The Montgomery advertiser., 1904-03-23
WALL STREET. REVIEW
LANGUID SPECULATIVE APPE-
 TITE IS STIMULATED.
Price Movement of First Class Inn portance With :. Mystery At tached-Blocks of 1000
 Shares Dealt In.

New York. March 22.-A price move ment of first class importance with mystery attached stimulated the languid speculative appetite of the stock mar ket today. There was time today when 1000 share blocks of the leading stocks seemed to be accepted as a unit of transactions amongst the inspirited trades. Union Pacific was the leader or the movement. but the mystery centered about the Northern Securities Company and the probable process of its dissolu- tion. All the securities related to that company and It's interests made free price movements. But as Union Pacthc Is the only one of them in liberal supply in the market. the bulk of the activity was in that stock and it was furiously active. on dealings in 1000 to 5000 share blocks. The source of the buying as well as its motive was kept obscure. Bankers associated with the, finances of the company emphatically disclaimed any part in the buying or any knowledge of Its cause and were. in fact. sellers with some ostentation of the stock at its higher price levels. Great Northern pre- ferred and on the curb Northern Securi- ties, were 1 neager demand on rapidly rising price scale. Other stocks con cerned in the Northern Securities merger have disappeared from the market but the Oregon Short Line participating 4s which are secured by the Union Pacific Northern Securities stock as collateral and the Burlington joint 4s. which were exchanged for Burlington stock. were ac- tive and higher. The fact that lawyers representing the various interests are in constant consultation to work out the method for distribution of the Northern Securities holdings under the decree of the court pointed to that as the coming event Today's price movement seemed to point clearly to an arrival at some conclusion on this point, but the news did not disclose what 1t was. The prin- cipal question in the public discussion of this problem has been whether North ern Pacific and Great Northern stock should be distributed to the holders from whom the Northern Securities received it, or to present holders of Northern Securi- ties in proportion to the value at which that stock had been exchanged for the merged stocks. The buoyancy of Union Pacific was presumptive evidence of the safeguarding of the advantage secured to that company by it's controlling interest In Northern Pacific before the merger There were some alarmist rumors circu- lated at one time that the contest for being re-opened by the dissolution ot Northern Securities. The market closed without any announcement to clear away the days mystery although it had become pretty generally believed that it would be made known before tomorrow's mar eral market was purely sympathetic and ran from a fraction to 2 points, the last named figure being slightly exceeded in St. Louis and Southern Pacific. United States Steel preferred closed the day un- changed. Until the enormous buying of Union Pacific developed the market was inclined to extend yesterdays reaction, without additional news. The rise in foreign exchange was checked and the gold export movement thereby apparent ly deferred. The arrival of $2.50O,O00 ad- dtional Japanese gold at San Francisco was also reported. Union Pacific's ex- treme rise reached 5-s on dealings in 401 zoo shares. that in great Northern preferred ' 1-2 and Northern Securities on the curb about points to within a shade of par. The closing was strong and active. The bond market was strong. led by bonds related to the North ern Securities merger. Total sales par value $3.35000O United States As regular advanced Is per cent on call.
 
 New York Stock List.