The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-03-27
DEALINGS IN STOCKS
AGAIN BECOME SMALL.
UNION PACIFIC CONTINUES
TO LEAD MARKET.
Outbreak of Fire in Vicinity of
Exchange Causes Alarm
and Excitement.

market was a small affair II tradin.
centered again in Union Pacific. Tha
stock fluctuated over a range OF slight.
moro thar a point above last night
level, with constant reactions and endeC
the day at an advance of s. The sIIg
gestion that the manner Of distributing
| the Northern Securities assets mould X
submitted to judicial decision was an I'm
settling influence upon the market. If
spite OF the various assurances and in.
iimation from authorized sources tina
there was no danger OF hostilities be
tween the great forces concerned in the
settlement. Some excitement was caused
all through the Stock Exchange neigh,
bOrhoOd by the outbreak Of a dangerous
fire near at hand on Broadway, and the
clouds Of binding and su~ffocsting smoke
pervaded the exchange floor and the Of
fees and Railways OF the great Office
buildings surrounding It.
Attention was thus diverted from the
market and the trading was dull and Ian
guild. 4 reaction before the bank state
ment carried prices back TO the neighbor-
hood of last nights level. and there was
an Indifferent rally after its publication.
The closing was duh and heavy. The bank
statement showed something more than
the expected increase in cash holdings
The liberal loan expansion carried that
Item fairly above the billiOn-doliar mark
Clearinghouse. The Increase in borrowing
was attributed largely to the increase In
$ pe%culation on the Stock Exchange. Total
sales OF bonds. par value. $4,000.
ENCITED SPECULATION.
The plan for the distribution of the
Northern Securities holdings of Northern
Pacific and Great Northern was the occa-
sion for an excited speculation on two
days of the week. The animation and
strength of the market on those two days
were almost as great as on the days when
the plan of the Northern Securities forma-
ton nrst began TO emerge into public
knowledge.
This effect from the dissolution of d
corporation from which such hopes were
entertained and whose formation had slim
ulated such a puoyant rise in values oc-
casioned some p~erpleNity, which has not
been relieved by anything thus far come
to the public knowledge.
The ordinary explanation OF a rebound
In prices. after the occurrence of an IN
favorable event long anticipated, would
be the covering OF overextended shorts
who had sold in expectation of
But this explanation Is considered made
quate TO account for the proportions of
this weeks demand, especially as an enor-
nous short interest was covered last week
after the decision of the Supreme Court
In the Northern Securities case vas hand
ed down. 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 North
ern Securities merger.
DEMAND FOR PACIFTCS.
Transactions IN Tuesday in over 400
900 shares Of Union Pacific alone at an
advance of over s points was an incident
which finds few parallels in the history
OF the Stock Exchange. One such paral-
lei was the excited competitive buying of
Northern Pacific in 1901: which ,precIpi-
tated the corner in that stock. The
memory of this precedent caused some
uneasiness lest this might be a contest
for control Of the Union Pacific. This
up the formidable possibility of
control of the Northwestern railroad
situation. which the Northern Securities
formation was designed TO settle The
hypothesis by the Wall street
public was that Northern Pacific and
Great Northern interests were securing a
holding of Union Pacific to Sc
Tomato to Union Pacific influence in these
two companies, and were doing this with
the assent of the controlling interests In
Union Pacific with a view to in~terchang-
ing Of directorsh In the various COM
panies and the establishment thus of q
community Of interest which would effect
the same result in another way h the
notwithstanding company.
aiNES AMI DENiAlS.
The large supply OF Union Pacific stock
out from sources associated with
the company during the activity of the
week was accepted by the bull party as
.corroboration of this view. On the other
hand. were official deniaIs of any such
plan or OF any buying OF Union Pacific and
Great Northern interests. The |
gained currency and obtained some Gre
1ence that the Union Pacific party was. in !
act: dissatisfied with the plan of dis
and was desirous OF obtaining back the
holdings OF Northen Pacific put. into the
merger. rather than proportional parts OF
rne nervousness Of the market IL account
cd FOR by these doubts and uncertainties. |
The Union Pacific movement came under
suspicion OF a speculative and manipu- |
alive origin. The precedent was recalled
IF the enormous absorption OF Southern |
Railway. which followed the first intima
ions OF the Judgment of Louisville and
Nashville in a community of interest in
he South.
Dealings In Southern Railway for one
lay mounted to S4, 900 shares and were not |
n the control of that railway. The ex-
dealings In Northern Securities stock
On the curb and in. Northern Pacific and
}reat Northern. when released" were
'hown to be largely due to the dealings of /
IN arbitratage character, designed to adj
these stocks to the ratio of their ex- |
,hange values under the Northern Securi-
les distribution. They reacted, in COM
ANY with the same facility as they ad-
,anced. The temporary activity in the
market was largely congested in stocks
were supposed to be available for
he community OF interest under the new
plan.
MASS UNAFFECTED.
The mass OF stocks showed little effect
Ind their comparative intertness checked
he movement. The laggard movement in
States Steel. IN view Of the en-
.,ouraging reports OF revived activity in
he iron and steel trade, was especially
notable, although the reports from that
had a cheering influence upon the
General sentiment.
So did the rains in the Southwestern
modified by the advance in price
Il wheat. The avoidance OF a soft-coal
and favorable conditions in the
anthracite trade were beneficial infu-
noes. Prospects for railroad earnings
we're reported better. Foreign exchange
he continued IT flow OF japanese gold Is
n onset. Money rates have fallen and
interest on time loans is at a point which
ncourages the holding of d~ividend-pay-
nz railroad stocks at present prices.
Railroad bonds related to the Northern
merger share in the temper
activity of the stocks. The bond
y. old Is and new As registered
4. and new Is coupon !. per
ent on call during the week.
Mining tocka in New York.
New York, March os.-CTosing quotations to-