The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-03-23
UNION PACIFIC
, WAS THE LEADER
Still a Mystery About Northern
Securities Company
SOURCE OF BUYING HIDDEN
activity Was Largely Confined to
stocks Related to the seeuri-
ties Company and Its
Interests.

New York, March pa price move
nent of first-class Importance with
mystery attached, stimulated the languid
speculative appetite of the stock market
Today. There was a time today when 1000
share blocks of the leading stocks SEEM
I'd to be accepted as unit of TRANSACT
lions amongst the inspired traders Union
Pacific was the leader of the movement
but the mystery centered about the Nor
khern Securities company and the prob
able success Of its dissolution. All 1e
securities related to that company and
Its interests. made free price movements
But as Union Pacific is only one OF
than in liberal supply in the market the
bulk of the activity was in that stock
and 1t was furiously active on dealings
In 1000 to 5000 share blocks. The source
Of the buying, as well as its motive, was
kept obscure. Bankers associated with
the finances of the company emphatically
1isclaimed any part in the buying or any
knowledge of it's cause, and were IN fact
sellers with some ostentation of the stock
at its higher price levels. Great Northern
preferred and on the curb Northern Sc
curities were in eager demand on
rapidly rising price scale. Other stocks
concerned in the Northern Securities mer-
ger have disappeared from the market
but the Oregon short line participating
is which are secured by the Union Pa
eific- Northern Securities stock as collat-
eral and Burlington joint As, which We're
exchanged for Burlington stock, were
active AL higher.
The fact that lawyers representing the
garious interests are in constant consul
tation to work out the method for dstri-
button of the Northern Securities hold
Ings under the decree of the court point
ed to that as the coming event Today's
price movements seemed to point clear
ly to an arrival at some conclusion on
this point, but the news did not disclose
what 1t was.
The principal question In the Public dis
cussion of this problem has been whether
Northern Pacific and Great Northern
stock should be redstributed to the hold
ers from whom the Northern Securities
received it, or to present holders of
Northern Securities in proportion to the
value at which that stock had exchanged
TOT the merged STOCK. Inc DuOydncy Oh
Union Pacific was presumptive evidence
Of the safeguarding of the advantage Sc
cured to that company by its controlling
interest in Northern Pacific before the
merger.
There were some alarmist rumors cir
culated at one time that the contest for
control in the transcontinental field was
being reopened by the dissolution of
Northern Securities. The market closed
without any announcement to clear away
the days mystery, although IL had be-
come pretty generally believed that it
would be made known before tomorrow S
market resumes The movement in the
general market was purely sympathetic
and ran from a fraction to 2 points, the
last named figure being slightly exceeded
in St. Paul and Southern Pacific. United
States Steel preferred closed the day UNI
changed.
Until the enormous buying of Union
Pacific developed the market was inclined
TO extend to yesterdays reaction without
additional news. The rise In foreign ex-
change was checked and the gold export
movement thereby apparently deferred.
The arrival of $2,50O,00O additional Japan
csc gold at San Francisco was also re-
ported. Union Pacific extreme rise reach
In Great Northern preferred ~ and
points to within a shade of par.
The closing was strong and active.
The bond market was strong. led by
bonds related to the Northern Securities
merger. Total sales, par value, s3,11O,00o.