The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-23
STOCKS MOVE In
l,OOO-SHARE BLOCKS
TRADING IN UNION PACIFIC THE
FEATURE OF THE MARKET.
All Securities Related to Northern Sc
curities Company Affected by
Union Pacific Movement.

NEW YORK. March "a price movement
Of frst-class importance. with a mystery at
tached. stimulated the languid speculative
appetite OF the stock market to-day. There was
a time to-day when LOOO-share blocks OF the
leading stocks seemed be accepted as the
unit OF transactions among the inspirited
traders.
Union Pacific the leader of the move
ment. but the mystery centered about the
Northern Securities Company and the probable
process of its dissolution.
All the securities related to that company and
its interests made free price movements. But
as Union Pacific is the only one Of them in
liberal supply in the market. the bulk of the
activity was in that stock, and it furiousy
active dealings in 1000 to 5000 share blocks.
The source OF the buying, well as it's motive.
kept obscure. Bankers associated with
the finances OF the company emphaticaly dis
claimed any part in the buying any knowledge
of its cause and were. in fact, sellers of the
stock at its higher price levels.
Great Northern preferred and the curb
a rapidly rising price scale other stocks con-
cerned in the Northern Securities merger have
disappeared from the market, but the oregon
Short-line participating tours. which are Sc
cured by the Union Paciic's Northern Securities
stock collateral, and Burlington joint fours.
which were exchanged for Burlington stock, were
active and higher
The fact hat lawyers representing the various
interests in constant consultation to work
out the method for distribution of the Northern
Securities holdings under the decree of the
court pointed TO that as the coming event
To-dayS price movement seemed to point
clearly to an arrival at some conclusion on this
point, but the news did not disclose what II
was. The principal question in the PUBLIC dis
cussion of this problem has been whether North
Pacific and Great Northern stock should
be re-distributed to the holders from whom the
Northern Securities received it, or to present
holders of Northern Securities in proportion
to the value at which that stock exchanged for
the merged stocks.
The buoyancy of Union Pacific was presump-
tive evidence OF the safeguarding of the adj
vantage secured TO that company by its con-
trolling interest in Northern Pacific before the
merger. There some alarmst rumors cir
culated at enc time that the contest Tor contro
in the transeOntlnental field being reopened
by the dissolution of Northern Securities.
The market closed without any announcement
TO clear away the days mystery, although IL
had become pretty generally believed that 1t
would be made known before tomorrow mar
ket resumes.
The movement in the general market was pure
ly sympathetic and ran from a traction 10
points the last named figure being slightly ex,
ceeded in ST Paul and Southern Pacific. United
States Steel preferred closed the day unchanged
Until the enormous buying of Union Pacific
developed the market was inclined to extend
yesterdays reaction. without additional news,
unless IL might be the disturbing influence or
the Sully complications. The rise in foreign
exchange was checked and the gold export move
ment thereby apparently deferred
The arrival of s2.500.000 additional japanese
gold at San Francisco was also reported Union
Pacifc's extreme rise reached Sss on dealings
in 401, go shares, that in Great Northern pre-
about points to within a shade of par The
closing strong and active.
The bond market was strong, led by ponds
related to the Northern Securities merger; Total
new fours registered advanced Is per cent. on CALL
Sales and the range: