The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-03-23
New York Stock

Wall Street. New York, March "a
STOCKS-Opening dealings of stocks to-
DAY We're on very heavy scale and at
Paeific and Erie The first sales of Union
Pacific were of 1850 shares at So and
quently ran off to 81. Ten thousand shares
of Southern Pacific sold at 49A and 1855,
compared with 4Ss4 last night A long
string of transactions in this stock in so
and LEGO share blocks forced the price up
to a maximum of So In Erie there were
and 2715, compared with 25% last night.
Great Northern preferred jumped points
and there were gains Of a point in Balti,
Southern Railway preferred Otherwise
the market was carried quite uniformly
up to small fraction. Consolidated Gas
gained 112 points.
Enormous unloading of Union Pacific
shook the market and carried that stock
back to S27s and Southern Pacific to 49,
The plane of the market sagged to below
last nights level on moderate dealings,
ion Pacific and Southern Pacific. At the
decline a furious demand developed for
Pennsylvania and B. and o. and the great
railroad stocks of the west. Pennsylvania
rose to 120. Erie gained points and the
other Erie stocks, B. and O., Reading, St
Paul, Missouri Pacific, Brooklyn Transit
and Sugar rose 1 to IL points. Brooklyn
Union Gas jumped ~ points and Chicago,
ST. Paul, Minneapolis and Omaha points.
Northern Securities on the curb sold as
high 100lk and then fell back. Union
the general market, but reacted again,
Union Pacific touching S2A. Pennsylvania
also reacted a point.
The market became quiet for time I'M
til stimulated again by the buying of long
strings of LOCO to 5000 share blocks of
Southern Pacific touched 511s and Penn
sylvania recovered to 120. Prices generally
did not get higher than before, but Uni
ted States Steel preferred rose 1ss points.
Rock Island 23s points, the preferred IN
points Consolidated Gas 81 points and
A +y1I,fe hos TAfa
York Central point. Pressure Of realiz-
ing kept Union Pacific below 81 The mar
ket reacted again before noon
Bonds were irregular.
The general list fell off to about the
low level. of the first hour and Union Pa
cijc sold down to S2ss. Trading then be,
came quiet and feverish with rallies ana
reactions of u point. The market was on
the mend at 1 o'clock.
Southern Pacific rallied to near the best
and Union Pacific recovered more than a
point from the lowest, but the general
followed the rally and both leaders lost
all they gained on the movement Other
the leaders. Great Northern preferred
lost its opening rise Brooklyn Union
Gas rose 1015 points. St PauI raineo 70
the best of the day at the END OF the
hour.
New York. March 23.-An excited and
feverish stock market resulted today
from the announcement OF the terms OF
distribution of the Northern t SecuTities les
Northern Pacific stock
Trading in Union Pacific and southern
Pacific was an enormous Scale, anu
almost monopolized the market for
time but when these stocks began TO run
off under heavy realizing the demand
shifted to some of the eastern trunk lines
aid the western groups. Some fears We're
entertained that the excited buying OF
Union Pacific represented contest LOT
control, as that company Is insured idfge
and influential holdings both of Northern
Pacific and of Great Northern under the
terms of the distribution WitnouI any
conDensatory holdings in Union racine
on the part of these companies Inere
was much mystery attached to the Wnoie
movement and the suspicion that II mlgnt
the tone feverish and uncertain IN the
curb market there was eager qeinanu io5
Mort hern Securities stock. Whlcn carried
it IN to 1O015 before reactlon set IN
Tsrad ding in the stock was carried on ST.
mIIItl n eously in three or four groups
n n, NJ snl the curb brokers'. The opening
nrices for Union Pacific Were not neiss;
IN the first reaction it touched S25s and
after a feverish rally ran Oh again more
twenty shares of Northern Pacific stock
were sold at auction at the real estaIc
roaTns TODAY. The price paid was 14SIa
per share A number of Wall street
houses were represented among the DIG
On the curb there had been bids. and Of
fers. 100 having been bid, While the STOCK
Al the auction the first bid was 10 ana
the stock went5up by u points to 70 tnsn
bv points to no. then rose by Y PR 9llitS
! again till it was knocked down at 1922.
Various stocks were taken IN nano uut ,
| ing the day and rushed 70 nlgnss l ies 81,
| but profit taking in Union Paclnc was