Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-16
The Northern Securities Move

nC 1sOA tucIu securities Move
Another incident which developed the
same Kind of resistance was the displace-
ment from the directorate of the Northern
securities Company of the head of the
Union Pacific system. This was a shock
10 the speculative confidence engendered
by the constant rumors of the harmonious
plans for new projects Jointly contam-
plated by the two parties to the old dis
pute IN the Northern Securities Compaov
AT the same time, the suspicion got abroad
mat the Union Pacific's 800 900 GOO r,re-
terred stock issue was intended for heIiis-
eFent purposes. One of the few Off ,iaI
lhtlmatlons which could be secured as IN
the intended uses of this new CAPITAL was
that 1t was considered wise in TINA OF
peace TO prepare for war"
Ihefe was a striking reversal of opinion
on TINS subject, as well as others Yith the
Ghange IN the form of the stock market.
Inc supposition that the issuance on Mon
day Of the Supreme Courts mandate for ~
CONSTITUTION OF the Northern Securities as
sets would be the signal for announcement
OF great Refreshments of railroad relations
sprang into fun force again and showed ali
It's old power upon the speculative ina gina- :
tioh' Inc presence of the Russian fleet in
me emma sea caused some reflected unset
cement from foreign stock markets. and the
erect on the international money exchanges
was an influence on our early market
The renewal of the Paris demand on Lon
goh Tor gold and the resulting rise in the
a@ohuoi4 olscount rate seemed TO threaten an
infoad upon our money reserve and tn dafer
the relaxation Of our money market fron,
the effects OF the April 1 settlement which
had already been disappointingly DELAYED
i'ul the farls demand was satisfied and
hhdhce bills began TO make their apnear-
ance in our exchange market as a measure
Tor placing foreign funds at the high inter
est rates prevailing here. The foreign trade
statement FOR March also had a reassuring
effect regarding the foreign exchange out.
!ook. the great outgo of corn having served
10 more than overcome the paralysis of the
export wheat trade, while the great volume
OF cotton exports has served to overcome
the fali In the price of that staple compared
with last year and so restore the value of
the exports to above those of March 1904
The Iron Production.
The statistics OF the production and con-
sumption of iron for March. revealing a ton
mage which reached the 1900, 600 mark for
the first month in our history, confirmed
the impression of the brilliant state of that
great basic industry and gave additional
authority to the incoming flood of REPORTS
from almost every line of industry. nat
ural consequence has been a growing promi-
nence in the trading OF the industrial Sc
curities, the movement Of which has been
very notable during the week
Speculation in this department has also
been fostered by its own rumors of combi-
nations and extensions. The announcement
VI new ISSUES OF cdpllaI mas peen constant
and ON an enormous scale, with very heavy
requirements ahead of the money market in
consequence. Fifty per cent of subscrip-
tons to the Sl00.W0,000 of Pennsylvania
bonds, all but the 10 per cent already paid
OF subscriptions to the S75,G00,0t9 of the
Japanese loan, the return of over S14 900 600
OF government deposits with national banks,
an offer of So, 900 of New York city
bonds, are some of the principal demands
to be met before the end of May, with the
time and manner OF the 500. 600 % Union
Pacific preferred stock issue undetermined