Omaha daily bee., 1902-02-21
NEW YORK STOCKS AND BONDS.
Affected by AttOrney-GeneraI's Die
tum in Northern Securities.

NEW YORK, Feb. 20.-The announce
ment by the attorney general of the United
States that he believed the Northern Sc
curities company i%nfringed the antitrust
law and that he would file a bill in equity
in the supreme court, in accordance win
instructions from the president, to test the
question. overshadowed all other eonsidera-
lions i'm the stock market today. The acute
interest manifested in this company by all
spectators, and, indeed, all holders OF Sc
curities. was wildly demonstrated by the
effect in the stock market, and was the
more notable since Great Northern pre-
ferred Is the only stock listed on the eX-
change which is directly included in the Sc
fell away sharply under heavy liquidatlon'
with only a few unimportant exceptions.
The stocks of the transcontinental COM
panies were naturally most dfected, as
the formation of the Northern SECURITIES
conflicting interests in that field. Great
Northern preferred lost 81, Northwestern
"a, Rock Island 81, st. Paul Sss' Gmion
where in the list losses generally ran from
/ to 3 points and considerably over that IN
many exceptional cases. on the curp
Northern Securities, when issued, dropped
over 3 points. The direct concern OF sucn
a variously assorted lot OF secuTites IN
pany is not very obvious, but the average
Speculation in stocks, and especially tne
professional trader, is deeply tmbued with
the conviction that all his woes are the out
growth of the conflict for Northern Paclnc
control last year, and that II Is oniy nSec tho
situation precipitated at that time 1or tne
stock market to resume all the buoyancy
and speculative furore that was interrupted
nv the May panic. For some time there
has been a deep-rooted conviction among
the spectators that the supreme couIt
against the legality of the Northern Securl-
ties company. There has been an assump-
ton also, which was carefully fostered IN
the interest of a revival OF speculation,
that the public opposition to financial com,
binations was more apparent thar Ieai ana
that a demonstration of the pubic uInlty
OF these combinations would secure them
against interference even where technlcaly
ins's announcement from Washington was
therefore a rude shock to all OF these OPP
timistic sentiments that have peeh az
fully nurtured in the financial district. Inc
selling swelled the dimensions OF the TRAD,
ing during the first hour to q volume equal
to a full days business during the recent
past. Prices declined sharply and the mar
| ket looked semi-demoralized; Heavy sell
ing for European account auaso 10 Ine u Jme
| created a sharp day for exchange, Whlcn
! created the fear of gold exports. Mherever
presumption that plans were in prospect of
combinations of existing properties alons
the lines Of the Northern S fS mp1srEeSS' as
| In some Of the coalers and the Gould SOUTH
westerns. The early excitement was sue
/ ceeded by comparative quiet. Ilquloauon
| proceeded, but in a more orderly manner.
/ Buying for support occasionally raiheu tne
market. but it was discontinueo at rSG ~
This course was continued up TO the Close,
which was active and easy, but not az tne
lowest for any important stocks, There
was enormous selling of some OF the spec
ulatIye bonds, especially the WaDasn Ds'
baltimore & Ohio convertibles, Union Pa
| cHic convertibles and Consolidated Tobacco
In the general bond list there was no
pressure Of liquidation, although slight de-
ciines were the rule. Total sales, par
value, IS, 1000. United States prices al
vsnced y, the refunding % y, the 80 a and
the old 4s V per cent on the last G nr,c., on
,ha Kew York Stock exchange: