The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-06
STOCKS LESS EXCITED
DISTURBANCE OVER UNION PACIFIC
LARGELY SUBSIDIES.
Professional Operators Manipulate the
Market, Putting Stock After Stock Up,
but Not Holding Them There.

NEW YORK. April 5.-The perturba-
ton reflected yesterday in the stock mar
ket on account Of Union Pacifics legal
fight to regain it's former holdings of
Northern Pacific in the dissolution of the
Northern Securities company had largely
subsidized today. The result was a spec
ulatlve movement of more breadth and
more general indication Of interest than
for long time. That the operations
were largely those of professional oper-
atorS in stocks was sufficiently indicated
by the methodieal manner in which they
We're conducted. First one and then
another stock or group Of stocks was
taken In hand and advanced to a higher
level OF prices, while selling to realize the
profit on the advance was Skillfully con-
Quoted in the very act of transition to
buying in another group
The sympathetic effect of a rise in one
department. upon the whole market is
one Of the most obvious phenomena in the
dealings in an open exchange. This Sys-
tenn of operations was carried through
nearly all the principal groups in the mar
ket today. The spread of the demand
for stocks was no more conspicuous,
however than the successive reactions
which followed the transfer Of operations
to new quarters. The market was vast
ly improved in tone, and in the distribu-
ton of the dealings, for all that. There
was a general concurrence in the feeling
that while the Union Pacific interests
yantages in the distribution of Northern
Securities assets, judicial decisions on
existing conditions were to limit the field
of effort and to guard 1t against any in
curSlon into the securities market.
Mostly for Investment.
There was also less disposition to at
trlpute the unexplained buying of Union
Pacific to a competition for control, opin-
ion leaning rather to an accumulation by
powerful capitalists moved more by in
VeStment considerations. Union Pacific
was conspicuously aloof from the days up
ward movement but 1t had no appearance
OF being In free supply or being pressed
for sale. United States Steel preferred
also failed to Share fully in the day
strength. The knowledge that nothing
would be announced until after the close
OF the market regarding the preferred
dividend and the quarters earnings dis
couraged trading in the stock. It was
generally assumed, however, that the full
dividend would be declared on the pre-
terreo. Ihere was an enormous absorp
ton OF second mortgage bonds on a
strongly rising market. The days news
dld not seem to play much part in the
general movement Reports of rains in
the southwest may have induced buying
OF the grain carriers in that section
The reports of railroad earnings for
the fourth week In March which came to
hand were distinctly better than the re-
cent average, especially in the Southern
ana southwestern sections. Prices Of COP
per rose strongly both here and abroad.
and the strong statistical position in the
trade Is much dwelt upon. The local
fractions as group moved upward with
out news. The anthracite carriers were
inclined to lag on account of the supreme
court decision requiring the companies
to produce their contracts before the in
terstate commerce commission Sterling
exchange moved quite decisively away
from the point of profit on the triangular
gold export operation both here and in
Paris. The market closed irregular and
with the effects of realizing quite evi-
Bonds were active and strong. except
for some realizing in Union Pacific con
yertlDles. Total sales, par value. "a, 600.
GOO. United States IS advanced u per
Northern Securities Stocks.
Little business was done in the merger
stocks on the curb today. Northern Pa
ellie sold down fraction, but regained
the greater part of it's loss in the first
half hour. There were no actual trans
actions in the stubs nor in Great North
ern preferred and Northern Pacific. Quo
tatiOns of these issues differed slightly
from yesterday. About 1000 shares of
Northern Securities were traded in dur
ing the morning session. The top price
was 98B, but the prevailing figure was
9S12 to 1875. Nothing was done in the
other merger stocks, except the Occa-
sional sale Of an odd lot
Closing List.