The age-herald., 1902-02-21
KNOX STIRRED UP THE STOCK MARKET There Was an Enormous Sell ing of Speculative Bonds WHOLE BODY SURPRISED Announcement That Attorney-oeneral Would Test the Legality of Forma-
 ton of Northern Securities
 Go. Changed Situation.
WHOLE BODY SURPRISED

New York February 20.--The anonunce- ment by the Attorney General of the United States that he believed the North ern Securities Company infringed the antitrust law, and that he would ne a bill in equity in the Supreme court III accordance with instructions from the President to test the question, over shadowed all other considerations In the stock market today.
 The acute interest manifested in this company by all spectators and, indeed all holders of securities was wildly dem- onstrated by the effect in the stock mar ket and was the more notable increasing the Northern preferred which Is the only stock remaining on the exchange Whlch Is directly included in the securities com pany Yet the whole market fell away sharply under heavy liquidation with on . iy a few unimportant exceptions The stocks of the trans-continental compan- les were naturally most affected as the formation of the Northern Securities Company represented an effort to mar monize conflicting interests in that held. Great Northern preferred lost 6Ai Nortn- western "A; Rock Island 51B; St Paul 59s' Union Pacific 3A and southern Faclnc 2A Elsewhere in the list losses generally ran from 1 to points and considerably over that in many other cases. On the curb Northern Securities dropped over 2 points The direct cause of this feel ing was the litigation making against this concern but the average speculator in stocks and especially the professional trader is deeply imbued with the con yiction that all his woes are the out growth of the conflict for Northern Pa aud necessary for the readjustment to be made of the situation precipitated at that time for the stock market to resume all the buoyancy and speculative furore that was interrupted by the May panic. for some time there has been deep rooted conviction amongst. the spectators thae the Supreme Court would throw out pi court Minnesota's suit against the lesal- ity of the Northern Securities Company.
 There has been an assumption also, which was carefully fostered in the inter- est of a revival of speculation, that the public opposition to financial combina- tions was more apparent than real anu that a demonstration of the public utll- ity of these combinations would secure them against interference where techhl- cally open to construction Of lllegahty' This mornings announcement rom Washington was therefore rude shock
 
 has been carefully nutured In the man cial district. The selling movement swell ed the dimensions of the trading durlns the first hour to a volume equal to full days business during the recent past Prices declined sharply and the market looked semi-demoralized. Heavy selllhe for European account added to the pur- den of the market and at the same tune created a sharp demand for exchange oad 10 ports. Wherever prices had been moved up recently on the presumption that plans were in prospect for combinations of existing properties along the lines or the Northern Securities Company, the effect was especially marked as In some of the coalers and the Gould southwest erns The early excitement was succeed ed by comparative quiet. Liquidation pro- ceeded but in a more orderly manner Buying for support. occasionally rallied the market But it was discontinued at recoveries and the sagging tendency re- vived This course was continued up to the close which was active and easy but not at the lowest for any important stocks.
 There was enormous selling of some Of the speculative bonds especially the Wa bash debenture b's, Baltimore and Ohio convertible, Union Pacific convertibles and consolidated tobacco As which fell from 1 to points at one time. In the general bond list there was no pressure of Houidation although slight declines were the rule. Total sales par value $5,- 720, GOO.
 United States 5s advanced # the re- funding 2s B. the 3s lz and the old 4s M per cent on the last call.
 New York Stock Market.