New-York tribune., 1902-02-21
BONDS
THE DAYS OPERATIONS IL STOCKS.

The stock market. which closed huoyanty on
Wednesday. opened yesterday in "A demorahzed
condition. and continued more or less deranged
throughout the day. The early collapse in val
ues was severe. hut there was subsequent par
tial recovery. The final figures, nevertheless
were considerably below those Of Wednesday,
The state of the market at The close was weak,
but its aspect was not forbidding as at the
opening The cause Of the disturbance was the
announcement Of the proposed suit to test the
legality Of the Northern Securities Company
which holds control Of the Northern Pacific ana
Great Northern railroads. 1t was because the
announcement came as a surprise, rather than
because of the suit itself. that CONSERVATION as
created In the speculative centre. There had
been a belief all alonG that some form Of pro
ceedings would he instituted to test the validity
Of the merger If the Northern Pacific and Great
Northern. as effected by tho Securities company
no matter if the United States Supreme Court
should deny the request Of the Attorney General
OF Minnesota for leave TO bring a suit for that
purpose.
The stock of the Northern Securities Company
Is not dealt in on the Stock Exchange, but In
stead in the outside market It suffered consid-
erabIy in price, but there were any number Of
stocks dealt in on the Stock Exchange that suf-
fered more. For another thing. the transactions
in the stock Of the Northern Securities Com
transactions in the stocks Of other corporations
on the Stock Exchange. Therefore. the cOnse-
ouences Of the upset in the market were small
50 far as the stock Of the Northern Securities
Company was concerned. Aside from the North
ern Securities matter. there was no specially
unfavora BILE development in The situation. While
it was impossible 70 forecast the bank statement
which is this week to be issued to-day or one
CAV earlier than usual. it seemed TO he the
opinion that the statement. contrary to eXpecta-
tion earlier in the week would he somewhat un-
favora BILE. Money was not offered quite so free
ly on call hut all requirements were, neverthe
less readily met. and there was no increase in
rates Sterling exchange remained firm. No
engagements of gold for export were reported.
Three stocks in which there pressure to
sell. with a material decline in price, were
Union Pacific. Southern Pacific and St. Paul
For some time there had been reports vague in
nature. of scheme for a securities company
like the Northern Securities Company. which
should hold control of these roads and. possibly,
in addition. Rock Island. The stock Of the last
named road only lightly dealt in. but II
receded more than the others in price.
Much Of the selling of Southern Pacific was
on orders from London. The liquidation in all
the stocks on the so-called active list was heavy
and It supplemented by extensive sales for
the short account by the professional element in
the market. There was outpouring Of the
Reading stocks. and particularly of the COM
mon and second preferred for both Of which
there recently had been a steady demand Most
of the stock sold said to have been taken
by interests identified with the property. The
United States Steel stocks displayed resistance
in a pronounced degree TO the adverse cond-
tlons prevailing. There a slump in Tennes-
see Coal and Iron, although there was buying
for the pool which is said to exist in the stock.
The business in bonds the heaviest thus far
this year The largest dealings We're in Wabash
debenture Bs and Union Pacific convertible As