New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-05
BONDS.
STOCK MARKET Quotations.

STOCK MARKET QUOTAI1UGS.
Interest in yesterdays stock market was
centred in Union Pacific securities. which went
through series OF wide fluctuations, ending in
a net gain of over 5 per cent In the early
dealings the common stock declined from the
opening at S6A to $40. but active covering Of
shorts soon turned the movement in the direc-
ton of higher prices. and from the low figures
there was maximum recovery Of A per cent.
For long time there has been large short in
terest in this ISSUE and the advance yesterday
was apparently due TO fear on the part OF the
shorts OF a serious squeeze rather than 70 buy
ing OF an investment nature. or dealings for the
long account on the theory that the quotation
OF the security would work toward higher
level purely as the result Of the strong position
Of the Union Pacific interests in the Northern
Securities situation The strength in Union Pa
cific was effective in helping the general list
in the afternoon. but in the forenoon dealings
the greater number of issues declined on mod
erately heavy volume of sales. There was a
decline of over per cent in st. Paul, and there
were losses Of l per cent or more In various
other parts Of the list. The decision Of the SUI
preme Court in the proceedings against the ar
thracte coal roads by an individual favoring
the plaintiff and the decision of the same court
in the suit OF the Peoples Gas Company in the
75 cent gas case. which was decided in favor
or the CITY or chicago dllSCl6u lNe SGNuAA'4IS
directly concerned. but they failed to shake the
general list. Peoples Gas stock, however. after
selling down over ? per cent recovered its loss
and closed at practically unchanged quotations
from the opening. The general market ended
Irregular. but with a well sustained undertone.
Wall Street was under the impression last
week that harmony prevailed among the varl-
Gus interests in the Northern Securities Com
pany. but the developments Of the last forty
eight hours have somewhat upset this theory.
The proposed plan for the distribution OF the
stocks that were exchanged for Northern Sc
curities shares at the time OF the merger would.
II is contended by the Hartman interests. leave
control Of the Northern Pacific company with
the so-caled Morgan-Hill party. despite the fact
that at the time of the organization OF the
Northern Securities Company the Hartman ele-
rnent actually owned control Of the Northern
Pacific company. Naturally, Mr.. Hartman ana
his associates question the wisdom Of the Nor
gan-Hiu plan. and it would seem as II their
opposition would be powerful enough 20 pre-
vent its adoption. Mr.. Hartman has wisely
asked the courts TO make a ruling on the ques-
tion and OF course this means further delay
ia settlement Of the apparently never ending
Northern Pacific troubles. Northern Pacific
has been responsible for many serious disturb
ances in the stock market, from the time OF
Henry Wizards blind pool In the issue 10 the
panic OF May 9. 1901. when the fight for con-
troll between the Hartman and Hun interests
carried the price Of the security to Sl,VoO
share. Another chapter in the roads extraordi-
nary financial history has now begun. and until
# is finished doubtless there VIII be much I'M
easiness in the Street. Some people apparently
fear that there may be In Union Pacific stock
p movement similar to that in Northern Pacitc
three years ago, when so many shorts were
slaughtered, and the advance IN Union Paclhc
in the last week has evidently been due TO
covering induced by the possibilities In the
Northern Securities situation.
II was reported yesterday that the Morgan
am interests were buying Union Pacific with
the view of securing enough OF the stock TO OBJ
tain control Of the Union Pacific company.
There is as much chance Of the control of the
Union Pacific passing to new hands as there is
Of the Bank OF England failing. and people
who are operating on the idea that the aggrega-
tion Of capital represented by the interests
identified with the Union Pacific company will
be captured by opposing elements VIII make the
same mistake as the man who believes that his
luck is superior to conditions that control spec
ulatIon in the stock market. It may be that
the Morgan-Hn interests have been buying
Union Pacific stock to secure representation in
the company but to secure control It would be
necessary for them to own at the present mar
ket value Of the cOmpanys common ana pre-
ferred stock and the convertible bonds $l4O.-
OO0 600 Of the roads securities. 1t is TO he
hoped that the suit OF the Hartman interests
Is as reported in some circles, friendly action,
and that the alarming opinions expressed in
many quarters yesterday are based on a poor
knowledge OF the situation.
There were no important changes in the money
market in the day. Sterling exchange was firm
and engagements OF 100000 Of gold for export
nv Thursdays steamer for Europe were made.
- WIS thought that more Of the metal would
he engaged to-day and tomorrow. The gov
ernnents statement of the amount Of money
in circulation on April ]. which was received
Yesterday, shows an increase in the month OF
March of over S13,OOO.O0O. the gain being due
IN tho expansion in the amount of gold in the
country Compared with a year al go the amount
of money now in circulation in the United
states exclusive of Treasury holdings. shows
an increase of $164.9S1.2So.