The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1902-02-26
4 BLOW TO The TRUSTS.
Effect of Presidential Order On
Change.

New York, February 2o.-The an
noncuement by the Attorney General
of the United States that he believed
the Northern Securities Company in
fringed the anti-tru law and that he
would file bill in equity in the Su-
preme Court, in accordance with in
structions from the President, to test
the question, overshadowed all other
considerations in the stock market to-
day. The acute interest manifested
in this company by all spectators and
indeed all holders of securities was
vividly 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 Stock Exchange which is directly
included in the Securities Company.
Yet the whole market fell away sharp
" under heavy liquidation, with only
few unimportant exceptions The
stocks of the trans-continental COM
panies were naturally most affected,
as the formation of the Northern
Securities Company represented an
effort to harmonize conflicting inter
ests in that field. Great Northern pre-
ferred lost 81, Northwestern 734;
Rock Island 511s; st. Paul 35s; Union
Pacific 81. and Southern Pacific 27s.
Elsewhere in the list losses generally
ran from l to 8 points and consider
ably over that in many exceptional
cases. On the curb Northern Securi-
ties, when issue, dropped over 3
points. The direct concern of such
variously assorted lot of securities in
the welfare of the Northern Securities
Company is not very obvious, but the
average speculator in stocks, and
especially the professional trader, is
deeply imbued with the conviction
that all his woes are the outgrowth
of the conflict for Northern Pacific
control last year, and that it is only
necessary for the readjustment to be
made of the situation precipitated at
that time for the stock market to
resume all the buoyancy and specula-
tive Juror that was interrupted by the
May panic. For some time there has
been a deep rooted conviction amongst
the spectators that the Supreme
Court was to throw out of Court Min
nesota's suit against the legality OF the
Northern Securities Company. This
mornings announcement from Wash
ington was rude shock to the optim-
istic sentiment that has been carefully
nurtured in the financial district. The
selling movement swelled the dimen-
sions of the trading during the hrst
hour to volume equal to a full days
business during the recent past. Prices
declined sharply, and the market
looked semi demoralized. Wherever
prices had been moved up recently on
the presumption that plans were in
prospect for combinations of existing
properties along the lines of the North
ern Securities Company the effect was
especially marked, as in some OF the
coalers and the Gould Southwesterns.
The early excitement was succeeded
by comparative quiet Liquidation
proceeded. but in more orderly man
ner. Buying for support occasionally
rallied the market, but it was discon-
tinued at recoveries and the sagglng
tendency revived. This course was
continued ur to the close, which was
active and easy, but not at the lowest
for any present stock.
There was enormous selling OF some
of the speculative bonds, especially the
Wabash debenture BIS, Baltimore and
Ohio convertibles, Union Pacific con-
| vertib bles and Consolidated Tobacco As,
which fell from to 2 points at one
time. In the general bond list there
was no pressure of liquidation, al
though slight declines were. the rule.
Total sales, par value, s5,720, 900.
United States 2's advanced q, the
refunding 2's g, the 3's Il and the
old As per cent on the last call.