The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-02-20
WALL STREET
is DISTURBED
Sensational FURRY Is Created
by Report
That President Roosevelt Has
Told Attorney General
To Proceed Against Northern
Securities Company.
UNLOADING BEGINS.
A Rapid Decline in Many Rail-
road Stocks Follows.
Bankers Are Disposed to Dis
credit the Report.

New York, Feb. 2O.-There was a SEN
sationaI furry in the stock market this
morning, which proved how disagree
able surprise President Roosevelt had
given the speculative world by his in
structions to the attorney general to
begin proceedings to test the legality
of the formation of the Northern Secu-
rites company. The stocks of the
transcontinental railways bore the chief
brunt of the process of unloading
stocks, as they are most Immediately
concerned in the project represented by
the formation of the company. Great
Northern preferred is the only stock
still listed on the exchange which is
Immediately involved in the company,
and the first sale of that was 51s lower
than last night. However, Union Pa
cific St. Paul. Northwestern and
Southern Pacific always show close
sympathy with the affairs of the North
ern Securities company, and all of them
dropped sharply, Union Pacific losing
31s, St. Paul and Southern Pacific Us.
The weakness was by no means con-
fined to this group. The wide breaches
in value among the southwesterns and
in Reading as we'll as in high-priced
and the local fractions was fair indi-
cation of how confident hope had been
cherished that the supreme court next
Monday would dispose of the Northern
Securities uncertainty and relieve The
stock market from that repressiye in
huence.
Generally speaking, the first prices
were the lowest and the bear party was
evidently a factor in offering stocks at
as low level as they dared. with the
purpose of uncovering margins and dis
lodging stocks. Support for the market
was prompt and powerful. The buying
on this account had to absorb very
heavy offerings for a time without any
indication of a check to their flow. The
evident fact that confident buying was
going on. relieved apprehension. how
ever, and the selling became less urgent.
The bull interests were then able to bid
up prices again and the market rallied.
The recoveries by no means restored
prices to last nights level but improve
ments of from to points were scored
by some of the principal active stocks.
The buying then decreased again and
prices yielded, but the market became
much Quieter-
GREAT THING FOR MINNESOTA.
ST. Paul. Feb. 20.-Attorney General
Douglass said today:
Both the governor and myself are
elated over the dictum of President
Roosevelt and Attorney General Knox
in taking up the fight on the merger.
1t will not interfere in the least with
our suit. 1t will be on broader and diff
ferent lines. There is another advan-
tage. The federal authorities have much
broader jurisdiction than we have in
this state. We were limited to par
ties other than citizens of Minnesota
We could not proceed under the Sher-
man law, either. The federal authori-
ties have the widest jurisdiction. They
can bring in the court the Northern
Securities, Messrs. Hill. Morgan and
everybody else connection in any way
with the merger.
1T is a great thing for the state that
the federal authorities have taken up
the merger"
LONDON MARKET AFFECTED.
London, Feb. 20.-The condition of the
money market here was practically un-
changed today except that discounts
We're a shade harder.
Most sections of the stock exchange
were quiet, the depression in Americans
monopolizing attention. Heavy selling
began early for both local and New
York account, on the opinion of Attor-
ney General Knox in regard to the
merger of the Northern Pacific and
Great Northern railways through the
medium of the Northern Securities COM
pany. The transactions exceeded any
recent weeks business and most stocks
We're soon a dollar two below parity.
The decline progressed throughout and
prices closed weak with some above the
were sympathetically lower. ConsoIs
were easier. Home rails We're irregular.
Spanish IS were weak on the riots at
barcelona. KafiirS were at first cheer
full and a respectable business was done
in those securities. but they relapsed on
realizations and the latest war news.