The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-21
UNION PACIFIC
is VERY ACTIVE
Weak Early on Short SELMA.
but Receivers Sharply After
Noon Hour

NEW YORK, March 20.-The effects
were perceptible in today's stock market
OF some benevolent supervision. which had
the erect or dlScouraging aggression by
the bear party. The buying which check
ed the decline, however, hesitated to fol-
low prices when they turned upwards and
the speculative operators who ATTEMPTED
10 push the advance found themselves in
scanty company. The result was a period
of dullness in the trading and a narrow
ing In the fluctuations, prices showing a
tendency to settle to about last weeks
closing. The impression was produced of
an effort to hold the present situation on
an even keel while awaiting the solution
of some of the doubtful factors in the
outlook. The party of reaction were some
what aggressive in the early part of the
day until checked by the measures of sup
port in the market With the reaction
checked some of the old rumors of deals
showed renewed vitality, notably that al
leging a plan for a holding company for
the Vanderbilt properties and for the COM
DinaJion of New York Central North
western and Union Pacific. The Northern
securities case also showed a remnant Of
Its strong hold on speculative sentiment
When the intimatiOn was circulated that
the supreme court was likely to conclude
the case by issuing its mandate today for
the carrying out of the decision.
Renewed Depression
The renewed signs of depression shortly
after noon were clearly due to the news
of the adjournment of the court over the
recess without issuing its mandate. About
the same time there appeared official dis
chalmers of the New York Central rumorS,
also pointing out the sentence of directions
necessary to secure a quorum of the board.
Such disclaimers have often been issued
in the midst of the most excited periods
OF the late rise without attracting the
slightest attention.
Their greater effect today was an in
dex of the subdued spirit of the specula-
ton. Attention converged on the money
market owing to the low state of the bank
reserves and the expected growth of an
activity in all lines of business in itself
promises to increase this demand and any
material 'inroad on money supplies would
be expected to affect unfavorably the
stock market.
No Lack of Funds
There was no evidence of lack of funds
today, although rates were well maintain
ed. OF general news the conditions re-
ported from all quarters were brilliant.
The tone of reserves of traffic conditions
by railroad officials was fairly enthusiasts
tic, the only complaint being of a shortage
of cars with which to meet the eXtraor-
binary business offering. Stocks Of mer-
chandise are reported low owing to former
hesitation about reordering, and orders are
reported to be coming in now in such vol
ume as to promise a glut of railroad traf-
fic for some time to come. Suggestions
were put out of an early payment of ac-
crued dividends on Republic Steel pre-
ferred and that stock made squirt, carry
ing Tennessee Coal with it in sympathy
Some renewed credence was given there
fore to the story of the merger of Southern
Iron companies. The railway equipment
stocks We're in demand. limitations of
a newly found value for Canadian Pacific
lands by reason of oil discoveries caused
an excited rise in that stock and contrib
uted with the movement in the Southern
Iron stocks to the strong closing which
was active and at the best prices of the
day. Sterling exchange broke violently
full a in the pound, and this was pointed
to as a promise of relief for the money
market.
Bonds were irregular. Total sales, par
value SO SIC, 900. United States bonds
were all unchanged on call.