The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-02-22
CTOCKS, BONDS
- - AND MONEY.

NEW YORK, Feb. 2.-The action Of
the stock market this morning demon
strated pretty conclusively that specula-
tive sentiment had overcome the shock
caused by yesterdays unexpected an
nouncement of the contemplated proceed
lnSS against the Northern Securities COM
pany. Stocks held on margin and by
tlmld headers had apparently been sold
out yesterday, and the forced liquidation
completed, there was very little need for
supported orders in the market this
morning. 1t was generally supposed that
stocks bought yesterday for support had
been unloaded on the rally, as insiders
gained confidence that no serious break
in prices was pending. AT the opening
the market was heavy, but by the second
hour the selling had fallen to such small
proportions that the market was practi-
caly Stagnant. AT the same time there
We're points of resistance, and a few
stocks gained additional strength as the
day progressed, and led to substantial
rally, which placed prices quite generally
above last nights close. The issuance of
the bank seemed to be the turning point
The cash item was practically unchanged
Instead of the expected decrease of over
81, 1000, and the restriction of the loan
expansion to less than 100000 reassur-
ed the uneasy sentiment that credit re-
sources We're being taken up at too head
long a pace. The call money rate eaSed
off to 2 per cent under the showing of
the bank statement, and the reduced re-
QuirementS for speculative purposes
The cessation of forced liquidation and
the development of strength in number
of stocks drove the shorts to cover A
report that J. P. Morgan had gone to
Washington to confer with President
Roosevelt, gave traders comfort. The
Colorado & Southwestern stock became
very strong at the last on a volume of
trading unprecedented for those stocks.
| Their gains reached three points or bet
ter Good dividend prospects was alleged
as the reason for the advance. Chicago,
Indianapolis & Louisville also rose 3D.,
/ .41l y Ir,
prospects. Amalgaanated copper was
cratic, rising at one time over point,
but closing practically unchanged Man
| haitian also failed to hold its full gain OF
~. American snuff rose and the pre-
| ferred 2. North Western recovered IA
of yesterdays loss. United States Rub
Der stocks We're strong. Outside Of these
the striking gains were in less prominent
stocks. Renewed strength in the ex-
change market corroborated the expecta-
ton that more gold will be exported next
week.
Bonds were rather dull and irregular
Total sales, par value, $2,3850O0.
The routine news of the week has given
no cause for anxiety, but rather for en-
conrageTaent in the activity of the iron
trade, rather larger movement of grain
and prosperous general trade conditions.
The bond market has been relatively
mere active than stocks, and values We're
only slightly affected by the late weak
ness in stocks, outside OF some Of the
highly speculative issues.
United States refunding Is advanced "a.
the IS coupon Is, 3s registered "a, the 5s
H. and the old As Is per cent over the
closing cali of last week.
The announced determination Of the
authorities at Washington to take legal
steps against the Northern Securities
co.ADany on the ground that it was form
ed in violation of the Sherman antitrust
law of 1890 upset the stock market on
Thursday, and superseded every other
consideration. Previous to that time
IL, loo1 dull m
with individual stocks advancing sharp
ly. and the general undertone firm. This
was due to the dissemination Of holders
to sell as much as to lack of marked de-
turn of FOR affairs farsi in Nbrthern Securities
may ultimately affect the market is diff
tial interests were most at stake were
large buyers of stocks in the furry of
Thursday, while the sellers We're ALMOST
wholly the spectators on margin, some
variably the rule, however, that substan-
tial interests come to the support OF
values of properties in which they are
interested in time of crisis without any
purpose of obtaining stocks for perma-
nent holding. The same thing WAS seen
a. the time of President McKinley's as
sassination and in last Mays panic. the
assumption among spectators in Wall
street, that the establishment of the
status of the Northern Securities COM
pany would remove all the repressive in
conditions to the state that interrupted
by the Northern Pacific quarrel, takes
no account of the fact that values were
inflated by Misrepresentation last May,
and that the events that that speculation
was intended to discount have since
come to pass or have been demonstrate
ed to be idle rumorS and canardS. Not
much thought has been given as to how
far the actual condition of property val
ues would be affected by the overthrow
Of the Northern Securities company. 1t
is not clear that the actual changes and
divisions of control which effected by the
Northern Pacific contest would be al
tered by dissolving the company.
The 1otation of the Northern Securi-
ties company might supposedly be de-
feated, without threatening the renewal
of the transcontinental railroad conflict.
The cause for depression which some dis
Germ in the proceeding against the
Northern Securities company lies in the
supposition that it is intended to test
the efficacy of the existing law in the
case and then lend the power of the adj
ministration to amending it, if neceS-
sary, to make it effective against the
formation of great financial combina-
tons. The programme thus foreshadow-
ed would not be regarded with equanim-
ity by any large financial interest. and d
reflection of miSgtving would be respect
ed in the securities market for an in
definite period.
Stocks.
lSTsHfh LowlL.B. 4