The Birmingham age-herald., 1904-03-30
UNION PACIFIC IS
 STILL B|G FACTOR
Fails to Carry General Market
 With It
VAS, DAY OF SLUGGlSHNESS
General List Seemed Held in suspen' sion By Various Conflicting Move ments-Motive of Buying at
 All Is Mystery.

New York. March g. Union Pacific made : movement in today's stock market sim liar in character, although of less vio- lence to that of Monday on last week preceding the announcement of the plan of distribution of the Northern Securities essets But this isolated movement failed dgnally to carry the general market with 1t This sluggishness of the general mar ket seemed adequately accounted Tor In the early dealings by the conflicting move ment in United States Steel preferred which sold down more than point be- low yesterdays closing.
 The general list seemed to be held in suspension by these conflicting move ments. but the discrepancy became mark sd later in the day when the pressure 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 crub was the only response that might be in sym pathy with the rise in Union Paciho The general list remained inert untll the rally just at the close The source or the motive for the buying of Union Pacific was as much mystery as ever, but there can be de no doubt that the suspicion has gained a hold on the speculative com- munity that all is not peaceful In the pro cess of undoing the Northern Securities merger The fear gains ground that the real point at issue is an advantage on the position in the trans-continental held which threatens to reopen the whole dlS- pute which was fought to so violent termination in 1901.
 This fear is fostered by the traversing of the history of the formation of the Northern Securities company and by the accompanying effect of the contention by E. H Hartman in a public hearing that the transfer of his holdings of Northern Pacific was by private sale to J. F. Nor gan & Co.,, and not by deposit of the stock with the Northern Securities company for exchange in their stock
 The impression thus set afoat in Wall street is that the Union Pacihcs are standing out for the return of their orl- ginal holdings of Northern Pacific and the control of that system, while 1t is also 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 alive the curiosity as to the absorption of that stock, but threw no light on the ques- tion It was not until the closing deal ings that the market showed any sign of response to the Union Pacific. A rise of over two points in St. Paul and 1ss in Southern Pacific. pulling the general list up to last nights level or slightly above. The heaviness of United tSates Steel pre- ferred was due to the fears of poor statement of earnings for the quarter to be made at the meeting of the directors next week, which is also to act on the preferred dividend.
 The February statement of Fries net earnings and of Canadian Pacific for the same period were not encouraging. The session of the stock exchange passed without any announcement of gold ex- ports by tomorrows steamer, although foreign exchange made further ad- vance There was some revival of crop scare on account of dry weather in the southwest The market closed quiet, ac- tive and firm at the rally.
 Bonds were irregular. Total sales par value, $1, ,930, 900. United States 2s and the new As coupon advanced IS and the ss coupon and the old As 4 per cent on ral.