The Saint Paul globe., 1905-04-15
$50 FOR NORTHERN
SECURITIES STOCK
Union Pacific and Illinois Cen.
trail Move Up Rather
Sharply

NEW YORK. April IA revival of the
Nortnern Securities settlement excitement
resulted IN speculative revel ON the
stock exchange. which spread pretty gen
erally throughout the list bnt ths Con
splcuous fact about the days operations
was their enormous congestion in the few
Tent B, r1mors especially Union Pacific. ST.
Paul. New York Central and, in the cnrh
market. Northern Securities itself. The
last named stock bounded Up to the
neighbCrhood of $50. thus iustifvine nra
dictfons which have been current among
SFeet speculative operators for some
Sa, Sinle, out without obtaining general ere
dence The rumors to account for the ad-
vance Were many and various and for the
most part exceedingly vague That which
was most definitely formulated alleged an
mtentlon TO double the present volume of
Great Northern preferred stock for pur-
poses which We're very dimly Indicated i'm
ttihe the story as circulated. The capitaliza-
ton OF enormous values discovered i'm iron
ore lands in the company's possession was
limited at. ~
Great Northern $50
Great Northern preferred closed 315ap
$50, with no sales, the last sale having
been at 322. 1t was argued that this dee
veiopment would greatly expand the value
OF the Northern Securities company,
diSSato dHoui 10 De distributed under the order of
alssolutlon OF the supreme court. AS "a
large proportion of this distribution will
ran TO the Union Pacific treasury, that
stock was held to be entitled 10 a cor
responding advance, but with the excite
ment started in the market this explana-
tlon was deemed inadequate and sur
mise fell back upon the supposed uses to
Which the Union Pacific preferred stock is
70 De put This line of conjecture led to
the recovery in various stocks pointed to
as a desired object of acquisition by the
Union Pacific, but which have been drop
ped out of consideration for a time with
the growth of skeptlciSm over the stories
current. These stories were as entirety
without official authority CT admission to-
DAY as al any time.
TranscontinentaI Group Active
The palpable fact, however, was that
almost unlimited amounts of the stocks
most nearly concerned passed constantly
snrtisi snr0ngn the market al day. and the alb
sorptlve power for them seemed insa-
table. The volume OF transactions ana
the movement of prices in the general
railroad list was moderate and the extent
OF the price movement was found on care
iuI scrutiny not to be very wide, but in
the industrial department there was an
effective supplement to the striking move
ments In the tranScontinental group. In
this department also the most prominent
nigh grade industrialS, and especially
United States Steel preferred We're in
cllned 10 move narrowly. OF induStrialS
OF minor class, however, there is a long
list which made advances during the day
OF all the way from to 8 or 4 points.
The brilliant conditions shown to exist
In the iron and steel trade by the statis-
tics of production and consumption have
served to give great authority to the in
coming reports of highly prosperous con-
ditions in all departments of trade. The
favor shown to the industrial stocks in
creases accordingly. 1t is found easy to
effect movements by formations of nooIs
In many of these stocks, and it iso not
unusual for the rise to be heralded by
some such announcement as that "ar-
rangements have been made for sharn
upward movement in this or that stock.
The movement is pretty sure to follow.
Operations of this class. however, do not
tend to fortify confidence in the market.
The currency movement for the week
gave promise of a good cash gain by the
banks, and offered no obstacle to the
maintenance OF the speculate The ir-
regular closing left prices not far below
the best of the day.
Bonds were irregular. Total sales, par
value, $4,4I5OOO. United States bonds were
all unchanged on call.