The Montgomery advertiser., 1904-03-26
WALL STREET. REVIEW
MARKET SHOWS THAT IT IS
 STILL SENSITIVE.
Furious. Buying Movement Follows Reading of Official Statement Regarding the Northern
 Securities Company
 Settlement.

New York. March 25.-Today's stock market showed itself still sensitive to developments in the Northern Seceurltles excitement. Yesterdays closing weak ness was caused by the current rumors that Union Pacific interests had withheld tneir consent to the plan or dlstrloution. IL was inferred from this that hosttlities were again threatened over the transcon, tinental railroad situation Ihc reVlVai Tn the market today followed the issuance or statement evidently by authority or the nature of the difference. The solici- tude Of the trustees for the oregon snort inc participating and collateral four per cent bonds as to their authority to sub stitute Great Northern and Northern Pacihc stock for the Northern Securities stock which now constitutes the collat- eral for those bonds offered very diff terent condition from the rumored in- sistence of the Union Pacific party upon the return of the amount of Northern Pacific stock in full az put in the North ern securities merger. The Issuance Of this statement was followed by furious buying movement In Union Pacific which carried 1t up to s3 5-S compared with S5 at the high point of the week. Twice afterwards the price was carried to that level again. but the fluctuations of the market after this squirt were undecided and advances proved impossible to hold. The animation awakened in Union Pacific by the formulated statement of the un- certain points at issue in the Northern Securities settlement indicated that the operations In the stock were being con- ducted by persons not conversant with the inside facts and awakened suspicion of their speculative origin. The first in- fluence of the sharp advance in Union racafc;; randnc; however %as to to-. stimulate n the and Southern Pacific approximated two points and the ma jority of the market leaders were lifted point or more. Little attention was paid to anything else but flA O~At At. G.. rt,~ 1on gain indicated by the weeks currency movement was ignored owing to the great current ease of the money market. The receipts of Japanese gold are in- cluded in the sub-treasury operations which have yielded $1 170.000 to the banks for the week. In addition there has been received by the banks on balance from the interior over $2.00o,0Oo. It Is probable that the interior government Repositories have ewelled this sum with their remit tances to meet the call of the Secretary of the Treasury for 20 per cent of gov ernment deposits which were transferred to designated banks today in readiness for the operations designed to prevent disturbance In the money market in con- nection with the PNnama canal payment. An uneasy short interest in London made some demand for Americans in prepara- tion for the settlement which begins to- morrow. The renewed excitement In cotton on the census bureau report was not hopeful to stocks, nor was the storm news from the west. No gold engage ments for exports were announced, but 1t is the common expectation that ship ments will be made next week. The movement to take profits wiped out the days gains, leaving prices slightly below yesterdays closing. This tendency of prices to return to a fixed level Is a sign of the prevalence of professional specu- lative operations. The bond market was irregular. Total sales par value $1 $50. .OO0 United States 2s registered and new As advanced Is per cent on call.
 New York Stock List.