Evening star., 1902-02-20
Presidents Action on Merger
Made Stocks Heavy.
SOME SHARP DECLINES
IN THE SHARES OF THE ROADS
AFFECTED.
The Entire List Felt the Effect Of thA
News-General Market
Reports.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, February 2o-The unex-
pected announcement that the Attorney
General would begin a suit to test the legal
ity of the Northern Securities Company re-
suited In an unsettled stock market TINS
morning. The action now pending in the
Supreme Court was generally regarded as
having the right of way and of acting as a
postponement of other legal proceedings
Inc washington authorities, however
nave deemed 1t wise to announce In ad-
vance that no matter what may become OF
the state OF MinnesotaS action the gen
era1 government will test the matter under
the provision of the Sherman antitrust
law one result of this decision has been
to insure prolonged period of doubt as TO
the fate of one of the country's largest
financial undertakings
1t has been said repeatedly that the
Northern Securities officials sought no eva
sion of any law and wanted only to be
shown wherein they were mistaken and a
proper remedy provided. Steps have al
ready been taken looking to some change
In the manner of holding the stocks of the
several companies, but the entire qu,bble
seems to be whether a set OF men may
own three roads as individuals whether
a corporation composed of the same set OF
men Is to be declared Illegal.
The menace to public rights would not be
materially changed
The result of today's announcement was
to discourage holders in all properties i'm
which economies have been In contempla-
ton through a close union of properties
held by the same individual interests. The
Gould stocks. the Vanderbilt group and
numerous other issues were weak because
Of the possibility of having all plans upset
by the suggested litigation and the delay
necessary to get the opinion of the Supreme
Court
Bankers are anxious to have the proceed
ings forced to an issue In order that the
exact status of the countrys investments
ing market has been chilled and the interest
of the public has had another damper put
upon 1t. The various pools were forced to
take round amounts of stock during the day
in order to support prices.
The trading In Southern Pacific was very
heavy at declines varying from 2 to 31s
per cent from last nights prices. Around
t4 the pool seemed to get control OF the
market and held it well after the midday
decline Union Pacific was under pres
sure, but was given inside support.
Reading shares opened under pro-
nounced pressure from speculative ac-
counts, but hereto inside support was
given. The western railroads of the better
grade were sold for a time. but there was
good buying in them from commission
houses. st. Paul was sold down by specu-
fative holders. but Went into strong hands
at the decline.
Tennessee Coal and iron was opened
down 31a per cent. but was taken in hand
by the pool and given fair support
The steel stocks reflected the heaviness OF
the market, but were not permitted to re-
act substantially. Sugar was bought upon
the presumption that Congress would re-
disturbance would not extend to 1t for the
present at least. The closing was dull and
unsettled, but with the market well under
the control OF the conservative element