The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-05

NEW YORK, April 4.-SpeculatorS
who have been trading for two weeks
In the confident belief that they knew
the inside facts of the Northern Sc
curtties settlement were nonplussed by
the petition Of the Union Pacific in
terests for an injunction against the
distribution of Northern Securities as
sets on the plan proposed. 1t had
been expected that some judicial opin-
ion would be invited on the proposed
plan, but the question of legality in
the substitution of collateral for the
Northern Securities stock now held
against the Oregon Short Line bond is
sue was the only one which had been
admitted to be at issue in view of
the protestations from all interests
concerned that perfect unity and har-
mony existed. But a perusal of the Pc
tlt1ons makes so strong an impression
OF a conflict of hostile interests that
sentiment in the stock market was up
set.
So far from an appearance Of resig-
HdLOn TO the community of interest in
control of Northern Pacific, the Union
Pac1fic's contention indicated a deter
mlnat1on to conserve it's control of the
Northern line secured In 1901 at such
disastrous consequences to the stock
market In general. This condition was
SO at variance with the impression in
dustriaIIy cultivated in the stock mar
ket for the last two weeks that APP
prehenSlon Of a conflict between the
two powerful rivals which might ex-
tend to the securities market was re-
VlVed. The suppositions used to ex-
pain the recent large buying Of Union
Pacific were decided to be groundIess
and the surmise of the market shifted
back to the hypothesis of the competi-
tive buying for control.
Gain in Union Pacific.
Demand for Union Pacific was again
conspicuous today and carried the price
at one time as high as 80. The stocks
gain on the day was 31s on total sales
or I8S,910 shares. 1t was only momen-
tariIy below Saturday on the reaction
winch followed the opening bulge and
orders. The opening break in the gen
eraI list was partly repaired in SYM
pathy with the first strength Of Union
racine, but the persistence and the
volume or the demand for that stock
awakened the fears of the traders and
the general list was sluggish and heavy
for the rest of the day.
81. PauI was most acutely affected
by the opening break, as 1t has been
most actively specialized in on the un-
warranted assumption Of the course of
the Northern Securities settlement.
Otnef notable movements seemed to be
due to special causes. Peoples Gas
suffered from the supreme court de-
e1sion adverse to it's contention against
the IS cents Chicago gas ordinance.
United States Steel preferred reflected
the anxiety over the showing Of earn
lngs to be made by the quarterly state
ment due tomorrow. Amalgamated
copper and Sugar weakened sharply
without explanation. The squirt in Chi
cagO Great Western was called a. trad
ers' movement. A small engagement of
gold for export was announced and the
holiday in London was supposed to
curtafl the activity of the exchange
market on which the gold movement
depends. Weekly reports of railroad
traffic officials was somewhat re-
strained.
The bond market was quite active
and somewhat irregular. Total sales,
par value, $3,191 600. United States Is
advanced Is per cent on call.
On the Curb.
On the curb Northern Securities was
the only merger stock in which any
actual trading was done in the morn
ing. It opened at SO, a decline of 2
points from Saturdays highest price,
sold off to 97A, then back to SO. In the
other stocks bid and offered prices
were wide apart. Northern Securities
stubs were 225 bid, offered at ESQ;
Northern Pacific was 1872 bid, offered
at lao, and Great Northern was 1853 bid.
offered at 172 Northern Securities
sales amounted to 1900 shares. Aside
from the sale of an odd lot Of Great
Northern there was no business in that
stock, nor in Northern Pacific or
Northern Securities stubs" A few lots
of Northern Securities sold as high as
991b