The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-02-21
WALL STREET REVIEW
KNOBS AMENDMENT CAME AS
A SURPRISE
Fight Against the Merger Of the
Pacific Railroads Overshadow-
ed All Other Considerations
in the Stock Market.

NEW YORK. Feb 2o-The announcement
by the Attorney-Ge Of the United States
that he believed the Northern Securities Com
pany nfringed the antitrust law and that he
would nle bill in equity in the Supreme Court
in accordance with Instructions from the Pres
ident to test the question, overshadowed all
other considerations In the stock market today.
The acute interest manifested in This COM
pany by all spectators and. indeed. all holders
Of securities was WILDLY demonstrated by
the effect in the stock market and was the
more notable since Great Northern preferred
is the only stock remaining listed on the Ex-
change which is directly included In the Sc.
curities Company, Yet the. whole market fell
away sharply under heavy liquidation with
only a few unimportant exceptions. The stocks
OF the ans-continental companies were ma
Northern Securities Company represented On
effort to harmonic conflicting interests in that
Roch 81 Paul
3%, Union Pacific 3A and Southern Pacific
IN. Elsewhere In the list losses generally ran
that in many exceptional cases ON the curb
Northern Securities (when issued) dropped over
3 points. The direct concern of such va
riously assorted lot of securities in the well
fare Of the Northern Securities Company is
not very obvious, but the average Spectator
in stocks and especially the professional trader
is deeply imbued with the conviction that all
his woes are the outgrowth of the conflict for
onv Sr tss @
be made OF the situation precipitated at that
time for the stock market to resume all tn.
buoyancy and speculative furore that was in
| terrupted by the May panic. For some time
there has been deep-rooted conviction
amongst the spectators that the supreme
suit against the legality Of the Northern Sc
| curities Company.
There has been an assumption also. which
was carefully fostered in the interest OF
| revival of speculation. that the public oppo-
sition to financial combinations was more
apparent than real and that demonstration
| of the public utility of these combinations
would secure them against interference even
where technically open to construction OF HE
gality. 49,.
ington was therefore rude shock TO all OF
\ this optimistic sentiment that has peen care
fully nurtured in the financial district. Inc ne
the trading during the first hour 10 volhme
equal to a full days business during the re-
cent past. Prices declined sharply ana . .me
ing for European account added to the BUR
den of the market and at the same time
created a sharp demand for excnange mnno an
prices hal been moved up recently on tne
presumption that plans were in prospect ior
Combinations of existing properties along the
lines of the Northern Securities Company the
effect was especially marked as in some OF
the Ccalers and the Gould Southwesterhs
The early excitement YVES succeeded py CON-
parative quiet Liquidation proceeded, put IN
a more orderly manner. Buying for support
occasionally rallied the market But IL Wa
discontinued at recoveries and the sasghs
tendency revived. This course was continueo
up 70 the close, which was active ana easy
but not at the lowest for any important stocks.
There was enormous selling OF some OF t S
speculative bonds especially the wabash de-
benture BIS Baltimore and Ohio convertible:
Union Pacific convertibles and Conso'ldated
Tobacco AS which fell from to points
at one time. In the general bono nst ,nsss
was no pressure of liquidation, although siignt
declines were the rule. Total sales (par Vaiue)
$500 600 United States SIS advanced p;
the refunding 2s R. the SIS ana the o'o
as II per cent. on the last call