The Birmingham age-herald., 1904-03-26
STOCK MARKET IS
 STILL SENSITIVE inferred That HoStilitieS Were
 Again Threatened DIFFERENCES EXPLAINED
Following the Issuance of the Explan- atory Statement There Was Furious Buying Movement
 In Union Pacific.

New York, March 25.-Today's stock market showed itself still sensitive to de- velopments in the Northern Securities set tement. Yesterdays closing weakness was caused by the current rumors that Union Pacific interests had withheld their consent to the plan of distribution. It was inferred from this that hostilities were again threatened over the transconti- mental railroad situation. The revival in the market today followed the issuance of statement, evidently by authority, Of the nature of the difference. The solicitude of the trustees for the Oregon Short Line participation and collateral 4 per cent bonds, as to their authority to substitute Great Northern Pacific stock for those bonds, offered very different condition from the rumored insistance of the Union Pacific party upon the return of the amount of Northern Pacific stock in full as put into the Northern Securities mer- ger.
 The issuance of this statement was fol- lowed by furious buying movement In Union Pacific which carried 1t up to SSSs, compared with S5 at the high point of the NGtk. MlCt ttlAtA Wdio NhH RAA~~ ''~%~N ried to that level again, but the luctua- tions of the market after this squirt were undecided, and advances proved impos- sible to hold. The animation awakened Ill Union Pacific by the formulated state ment in the uncertain points at lssue in Northern Securities settlement, lndl- cated that the operations in the stock were being conducted by persons not con- yersant with the inside facts, and awak- ened suspicion of their speculative inter- est The first of the sharp advance in Union Pacific was, howevers to stimulate the general market. The rise in St. Paul and Southern Pacific approximated z points, and the majority Of the market leaders were lifted a point or more. Llttle attention was paid to anything else bus the Northern Securities news.
 The large gain indicated the week currency movement was ignored, owing to the great current ease of the money market The receipts of Japanese gold are included in the sub-treasury opera lions, which have yielded $l107, 900 to the banks for the week. In addition there has been received by the banks on bal ance from the interior over $2,0O0,O00. It s probable that the interior goverpment Repositories have swelled this sum with their remittances to meet the call of the NN--N of government deposits which was trans ferred to designated banks today in read iness for the operations designated to prevent disturbance in the money mar ket in connection with the Panama pay ment
 An=uneasy short interest in London made some demand for Americans for the settlement which begins tomorrow. The renewed excitement in cotton on the census bureau report was not helpful to the stocks, nor was the storm news from the west No gold engagements for ex- ports were announced, but 1t is the com mon expectation that shipments will be made next week. The movement to take profits wiped out the days gains, leav- ing prices slightly below yesterdays closing. This tendency of prices to re- turn to a fixed level is a sign of the prevalence of professional speculative op- erations.
 The bond market was irregular. Total sales. par value, S1,460,000. United States 2s registered, and the new 4s advanced ks per cent on call.