The daily morning journal and courier., 1904-03-30

of less violence, than that on Molludy
 of last week preceding the announce ment of the plan of distribution of the
 Northern Securities assets. But this is
 plated movement failed signally to car ry the general market with It. This
 siuggishness of the general market
 seemed adequately accounted for from
 the early dealings by the conflicting
 movement in United States Steel pre-
 ferred, which sold down more than a
 point below yesterdays closing. The general list seemed to be held in sus-
 pension by these conflicting movements,
 but the discrepancy became marked
 later in the day when the pressure
 against United States Steel preferred
 was relieved, without recovery, how
 ever, while the rise in Union Pacific be-
 came more buoyant. The renewed
 strength in the merger securities on the
 curb was the only response that might be in sympathy with the rise in Union Pacific. The general list remained in
 ert until the rally just at the close. The source or the motive for the buying of
 Union Pacific was as much a mystery as ever, but there can be no doubt that the
 suspicion has gained hold on the spec
 ulative community that all is not peace
 full in the process of undoing the North ern Securities merger. The fear gains ground that the real point at issue is an advantage of position in the transconti- mental field which threatens to reopen the whole dispute which was fought to
 so violent a termination in 1901. This fear is fostered by the traversing of the history of the formation of the North ern Securities company and by the re- publication of the contention made by
 E. H. Hartman in public hearing that the transfer of his holdings of Northern Pacific was by private sale to J. P. Morgan & Co., and not by deposit of the stock with the Northern Securi- ties company for exchange into their stock. The impression thus set afioat in Wall street is that the Union Pacific interests are standing out for the re- turn of their original holdings of Nor- thern Pacific and the control of that system, while it is also felt that there is no more disposition to yield this peaceably than at any other previous time. Reports of enormous loans made on Union Pacific collateral kept alive the curiosity as to the absorption of that stock, but threw no light on the question. It was not until the closing dealings that the market showed any sign of response to the Union Pacific.
 A rise of over two points in St. Paul
 and 1 3S in Southern Pacific then
 pulled the general list up to last nights level or slightly above. The heaviness of United States Steel preferred was due to the fears of a poor statement of earnings for the quarter to be made at the meeting of directors next week which is also to act on the preferred dividend, The February statement of
 Erie's net earnings and of Canadian Pacific for the same period were not
 encouraging. The session of the Stock Exchange passed without any announce ment of gold exports by to-morow's steamer, although foreign exchange made a further advance There was
 some revival of crop scare on account
 of dry weather in the. southwest. The market closed quite active and firm at the rally.
 Bonds were irregular. Total sales, par value s1,9so,OO0.
 United States two's and the new four coupon advanced IS and the three cou- 1 pon and the old four 1-4 per cent, on call
 Ci0stng Prices.
 Following are the closing prices reported by Prince X Whitely, Bankers and Brokers. | 52 Broadway. New York, and 15 Center street, New Haven, Conn.,: