The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-30

NEW YORK, March 29.-Union Pacific
made a movement in todays stock mar
ket similar in character although of less
violence than that of Monday last week,
preceding the announcement of the plan
of distribution of the Northern Securi-
ties assets. But this isolated movement
failed signally to carry the general mar
ket with it. This sluggishness of the
general market seemed adequately ac-
counted for in the early dealings by the
conflicting movement in United States
! than a point below yesterdays closing.
The general list seemed to be held IN
suspension by these conflicting move
ments, but the discrepancy became mark
against United States Steel preferred was
relieved without a recovery, however,
while the rise in Union Pacific became
more buoyant.
The renewed strength in the merger
securities on the curb was the only re-
Spouse that might be IN sympathy with
the rise in Union Pacific. The general
list remained inert until the rally Just
for the buying of Union Pacific was as
much mystery as ever. but enere can
be no doubt that the suspicion has gained
| a hold on the speculative community
that all is not peaceful in the process OF
undoing the Northern Securities merger.
The fear gains ground that the real point
at issue is an advantage OF position IN
the transcontinentaI field which threatens
to reopen the whole dispute which was
fought to so violent termination in
1901.
Hartman Is Quoted.
The fear is fostered by the traversing
of the history of the formation of the
Northern Securities company and by the
republication Of the contention by Il. t.
Hartman in public hearing that the
transfer of his holdings of Northern Pa
cific was by private sale to j. T: Morgan
& Co. and not by deposit of the stock
with the Northern Securities company
for exchange into their stock Inc I'M /
that the Union Pacific interests are
standing out for the return of their orig
ina1 holdings Of Northern Pacific and the
felt that there is no more disposition to
yield this peaceably than at any other
previous time. Reports of enormous loans
made on Union Pacific collateral Kept
of that stock, but threw no light on the
question 1t was not until the closing
dealings that the market showed any
sign of response to the 9nfon on P pe,1 c.
13s in Southern Pacific then pulled the
general list up to last nights level or
slightly above. The heaviness of United
States. Steel preferred was due to the
fears of poor statement of earnings
for the quarter to be made at the meet
ing of directors next week, which Isl also
February statement of Eries net earn
ings and of Canadian Pacific, for the
same period are net encouraging. The
session of the stock exchange passed
without any announcement OF gold ex-
ports by ton1orrow's steamer, although
foreign exchange made a further adj
vance. There was some revival OF the crop
scare on account of dry weather in the
active and firm at the rally.
Bonds were irregular. Total sales, par
value, S1,s3o,0o0. United States rs and l1
the new As coupon, advanced rs, and the
IS, coupon, and the old As, a per cent on
call.
On the Curb.
There was some activity ON the curb
in the merger stocks, particularly North
Northern Securities opened at 9S14, ad-
vanced to 9Sh and then reacted to 9S$s.
Northern Pacific was 128 bid, and several
small lots changed hands at that. price;
1919 at the opening, subsequently ad-
vancing point, but trading in this stock
was nominal. Northern Securities stubs
were quoted at 2373s, offered at $50.
The stocks were strong at the close,
In sympathy with the general market.
Northern Securities opening 9S1a, high
s8M low IS, last ssA o sales S Si9I
Pacific iSm opening 12s, high 1870, low 129.
last $780, sales, $50; Great Northern pre-
ferred, opening 1874, high l6S, low Iof7a,.
last 1853; Sales 210.
The stock list committee of the New
York Stock Exchange today had under
consideration an application to place
Northern Securities shares in the unlisted
department.. The petition. it was report.
/ ed. came from the company. itself, or at
any, rate from influential interests fdenti-
fed with the company. From the fact
that these securities have been dealt in
for two and a half years on the curb, and
that the supreme court has upheld the
ruling of the court declaring the merger
Illegal and requiring it's dissolution, the
request to place Northern Securities on
the exchange. was regarded with great
deal of interest The Evening Post quotes
IAN interest identified with the North
ern Securities company who is in a po
sitfon to speak with authority to. the
effect that the distribution of Northern
Securities assets will be carried out with
out any friction between the Mergan-Hill
and the Hartman interests. IS
Closing List.