The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-02-21
CLOCKS, BONDS
- - AND MONEY.

NEW YORK, Feb. 20-The announce
| ment by the attorney general Of the
| United States that he believed the North
ern Securities company infringed the an
| THRUST law, and that he would file bill
+ In equity in the supreme court, in accord
ance with instructions from the president
TO test the question, overshadowed all
other considerations in the stock market
/ this company by all spectators, and, in
/ deed, all holders of securities, was vivid
| " 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 exchange
| which is directly included in the Sc
| curities company. Yet the whole market
| fell away sharply under heavy hquida-
| ton, with only a few unimportant eX-
ceptfons. The stocks of the transconti-
mental companies were naturally most af-
fected, as the formation of the Northern
Securities company represented an effort
to harmonic conflicting interests in that
field. Great Northern preferred lost 6A,
Nerth-W estern ~, Rock Island BIS, st.
Paul 35s, Union Pacific 81 and Southern
Pacific 27s Elsewhere in the list losses
generally ran from to points, and con-
siderably over that in many exceptional
cases On the curb Northern Securities
when issued dropped over 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 specu-
lator in stocks, especially the professional
trader, is deeply imbued with the con-
yiction that all his woes are the out
growth of the conflict for Northern Pa
cific control last year, and that it is only
necessary for the REIMBURSEMENT to be
made of the situation pTecipitated at that
time for the stock market to resume all
the buoyancy and speculative furore that
was interrupted by the May panic. For
some time there has been a deep-rooted
conviction among the spectators that
the supreme court would throw out of
I'm, TO- cIIit AGAINST the legal
ity of the Northern Securities company
There has been an assumption also, when
was carefully fostered in the interest
of revival of speculation, that the pup
lie opposition to financial combinations
was more apparent than real, and that a
demonstration of the public utility of
these combinations would secure them
against interference even where techni-
eally open to construction of illegaHty.
This mornings announcement from
Washington was therefore rude shock
to adj of these optimistic sentiments that
has been carefully nurtured in the imam
cial district The selling movement swell
ed the dimensions Of the trading during
the first hour to volume equal TO a run
DAYS business during the recent past
Prices declined sharply, and the market
looked semi denoralized. Heavy selling
for European account added to the Dur
den of the market, and at the same time
created a sharp demand for exchange,
which Increased the threat OF gold eX-
ports. Wherever prices had been moved
up recently on the presumption tnat pans
were in prospect for combinations OF ex-
listing properties along the lines of the
Northern Securities company, the effect
was especially marked. as in some OF the
coaIers and the Gould Southwesterns. The
early excitement was succeeded by COM
narrative quiet Liquidation proceeded,
but in a more orderly manner. Buying
for support occasionally rallied the mar
xet. but It was discontinued at recoveries,
and the sagging tendency revived. rms
course was continued up to the Close 9saa
which was active and easy. but not at the
lowest for any important stocks.
There was enormous selling 60, OF 4 some Ene OIL
the speculative bonds, especially the Ma
hash Cebenture Bs, Baltimore & ONO
conyertibles, Union Pacific convertibles
and Consolidated Tobacco As, which leu
from to 2 points at one time In the
general bond list there was no pressure
of liouidation, although slight declines
We're the rule. Total sales, par value
United states IS advanced Y, the re
funding Is IS, the IS "A and the old As
u per cent on the last call.
Stocks.