The Birmingham age-herald., 1904-03-31
STREET SPENDS
 DAY SURM|S|NG Cannot Account for Accumu- Iation of Union Pacific. N ST. PAUL'S INTEREST This Is the Rumor That Seems to Have Greatest PlausibiIity--Extenslve improvements There Are
 Contemplated.
N ST. PAUL'S INTEREST

New York, March 3o.-There was practi- sally no limit to the surmise and con1ec- lure with which professional Wall street lndulged itself today over the hidden sig- nificance of the accumulation of Union Pacific stock which has been the mystery in the market now for many days The favorite hypothesis Is at the outset today was that the accumulation was in the in terest of the St. Paul interests and 1t was asserted with every appearance of conviction that an official statement would shortly be forthcoming from the St. Paul authorities that they had se- cured 100000 shares of Union Pacific.
 What gave plausibility to this rumor was the admitted anxiety felt by St. Paul interests at the time of the Burlington purchase over the comparative isolation in which the St. Paul system would be left The making of surveys looking to the extension to the pacific and the pro- position for the issue of $25,00O,000 addi- tienal St. Paul stock are matters of pub lie record. It is matter of common noto- riety, also, that relations between St. Paul and Union Pacific in the interchange of traffic and of common ownership of stock are already close.
 But the assumption that some of the Paul, presumes a similar necessity on the part of all the Pacifics and trans-con- tinental railroad systems for a control of through facilities from trunk line ter minus to the Pacific coast. Hence the rise in St. Paul was logically accompa- nied by strength in Atchison, Missouri Pacific and others situated in like man. ner and floods of new rumors extended the principal illustrated in St. Pauls sup posed purchase of Union Pacific.
 One variation of the rumor was that the buying was for the Gould group, rather than for St. Paul. The enormous capital requirements for such an in- terchange of ownership did not seem to affect the credence given to rumors, although it will be remembered that the avowed purpose of the Northern Securi- ties device was to make less onerous the enormous holdings of Northern Pacific which has been accumulated in the con- test for control of that system. Other factors had only small influence on the rise in prices. Cheerful reports were heard of the coal trade reduction in prices oA dulHl dcilt, lO go lnlO eHecI on ApTll 1, Is expected to stimulate demand.
 Those who sold United States Steel preferred on the fear that the dividend is to be reduced seemed to feel re-assured today and that stock recovered it's yes- terdays decline, and held better than the average. Speculative confidence over the reliability of some of the stories cur rent to account for the rise was de- cidedly impaired as the day progressed, and during the final hour the level of prices touched represented cancellation of the part of the earlier gains. The per- sistent pressure on Union Pacific and Southern Pacific which was ignored dur ing the forenoon, gained additional im- pressiveness. Those two stocks ranged below yesterdays last prices throughout Union Pacifics loss on the day is a flat point, and Southern Pacifcs %. The market closed irregular and near the lowest.
 Bonds were steady. Total sales par value, $2, 170000. United States bonds were unchanged on call.