The daily morning journal and courier., 1904-04-05
giila,1etal.
YESrERDAF'S STOCK MARKET.
sentiment Upset by New Phase of mer-
 ger Case

sentiment Upset by New Phase Of mer-
 ger Case
 New York, April 4.-speculators who have been trading for two weeks past in the confident belief that they knew the inside facts of the Northern Secu- rites settlement were nonplussed to-day by the terms of petition of the Union Pacific interests for an injunction against the distribution of Northern Se- curities assets on the plan proposed. It had been expected that some judicial opinion would be invited on the pro- posed plan, but the question of legality in the substitution of collateral for the Nothern Securities stock now held against the oregon Short line bond issue was the only one which had been ad- mitted to be at issue in view of the protestations from all interests con- cerned that perfect unity and harmony existed. But perusal of the petitions made so strong an impression of a con- fiict of hostile interests that sentiment in the stock market was upset. So far from an appearance of resignation to the community of interest in control of Northern Pacific, the Union Pacific's contention indicated a determination to conserve it's control of the Northern line secured in 1901 at such disastrous consequences to the stock market in general. This condition was so at va riance with the impression prevalent in the stock market for the past two weeks that apprehension of conflict between the two powerful rivals which might extend to the securities market was re- vived. The suppositions used to explain the recent large buying of Union Pacific were decided to be gfoundiess, and the surmise of the market shifted back to the hypothesis of competitive buying for control. Demand for Union Pacific was again conspicuous to-day and car ried the price at one time as high as 90 The stocks gain on the day was IS, on total sales of 1S9,910 shares. It was only momentarily below Sat urday on the reaction which followed the opening bulge and was carried high CT by successive buying orders. The opening break in the general list was partly repaired in sympathy with the first strength Of Union Pacific, but the persistence and the volume of the de- mand for that stock awakened the fears of the traders and the general list was sluggish and heavy for the rest of the day. St. Paul was most acutely affect ed by the opening break, as it has been most actively speculated in on the un- warranted assumptions of the course of the Northern Securities settlement. Other notable movements seemed to be due to special causes. Peoples Gas suf- fered from the Supreme court decision adverse to it's contention against the 75 cents Chicago gas ordinance. United States Steel preferred reflected the anx- iety over the showing of earnings to be made by the quarterly statement due tomorrow. Amalganated Copper and Sugar weakened sharply without ex- planation. The spurt in Chicago Great Western was called a traders move ment. A small engagement of gold for export was announced, and that the holiday in London was supposed to cur tdll the actiVlly or the excnange mar ket, on which the gold movement de- bends. Weekly reports of railroad traf- fic officials were somewhat restrained in the expressions of satisfaction with the traffic outlook.
 The bond market was quite active and somewhat irregular. Total sales, par value, $3,191, ,000.
 U. $. 2s advanced Is per cent. On call.