The Birmingham age-herald., 1904-03-24
NO DIRECT GROUND FOR EXCITED JUMP Union Pacific is Still a Central Figure. PROFIT TAKING STEADY
 
Official Circular Announcing Terms for Redistribution of Northern Secu- rites Holdings Did Not Justify
 Tuesdays Action.

New York, March g. 23.-Transactions in today's stock market rose considerably over the round million share mark ob- tained yesterday. and they were not so overwhelmingly preponderant in Union Pacific as yesterday. That stock was still q central figure and its spectacular rise of yesterday was the influence which caused the violent and feverish specula- ton in other stocks today. The profit taking in Union Pacific, however. was steady and persistent, and this had an ultimate effect on the whole market which showed signs of languor towards the end.
 The official circular announcing the terms for redistribution of the Northern Securities holdings of Great Northern and Northern Pacific stocks gave no direct ground for yesterdays excited jump in Union Pacific. The supposition that any contest for control in the trans contnenat field had broken out again, was believed by the firmness of the rest of the market. The theory was much more plausible that the buying of Union Pacific was to secure an influential hold ing on the part of the controlling powers in the Great Northern and the Northern Pacific compensation for Union Pacific's influence In Great Northern. Northern Pacific and Burlington.
 This buying was not regarded as hostile, or as defensive against hostility, and the conviction was thereby formed that an interchange of holdings was in course of c ta sentation on the various boards of direc- tors which would work out as effective a community of interests in the trans continental field, as the Northern Seeuri- ties company had aimed at. It was this that fired speculative sentiment in the market at it's inference of similar meas ures probably to be taken in other rail- road groups.
 Southern Pacific was the principal property against the profit taking in Union Pacific, and the new feature were Pennsylvania and the Fries. A number of the principal railroad stocks and special ties rose point or more but the move ment of the market was not comprehen- sive at any time, and there were constant and feverish fluctuations in the advanc- Ing stocks. The persistence of the profit taking In Union Pacific undermined the market and only fractional gains were
 
 the greatest strength, while the average level of prices was below last nights clos Ing. Union Pacific and Grat Northern, pre- ferred, lost about 8 points,
 The activity of Northern Securities on the curb continued today and Northern Pacific when released" was added to the curb quotations, selling between 133 and i26. These movements were obviously based on the adjustment of market prices to the rate of exchange fixed for these stocks In the Northern Securities distri- button and there was no evidence of purpose to accumulate the stocks. The imminence of gold exports to France and some rumblings from the cotton market helped on the late reaction. The likeli- hood that Panama payment will be de- ferred until June was not received with great satisfaction owing to the belief that arrangements were completed for making it earlier. The market closed easy at the lowest.
 Bonds related to the Northern Securi- ties merger were inclined to react. mak- ing the bond market irregular. Total sales, par value. $3,46OOO0. United States bonds were unchanged on call.