The Montgomery advertiser., 1904-03-27
WALL STREET. REVIEW
STOCK MARKET IS A SMALL
 AFFAIR.
Trading Again is Centered in Union Pacifc-Northern Securities Dis tribution Has Caused
 Much Speculation.

NEW YORK. March 26-Today's stock mar ket was small affair and trading centervd again in Union Pacific. That stock huctuated over range of slightly more than a point over last nights level with constant reactions and ended the day at an advance of A. The plan of the distribution of the Northern Securities holding ot Northern Pacific and Great North ern was tho occasion of an excited specula- ton on two days of the week, This dissolu- were entertained and whose formation had stimulated such a buoyant rise in values caused some perplexity which has not been relieved by anything thus far coming to the public knowledge Neither was there anything In the terms of the distribution plan itself which accounted for the excited rise in the prices Of the stocks related to the Northern Securities merger. Transactions on Tuesday in over 100000 shares of Union Pacific alone a. an advance of over eight points was incl dent which finds few parallels in the history ot tho stock market The favorite hypothesis by the Wall Street public was that Northern Pacific and Great Northern interests were se- curing a sufficient holding of Union Pacific to secure voice in Its management propor- donate to Northern Pacifcs Influence, and were doing this with the knowledge of the controlling interests In Union Pacific with view 10 interchange of directors in the various companies and the establishment thus of community of interests which would effect the samo results in another way as the Northern Securities holding There were official denials Of any such plan or of any buying of Union Pacihc by Northern Pacific and Great North ern interests. Tho rumor gained currency and obt9lned some credence that tho Union Pacific PdFty was Tn tact dissatisfied with the plan or distribution of No thern Securities hold'ng and waa desrous of obtaining back the hold ings of Northern Pacific. put into the merger. rather than proportional parts of the Northern Pacific and the Great Northern. Tho nervousness of tho market Is accounted for by these doubts and uncertainties. The Union Pacihc movement came under suspicion of a speculative and manipulative origin The pre- eedent was recalled of the enormous absorp- tion of Southern Railway which followed the first intimations of the locgment of Louisville and Nashville in community of Interest m the South. Dealings in Southern Railway for one day amounts to S64. 900 shares and were not Followed by any change of representation in the control of that railway The excited dealings in Northern Securities on the curD and in Northern Pacific and Great Northern
 when released" were shown to be largely due to dealings of an arbitrage character, de- signed to adjust these stocks to the ratio of their exchange values under the Northern Se- curities distribution.
 The laggard movement in United States Steel, in view of the encouraging reports in revived activity in the iron and steel trade was es- pecially notable. although tho reports from that trade established cheering influence on the general influence. So did the rains in the Southwestern belt. Thia influence was some what modified by the advance fin prices of wheat. The avoidance of a soft coal strike a1d favorable conditions in the anthracite trado wero beneficial influences Prospects for railroad earnings were reported better Money rates havo fallen and interest on time loans is at point which encourages the holding Of dividend paying railroad stocks at present prices.
 Railroad bonds related to the Northern secrr- itiea merger shared In tho temporary activity of the stocks The bond market generally was irregular United States 2s. the old ls and the Is, registered. have advanced E, and the new wec.:.
 Ne93 York Stock TJSt