The daily morning journal and courier., 1904-03-29
gtnamrtaL
YAsTEKDAY,s STOCK MARKET.
Tone Reiapses Into One of Duiinsss and
 Lassitude.


 Tone Reiapses Into One of DuiInsss and
 LsssituJe
 New York, March 2S.lThe speculat- i've excitement which kept last weeks market stirred up over the Northern Securities dissolution had pretty thor oughly subsided in te-days market, and the tone relapsed into the dullness and lassitude of the period preceding the Northern Securities decision. Much less significance was attached to the mystery still surrounding the affairs of the merger, the one fact having remain | ing influence being the undeniable ab- sorption on a large scale of Union Pa cific without news to explain it. Sen- | timent seemed not to be timid over the possible outbreak of hostilities between | the old contending forces in the merger, the protestations of all parties for the 1 desire for peace having it's influence in I quieting this apprehension. But there l is still lack of finality in the distri- ] button of Northern Pacific and Great I Northern which leaves room for uncer- I tainty and nervousness. If there are in | fact legal obstacles to Union Pacific's substitution of those securities as coll lateral in place of it's Northern Securi- l ties stock the danger of embarrassment I for the plan remains, whatever may be l the desire of the parties for peaceful | settlement. A suggestion was heard 1 to-day of a possible escape from such 1 a dilemma by the exchange by private i agreement on Union Pacifics Great ! Northern stock, for Northern Pacific stock of the other recipients, which would establish the status quo of the holdings for the great railroads con- eerned Union Pacific made rise of a point in the morning, but did not hold ! it. The weakness of the merger stocks | in the curb market had a bad effect up- or the whole market. The London set clement induced some demand for Am 1 erican stocks from that quarter on the part of uncovered shorts. It was re- ported that one small dealer in Ameri- l cans in London short of the market was compelled to assign. The later market was made up of a few special movements of individual stocks, which proved to be without general influence | in the market. The rise in Amalgamat- ed Copper was due to the encouraging reports of the demand for the metal and the large exports making Wabash preferred enjoyed an upward movement of point in spite of the large decrease l in net earnings of the system shown by | the February statement Louisville & Nashville's gain was connected with the circulation of bankers computation of the relative advantages of the stock compared with others selling at a high CT level. Other southern railroad stocks responded in sympathy. U. S. Steel pre- | ferred still hung back. Cheerful re- ports of current conditions in iron and steel are enumerated by the fears of a poor showing for the quarter, the re- turns of which are expected to make l their appearance next week. Money continued very easy, but the firmness of foreign exchange kept expectation alive of gold engagements for export. The rise in the southern group of rail- roads stimulated some more general l strength in the market than that of any previous time and the closing was steady, with the prices of the promin- ent leaders up a point or more.
 Prices of bonds were well held. Total 1 sales, par value, $1,551000.
 United States new fours coupon ad- vanced Is per cent. on call
 NEJV YORK STOCK MARKET.
 or@ni~~. nsghest, I.owest Quotation On the New York Stock Exchange. report.