The Washington times., 1902-02-21
Railway Stocks Break and
the Market Declines
Generally.
THE ADMINISTRATORS PART
Effect of New Suit Over
Northern Securities.
CLOSING MORE STEADY
Foreign Houses Begin Selling. and
Severe Drops Are Hccordcd-Rni-
lies in the Last Hour-Copper aud
Sugar Hold Firm.

lies in the Last Hour-Copper aud
Sugar Hold Firm.
NEW YORK. Feb. 2o.-This morning.
Wholly unexpected intelligence that the
Administration at Washington intended 70
intervene in the litigation testing The Io-
gality Of the Northern Securities Com
pany might be cited as the exclusive fac
tor in today's dealings in the market for
securities
1t was evident that the speculative con-
munity at large had no jnR'ine or The
policy of the Federal authorities from tHe
s,,,agth and animation which developed
in the dealings Of yesterday. Except. ia
decd as eyidencing the total ignorance
of a number of active and powerful opera
tors> the rise in prices in the last hour
yesterday had. indeed, no special sjsuid-
carre.
That movement, however. resulted N The
creation of weak and timid bull ac-
count. and it was doubtless partly in con-
sequence thereof that today's react.ouary
movement attained the proportions dis
played
Not Healthy Condition.
There were no complaints 10 be heard
today in respect Of activity. and the days
total transactions footed up q large aC-
gregate. but to employ one Of Wall
Streets favorite phrases. the activity was
at The expense Of values.
1t has been 4 long time indeed. since
the speculative community has suffered
such 4 sudden and severe shock as it did
this morning, when it was ascertained
that the President had directed the Attor-
ney General to bring an action to test the
legality OF The organization of the North
ern Securit!eG Company. under the pro-
visions OF the Sherman antitrust act OF
1850
Wall street Nervous.
In fact. Wall Street showed rather posi-
tive symptoms of actually losing its head
over this news. As was TO BE- expected.
the Street took an entirely personal view
of The natter. and expressions Of resent
ment We're coupled with those OF surprise.
an3 in unmeasu~ed terms.
Stress was lai1 upon the point that the
Supreme Courts decision in the applica-
ticn Of Minnesota to bring suit before
that body against the Northern Securities
Company is expected en- Monday. and
astonighment was expressed that the Ma
tional Administration should announce its
intention Of bringing an action against
the company in the meantime.
viii Establish n status
Little more can be said of the pending
action of the Federal authorities at the
moment than that it viii establish for all
time legal status for the Northern Sc
curities Company and for all similar en-
terprises. Il is unfortunately possible
that there may be no final decision for
months to come
On the other hand, Wall Street would
do well to bear in mind that no matter
what the final decision in the action may
be, no property rights will be destroyed
and no property will be confiscated.
Changes in form may be necessary, but !
so long as the Northern Pacific and
Great Northern lines 90 on earning money
ioT their owners, there IL no ground for |
such acute apprehension as was apparent |
today.
The London stock market had several !
hours the advantage Of New York in re- /
gard to this, and the early cables showed !
declines In American stocks. which ex- |
tended in extreme cases TO . points and /
over.
Foreign Houses sell.
Foreign houses sold very heavily dur
Ing the morning. disposing of upward Of
10000 shares OF the Internationally listed ,
stocks, in which cases some of the days |
most severe declines were in consequence
scored. The heaviest dealings in the rail-
way list were in Southern Pacific. Union |
Pacific. St. Paul, Atchison. Missouri Pa
Gifts. Pennsylvania, and the Reading
stocks.
Texas Pacific, the Wabash issues, and |
the other Gould stocks naturally broke |
badly. as ii was believed that tine action /
Of the Administration would result in an |
indefinite pOstponement of the mooted ,
plan 10 bring those companies unGer joint |
corporate control
There were likewise particularly sharp |
declines in Great Nrthern preferred Rock |
Island and in the curb market in North
ern Securities stock. With the exception |
OF Chicago and Alton all OF the recently |
active railway specialties also reacted !
sharply, although in the general crcum-
stances of the market 1t is hardly neces-
sary to particularizc with regard 10 spe-
cial movements.
Among the miscellaneous issues there |
were particularly severe losses in Ten |
nessee Coal and Iron, Colorado Fuel and |
Iron, Consolidated Gas. and General Elec- |
trio, but the tendency OF these stocks |
seemed TO be wholly in sympathy with |
that OF the railway list.
Stendier at the Close.
The market became much less active |
with the course of the business session |
and developed steadier tone with a |
number of sharp recoveries appearing, |
particularly in some OF the specialties. |
The Wheeling and Lake Erie issues raj |
lied very rapidly, as In the bond market |
did the Wabash debenture BIS. Sugar Re- |
fninR and Amalgamated Copper showed |
some 1rmness throughout the day.