The Birmingham age-herald., 1904-03-29
EXCITEMENT IS
 NOT NOW 50 KEEN Northern Securities Dissolution Loses Its Influence RELAPSE INTO DULLNtSS Absorption of Union Pacific on Large Scale Without Stocks to Ex-
 plain It Is Most Evil
 dent Fact.
RELAPSE INTO DULLNESS

New York March 2S-The speculative excitement which kept last weeks mar ket stirred up over Northern Securities dissolution had pretty thoroughly sub sided in todays market and the tone relapsed into the dulness and lassltude of the period preceding the Northern Se- curities decision. Much less significance was attached to the mystery still sur rounding the affairs of the merger, the one fact remaining in evidence being the undeniable absorption on large scale of Union Pacific without stocks to explain it.
 Yet 1t seemed not to be timed over the outbreak of hostilities between the old contending forces in the merger, the pro- testations of all parties or the desire for peace having its influence in quietlng this apprehension. But there is still a lack of fnality in the distribution of . Northern Pacific and the Great Northern which leaves room for uncertainty and nervousness. If there are in fact legal obstacles to Union Pacifcs substitution of those securities as collateral in place of its Northern Securities stock, the danger of embarrassment to the plan remains whatever may be the desires of the par ties for peaceful settlement.
 A suggestion was heard today of a pos sible escape from such a dilemma by the exchange by private transfer of Union Pacific's Great Northern stock for North ern Pacific stock or the other recipients, which would establish the status quo of holdings for the great railroads concern ed. Union Pacific made a rise of point in the morning but did not hold it any time. The weakness of the merger stock in the curb market had a bad effect upon it. and upon the whole market. The Lon don settlement induces some demand for American stocks from that quarter on the part of the uncovered shorts. It was reported that one small dealer in Amer- cans in London short of the market was compelled to assign. The latter market was made up of a few special movements in individual stocks which proved to be without general influence in the market.
 The rise in Amalgamated Copper was due to the encouraging reports of the demand for the market and the large ex- ports marketing. Wabash preferred en- joyed an upward movement of a point in spite of the large decrease in net earn ings of the system, shown by the Febru- ary statement. Louisville and Nashville S gain was connected with the circulation of bankers computation of the relative advantages of the stock compared with others selling at a higher level Other southern railroad stocks responded in sympathy.
 United States Steel preferred still hung back. Cheerful reports of current condl- tions in iron and steel are counteracted by the fears of a poor showing for the quarter the returns of which are expect ed to make their appearance next week. Money continued very easy, but the firm ness of foreign exchange kept expectation alive of gold engagements for export. The rise in the southern group of rall- vroads stimulated some more general strength in the market than at any pre- vious time, and the closing was steady with the prices of the prominent leaders up point or more.
 Prices of bonds were well held. Total sales, par value, s155O,OO0 United States new 4s coupon advanced ls per cent on call.