The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-24
STOCKS ARE ACTIVE
TRADING STILL HINGES ON NORTH
ERN SECURITIES DISSOLUTION.
Union Pacific Continues Central Figure,
but Steady and Persistent Profit akine
occurs-Market Closes Easy at the
Lowest. ~

NEW YORK, March 23.-Transactions
in stocks today rose considerably over the
round million share mark and they were
not SO overwhelmingly -preponderant m
Union Pacific as yesterday. That STOCK
was still a central figure On the market
and its spectacular rise of yesterday was
and feverish speculation in other stocks
today. The profit taking in Union Pa,
cific, however, was steady and persistent
and this had an ultimate effect on the
whole market which showed signs OF
languor towards the end of the day, The
official circular announcing the terms for
redistribution of the Northern Securities
holdings of Great Northern and Northern
Pacific stocks gave no direct ground for
ehilsei N'' eei'e0 jump -
The superstition that any contest for
control in the tranScontinental field had
broken out again was belied by the f1lm-
ness Of the rest Of the market. The
theory was much more plausible that the
buying on the part of the controlling
powers in the Great Northern and North
ern Pacific was in compensation Tor In
ion Pacific's influence in Great Northern,
Northern Pacific and Burlington; This
buying was not regarded as hostile or as
defensive against any hostility and the
conviction was thereby formed that an
Interchange of holdings was in course OF
accomplishment looking to mutual rep
resentation on the various boards of di-
rectors, which would work out as effective
a community of interest in the transcon-
tinental field as the Northern Securities
company had aimed at. 1t was this that
fired the speculative excitement in the
market with its inference of similar meas
ures probably to be taken in other rail-
road groups. Southern Pacific was the
principal prop. against the profit taking
in Union Pacific and the new features
were Pennsylvania and the Fries.
Feverish Fluctuations.
A number of the principal railway
stocks and specialties rose point or
more, but the movement of the market
was not comprehensive at any time and
lions in the advancing stocks. The per-
sistence of the profit taking in Union
Pacific undermined the market and only
fractional gains were left at the last
where there had been the principal
strength. while the average level of prices
was below last nights closing. Union
Pacific and Great Northern preferred lost
about points.
The activity of Northern Securities on
the curb continued today and Northern
Pacific, when released was added to
the curb tranSa ctionS, selling between 1873
and las. These movements were obvious
ly adjusted to the market rate of the eX-
change for this stock in the Northern Sc
curities distribution and there was no
evidence of a purpose to accumulate the
stocks. The imminence of gold exports
to France and also rumbiings from the
bond market helped the late reaction in
the stock market. The likelihood that the
Panama payment will be deferred to
June was not regarded with general sat
isfaction, it having been understood
that arrangements were completed for
making it earlier. The market closed
easy at the lowest.
Bonds related to the Northern Securt-
ties merger We're inclined to react, MAX
ing the bond market irregular. Total
sales par value, 3,46o 900. United States
bonds were unchanged on call.
have decided to close on Good Friday.
but have refused to agree to the request
for a double holiday, and the exchange
will be open on Saturday, April 2.
CLOSING List.