that quarter on
the part of uncovered shorts. 1t was
reported that one small dealer in Ameri-
cans in London short OF the market was
was made up of a few special movements
in individual stocks, which proved to be
without general influence in the market
AmaIgamated Is Higher.
The rise in Amalgamated Copper was
due to the encouraging reports of the
demand for the metal and the large ex-
ports making. Wabash preferred enjoy
ed an upward movement of point in
spite of the large decrease in net earn
ings of the system shown by the Feb
ruary statement. Louisville & Nashvile's
gain was connected with the circulation
of bankers computation of the relative
advantages of the stock compared with
others selling at higher level. Other
sympathy. United States Steel preferred
still hung back. Cheerful reports of cur
rent conditions in iron and steel are
counteracted by the fears of poor show
are expected to make their appearance
next week. Money continued very easy,
but the frmness of foreign exchange kept
expectation alive of gold engagements for
railroads stimulated some more general
strength in the market than at any pre-
vious time, and the closing was steady,
with the prices of the prominent leaders
up a point or more.
Prices of bonds were well held. Total
sales, par value, 81 ,550 900. United States
new As coupon advanced 1s per cent on
call.
Northern Securities Stocks.
On the curb the merger stocks were
quiet, but steady. Northern Securities
changed hands in small lots at the open
ing at 96@c to 96%c The Northern Pa
cific was 122 bid, offered at 126, later
selling at 1874. Great Northern preferred
opened at 1914 and sold at high as
1884 Northern Securities stubs $50
bid offered at 300 The stocks became
weak toward noon in sympathy with the
general market. In the early afternoon
Northern Securities was quoted at 9512 @
90, Great Northern preferred at 165@167
Northern Pacific 124@125 and Northern
Securities stubs at 225@250. No bust
ness was reported for STUBS"
The stocks advanced at the close, with
prices about the best of the day. Northern
Securities opening s67sc; high, 97A; low,
Securities stubs opening, go; high, 2s2;
low, 2S71s; last, $50; sales, 225; Northern
Pacific opening, 1245s; high, 125B; low,
1875; last, 125; sales, 1,200. Great North
ern preferred opening, 168; high, 1881;
low. 165; last, 1887; sales, no.
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