The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-30
STOCKS CLOSE HIGHER
UNION PACIFIC MAKES ANOTHER
MYSTERIOUS UPWARD MOVE.
Opinion that There Is Contest Over
the Northern Securities Disco
luton Gains Ground.

NEW YORK March 29.-Cnion Pacific made
a movement in to-days stock market similar.
although of less violence. to that on Monday OF
last week preceding the announcement of the
plan OF distribution Of the Northern Securities
assets.
But this isolated movement failed signally TO
carry the general market with il. This slug
gishness Of the general market seemed ade-
sluately accounted for in the early dealings by
the conflicting movement in United States Steel
preferred. which sold down more than point
below yesterdays closing.
The general list seemed TO be held in suspen-
sion by these conflicting movements, but the
discrepancy became marked later in the day
when the pressure against United States Steel
pI eferred relieved without a recovery. how
more buoyant.
The renewed strength in the merger, securities
on the curb the only response that might
De in sympathy with the rise in Union Pacihc
The general list remained inert until the rally
just at the close
The source or the motive for the buying Of
Union Pacific is much a mystery as ever, but
gained hoId on the speculative community that
all is not peaceful in the process OF undolng the
Northern Securities merger.
The fear gains ground that the real point at
issue is an advantage in the 3osition In the
the whole dispute which was fought TO so vio-
lent a termination in 1901 This fear Is fcstered
ton of the Northern Securities Company and by
the republication of the contention by +. H.
Hartman in a public hearing that the transfer
OF his holdings of Northern Pacific was by pri-
vate sale 10 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 af1oat in Wall street
is that the Union Pacific interests are standing
Ont for the return of their original holdings Of
Northern Pacihc and the control of that system.
while il is also felt that there is no more dis
position 10 yield this peaceably than at any
other previous time
Reports of enormous loans made Union
Pacific collateral kept alive the curiosity to
the absorption OF that stock. but threw light
upon the question. IL not until the closing
dealings that he market showed any sign Of
response to the Union Pacific movement
rise OF over points in St. Paul and 1% in
Southern Pacific then pulled the general list up
to last nights level slightly above. The
heaviness of United States Steel preferred was
Que 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 the
preferred dividend
The February statement OF Erie's net earn
ings, and of Canadian Pacifics for the same
period, were not encouraging. The session OF
the Stock Exchange passed without any an
nouncement of gold exports by tomorrow s
steamer. although foreign exchange made fur
ther advance There come revival Of crop
scare on account of dry weather in the South
west. The market closed quite active and firm
at the rally.
Bonds irregular. Total sales at par value
were 81, O00 United States twos and the new
tours, coupon. advanced II per cent. and the
threes. coupon, and the old fours 4 per cent.
call.
Ca1z H.