The age-herald., 1902-02-22
STOCK MARKET HAS
 OVERCOME SHOCK At Opening Trading Was Heavy and Was Soon Stagnant RALLY TOWARDS THE CLOSE How Far the New Turn of Affairs In Northern Securities Case May
 Affect the Market Is Diff
 ficuIt to See.

New York. February 21.-The action of the stock market this morning demon strated conclusively that speculative sen- timent had overcome the shock caused by yesterdays unexpected announcement of the proceedings against the Northern Be- curities Company. Stocks held on mar gin and by timid holders had apparently sold out yesterday and the forced liqui- dation completed there was very little need for supporting orders in the mar ket this morning It was generally sup posed the stocks bought yesterday for support had been unloaded on the rally as insiders gained confidence that no serious break was impending.
 At the opening the market was heavy but by the second hour the selling had fallen to such a small proportion that the market was practically stagnant. At the same time there were points of resistance strength as the day progressed and led a substantial rally which placed prices quite generally above last nights close. The issuance of the bank statement seem ed to be the turning point. The cash item was very practically unchanged in- stead of the expected decrease of over a million dollars and the restriction of the loan expansion to less than $6,0O000O re- assured the sentiment that credit re- sources were being taken up too hastily. The call money rate eased off to 2 per cent under the showing of the bank state ment and the reduced requirements for lot xrn nf forced liquidation and the development of strength in number of stocks drove the shorts to cover A report that J. P. Mor- gan had gone to Washington to confer with President Roosevelt gave room traders comfort. The Colorado and Southern stocks became very strong at the last on volume of dealings unpre- redented for the market Their gains reached points or better Good dividend prospects were alleged as the reason for the advance. Chicago Indianapolis and Louisville also rose 3A and the preferred 1A on reported dividend prospects.
 Amalgamated Copper was cratic, ris- ing at one time over point but closing practically unchanged. Manhattan also failed to hold its gain of 1h. Northwest ern recovered 1% of yesterdays loss. United States Rubber stocks were strong. Outside of these the striking gains were in less prominent stocks. Renewed strength in the exchange market cor roborated the expectation that more gold will De exported next week.
 Bonds were rather dull and irregular. Total sales par value $2,3S5,000.
 The announced determination of the authorities at Washington to take steps against the Northern Securities Com pany on the ground that 1t was formed in violation of the sherman antitrust law of 1890 upset the stock market on Thursday and superseded every other consideration. Previous to that time there had been a dull and spotty market, with individual stocks advancing sharply and the general undertone firm. This was due to the disinclination of holders to sell as much as to cause any marked de- mand for stocks. How far the new turn of affairs in Northern Securities may ul- timately affect the market is difficult to foresee. There were substantial interests at work and the most of them were large buyers of stocks in the furry of Thurs day while the sellers were almost wholly the spectators on margin, some of them of unimportant character, The rule, how ever, that substantial 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 permanent holding was apparent.
 New York Stock Market.