Evening star., 1902-02-21
Effect Of Attack on Merger
Lost It's Strength.
PRICES HELD UP WE'LL
SHORT COVERING IN SOME STOCKS
CAUSED ADVANCE.
In London the Tone to Stocks Was
Weaker-General Market
Reports.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. February 21.-Opening
prices this morning reflected a heavy spec
ulative undertone, but brought out no con-
siderable amount Of long stock. The alb
sence OF any pressure to sell was the most
significant feature OF the days business.
The London prices were opened down u
to l per cent, but rallied later because Of
the dearth Of offerings at the low level.
Yesterdays announcement OF litigation to
test the legality OF the so-called railroad
merger in the northwest has given ample
proof that there is a minimum public inter-
est in the securities market The very in
terests who are to be made defendants in
the proposed action are charged with the
double responsibility Of resisting attacks
from the government and the depressing
party in the stock market
Indications are the task has fallen upon
competent shoulders. AS an inquiry was
been a wise course to have 1t precede the
formation of the numerous holding compa-
nies which have been patterned after the
Northern Securities.
An important conference between inter
ested parties will be held in Washington
over the holiday In the hope that the test
case may be arranged and hurried to a
final hearing with all possible dispatch.
This fact and the hope that the Supreme
Court will hand down Its opinion In the
newed confidence in prices and brought on a
sharp rally during the afternoon. Some CT
the leading poo and syndicate interests
bought round amounts Of these specialties
ard seemed to be moderately we'll satisfied
with the outlook for the immediate future.
The buying Of Colorado Southern issues
was feature Of the early dealings. an ad
vance Of 1 per cent being recorded In this
group, while the fieneral list was under
pressure. A covering movement In Copper
kept the price Of that stock steady and
practically all OF the Industrial issues were
given splendid support.
Southern Pacific was sold during the first
hour by speculative holders. but the pool
became active later In the day. and forced
an advance Of 1 per cent from the low
level of the morning. Union Pacific was
supported. and there was an advance in
Great Northern under small dealings. The
Gould and Vanderbilt shares were taken
that some substitute plan for carrying out
original merging operations Is already in
view should the courts decide against the
Northern Securities Company.
Numerous short contracts were covered
during the afternoon because Of the un-
shaken convictions that consultations. in
some form, are legal, and that the form
will be discovered and utilized in the near
future. 1t Is to be remembered that no
confscation Of property IS threatened and
the equities must rest somewhere. IL not
with a corporation created for the purpose
then with the individuals who now hold
them.
Prices and not values are alone in the
line Of attack. and thus far splendid re-
sistance is to be recorded. That there will
be q merger of the great railroads is re-
garded as being as near a certainty as
anything in the future can be- but 1t may
be that few individuals will have to hold
the securities instead Of q corporation
The bank statement for five days discloses
an increase Of $4752,9OO in loans and a loss
OF only $500 cash. The deposits are larger
by "a. p5200. calling for an increased re-
serve which detracts 81. 104. 200 from the
surplus holdings. bringing the total down
around S12. .450, 600. or $4,000 600 under last
years record.