The Washington times., 1902-01-14
WALL STREET
IS UNSETTLED.
Ruling in Northern Securi-
ties Case a Factor.
ENTIRE GENERAL LIST SELLS OFF.
Railways Affected by ContrndIctor,
Reports of Supreme Courts Dcci-
sion - Atcbison Debenture issue
Causes Siump-Lackau uanna,s id
vance-IndustrialsH Heavy.

NEW YORK, Jan. 1G.-Wan Streets
knowledge of legal procedure is not very
extensive, and the conflicting nature of
the advices from Washington today in re-
gard to the opinion handed down by the
Supreme Court in the Northern Securities
case served only TO confuse its notions as
TO the status Of that matter.
The only clear conclusion the street was
able to reach. from the contradictory
Washington dispatches, was that further
consideration of the status of the Securi-
ties Company by the courl has been de-
ferred for two weeks. and this OF Itself
was sufficient TO lead to a general and
material decline in prices.
Unsettled by Lack of Certainty.
1t was plain that the actual merits CT
the case had not been touched upon, and
il has been deemed certain for the past
week or so that the Supreme Court would
grant permission to the Minnesota State
authorities to bring an action against the
Northern Securities Company. Specula-
tive sentiment was naturally further
unsettled by the continuation of uncer-
tainty in this important matter No
further progress toward the settlement
of the business can be undertaken Ger
tainly for two weeks ard possibly for
an indefinite period thereafter. The rul-
ing of the Supreme Court was at all
events an additional straw added TO the
burden of weight the market is now car
rying.
Ruling Sells Market OF.
Prior to the announcement of the rul-
ing the market had been dull and depress-
ed. and 1t sold off quite rapidly shortly
after midday upon the announcements of
the courts opinion. Otherwise new in
fuencrs were niirely missing from the
trading, and the speculation followed the
general influences which were effective
during last week.
Western houses were heavy sellers of
the general railway list. and scattering
liquidation by commission houses and by
the several pools which have been active
in particular stocks was noted.
Mcney Easy. Excbnn~e .:1.-.
The money market continued easy and
sterling exchange was somewhat firmer
Gold shipments to Paris were reckoned
among the probabilities of the latter part
of the week.
lar stocks the weakest feature OF the
railway list was Atchison common, which
WAS pressed for sale en- the formal an
nouncement of the offer of $50 000. GOO de-
bcnture bonds for various purposes, which
were generally adversely criticised.
ST. Paul and Union Pacific were also
weak, as they usually are when the cause
of the Northern Securities Company meets
with any appearance of check. Great
Northern was only nominally dealt
in, but in the curb market Northern Sc
curities was weak. There were no other
movements of interest in the railway list
apart from an early smart advance in
Lackawanna.
Entire List Weak in Sympathy.
The miscellaneous stocks were general !
ly weak in sympathy with the railway /
list, although Amalgamated Copper was
but little affected by the announcement of /
a further serious reduction in the selling 3
prices of its product. Sharp declines I
were shown in Pacific Mail and in Cen !
eral Electric. /
In the industrial quarter Sugar Refining .
was dull and rather heavy and the /
United States Steel stocks were weak In .
some quarters the tendency of the latter !
was regarded as due to the severe losses
of President C. A. Schwab at Monte Carlo. |