The times. [volume] (Richmond, Va.) 1890-1903, 1902-02-21
Announcement from Washington
Was q Shock 10 Spectators.
PRICES DECLINED SHARPLY
Buying for Support Occasionally Rallied the
Market, But SaggiGs Tendency Revived.
Tic close Active aud Easy,
But Not at Lowest.
(By Associated Prcrs.)

NEW YORK. Feb. 2o.-The announce
mcnt by The Attorney -ceaCial OF the
United States that ne believed the North
ern Securities Company :nfrinGed the an
Il-truSt Jaw and that nc WOULD nie n D!ll
in equity in the Supreme Court, IN accord-
uncc with instructions from the President
10 test the question, oSerSGadowed ali
other considerations in The stock market
Today. The acute interest manifested in
this company by all spectators and in
deed. by all holders of securities, WIS Wv
idly demonstrated by the effect on the
stock market, and WIS the more notable
since Great Northern preferred is the only
stock remaining listed on the Exchange
which is directly included III the Sccul1-
ties Company. Vet the wnoie market tell
away sharply under heavy liquidation,
with only few unmportant exceptions.
The stocks OF the Transcontin cntai COM
JanieS were naturally most affected, as
The formation of the Northern Securities
Company represented an EFFORT TO har-
lnontZe conflicting interests IN tnat icir
Great Northern preferred lost Ga: North
western ~ Rock Island. 5ls; St Pau,
IS: Union Pacific. 81, and Southern Paci-
lie rs Elsewhere in the list losses gem
orally ran frcm l TO points, and consid-
cra5ly over that in many exceptional
cases on the curb Northern Securities,
when issued, dropped over :. points me
direct CONCERN OF such Il Nariously assort-
cd lot of securities in the welfare OF
Northern Securities Company Is not very
obvious, but the average Spectator. IN
Stocks, and especially the professional
trader is deeply imbucd with the con-
Nietion that ali his woes are the out
growth of the conflict for the Northern
Pacific control last year. and it is oniY
necessary for the reimbursement OF inc ar
lsaneynrleilt made at that time for the stock
market to regain the buoYancy maj was
Intercepted by the May panic.
For some time there has been a ceeP-
rooted conviction among spectators tIlaL
the Suurcnc Court was TO throw out OF
court Minnesota's suit against the legal
ity OF the Northern Securities Company.
This mornings announcement rom
washington was q rude shock 10 the opll-
llistic sentiment that had been caTclniiy
nu!turcd in the financial district. me
selling movement swclled the dimensions
Of the trading during the first hour TO Il
volume equal 10 a fun day 5 business
during the recent past. Pr!ccS decllned
sharply and the market looked Semi-de-
1noralized. Wherever prices had been
moved up recently on the presumption
that plans were in prospect for cCmhna-
lions of existing properties along the hneS
of Tho Northern Securities Company. inc
effect was Extraordinary. the CoalerS ana
The Gould SouIhweSternS being influenced
] Humiliation proceeded, but in 2 more or
DERBY manner Buying for support occa-
sfonally rallied the market, but IT WAS
discontinued at TccoyerieS, and the sag
;-i.lg tendency revived.
This course was continued up 20 Inc
close which was active and easy, but not
M the lowest for any important Sioc-.
There was enough selling OF some OF 'ile