New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-23
BONDS.
STOCK MARKET OPERATIONS.

II is the way OF Wall Street that it's important
news is often announced in figures instead OF
words, the figures of Stock Exchange transac-
lions. And so It yesterday that the Street
was quick to read. in the simultaneous advance
on the Stock Exchange Of Union Pacific and
Great Northern and on the curb market OK
Northern Securities. the announcement that de-
cided progress had been made IN the complicated
and delicate work OF restoring the security hold
ers OF the Northern Securities Company to their
former position as holders Of the stocks or the
Northern Pacific and the Great Northern. II IN
deed a definite agreement had not actually been
arrived at among the various groups or Imam
ciers interested. The usual vague talk OF
corner was heard as soon the market move
ment was perceived but no weight was attached
to that rumor. the whole market showed
much strength As the ''Pacifics'' continued
their upward course the rumors multiplied, the
most popular being that the Hill-Morgan party
were buying Union Pacific and Southern Pa
cihc, fearing the ascendancy Of the Hartman
interests IN Northern Pacific after the stock OF
the latter road should have been surrendered
by the Northern Securities The most credible
theory, however. and the one which found
widest acceptance around the close OF the mar
ket was that as a result OF the conferences
which have been in progress daily during the
last week a plan for dissolving the Northern
Securities Company had been evolved which
would insure peace between the Union Pacific
and Its two Pacific reaching competitors 10 the
northward. and would remove from the Union
Pacific the menace OF a hostile operation Of the
Burlington tho imminence OF which the
underlying cause OF the Northern Pacific cor
ne-" and the panic OF May Q. 1901.
It has been many a day since the stock mar
ket has seen such activity as yesterday and
long since It has seen such remarkable move
IN rms
share day" the total sales being well above that
great figure; but much moro interesting wac
the trading in the stocks related to the Northern
Securities Company. The dealings IN Union Pa
cifo were on an enormous scale aggregnting
fully 10000 shares The stock was bought IN
q succession OK big blocks. which indicated that
the demand came from powerful interests hav-
ing virtually unlimited resources. Under this
imperative buying with the alarmed shorts and
a miscellaneous multitude OF "hvestors.'' ''op-
orators" and spectators hastily falling into
step. the price Of Union Pacific which had at
the opening been 768s. advanced TO 50 and
closed at Sass. net gain for the day Of So
points. Southern Pacific also displayed un-
wonted activity gaining pa points on sales OF
over 10000 shares. while Union Pacific pre-
ferred. an inactive stock. advanced 49s points.
Northern Securities led the curb market, ad-
vancing nearly points 10 1895. but closing
about point under tho highest Eight Gays
previously. on the day on which the decision
OF the United States Supreme Court was given.
the stock sold at S4&. The stock Of Great
Northern, one OF the two constituent companies
OF the Northern Securities Company. gained
IA points yesterday closing at 1S3. > points
above the level at which It was exchanged for
Northern Securities stock at par. The bonds
OF the roads concerned in the merger were also
active and strong. especially the Union Pacific
convertible As. which gained IL points on very
heavy dealings. The general railway list was
active and advancing. such gains being record
ed as points IN Atchison. 22s in st. Paul, Ia
each IN Missouri Pacific and Pennsylvania and
! point in New-Yorll Central
Consolidated Gas led the Industrial division
with a net advance Of 81 points. due in part to
favorable action at Albany bin affecting
| the corporation. AIs-C Chalmers preferred. on
small transactions. declined 81 points.
There was little news to distract the market
! from its occupation OF discussing Northern Sc
curities rumors. The most significant news
/ item Of the day was the word from Chicago that
the railways in the West had practically settled
| their grain rate war which. II persisted in.
might have led TO a succession Of reprsals and
| to a serious diminution Of traffic returns The
| as topic OF interest, but neither his fato nor
! the cratic course Of the days cotton market
/ had any influence upon the price movement
| the Stock Exchange and the outside market.