The daily morning journal and courier., 1904-03-23
AN EXCITING STOCK MARKET.
The Big Aetivlty in Union Pacific stOe

 The Big Activity in Union Pacific Stock
 Immensely Dealt in.
 New York. March 22.-The stock mar ket in London was irregular; Ameri- cans fairly steady; consols were steady, but other denominations were soft and lower. Overnight developments at home offered little change for market views, commission house business re- mained light, and as consequence the opening of our market was without an- imation, with prices in the different groups of stocks irregular, some lower and some fractionally higher. A short interest still appeared uncovered, and in whipping it in some individual stocks scored considerable advances, without, however, affecting the general market much.
 Some close observers remark that if the market is dependent upon the short interest only we cannot look for much further improvement in values or prices unless outside interest increases mate rially, of which there are few signs at the moment.
 The money market was unchanged; call loans renewed at 2 per cent. For eign exchange continues firm, with short sterling 4S7.05 to 4S7.10
 In the early afternoon the stock mar ket, under the leadership of the Pacific stocks, became still stronger. As for the cause of this advance, little appar- ently was known by the closest of mar ket watchers.
 Wheat is acting with a better under tone and prices are a triffe higher Peo- pie directly in the trade hold good opinion of the market. General specu- lation is not broad.
 Cotton is still smarting under the failure of the recent speculative bull leader, and especially so, as far as the technical conditions are concerned, un- der his proposal of settlement. We think that the next few weeks will show how much the available supply will be, and if it is as some well-in- formed parties think it is we may again see a much higher range of prices dur ing the summer. Temporary fluctua- tions should not affect any one who has faith in cotton.
 The stock market in the last hour was controlled moreor less by the transactions in the Pacific stocks Talk ing the market as a whole, however, it was very slow to respond to the ad- vances scored in that group, and the gains made during the day were scarcely of moment.
 The tone at the closing was quite un- certain. While the Pacific stocks were much inclination to go up.
 ao- . .s..t. 402,S00 shares were in Union Pacific.
 Bonds, s3,115,000.
 PRINCE & WHITELY.
 Postscript from News: Basis of Dis tribution-The basis of distribution of Great Northern preferred and Northern Pacific stock among the holders of Northern Securities stock has been agreed upon and will be announced probably within the next twenty -four hours. The distribution will be upon exactly the same terms upon which the underlying stocks were taken over, namely: 115 for Northern Pacific and 180 for Great Northern. For example, a holder of Northern Securities will re- ceive 115-295 in Northern Pacific and 1S0-295 in Great Northern preferred. l HS OtilSI dSStto u iile 4NOrlueTH OeCuT- ities company will remain in the treas ury, namely. it's Chicago, Burlington and Quincy stock and other properties, for such disposition as may be deter mined later on. for it is not necessary, under the decree of court, to dissolve the Northern Securities company. That company simply has to divest itself of the Northern Pacific and Great North ern preferred, which it holds,sto comply with the legal decision.