The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-10
STOCKS IN CONNECTION
DEMORALIZlNG EFFECT OF NOR
THERN SECURITIES DECISION
1t Puts a Sudden End to an Upward
Course of Prices-Money Rate Goes
to 10 Per Cent-Market Rallies in
the Closing Hour.

NEW YORK, April 9.-The unex-
pected announcement of the decision
in the Northern Securities case today
threw the stock market into commo-
ton and put a sudden end to a dull
but prosperous upward course of
prices. Early in the day the weight
of apprehension was in fact heaviest
on the bear party in stocks. as was
manifested by it's Discrimination to
leave commitments of the short side
open over the holiday
A steady demand to cover shorts had
lifted prices to the high level of the
day at about l o'clock, at which tins
net gains in practically all of the prin-
cipal stocks ran from l to 2 points.
This disposition to cover shorts was
due for the most part to the prospect
that the banks would make a favora-
BILE statement of condition on Satur-
day, while the stock markets of the
world are closed for the Easter holi-
days. The banks have already gained
since Friday $741, 600 on subtreasury
operations, and they are estimated to
have received from the interior some
thing over $1,000,O00 in the same time.
Advance in Money Rate.
In view of this prospect the firmness
of call money today was rather ig-
nored, being attributed to the special
day. Late in the day, after the market
had been broken by the news of the
Northern securities decision. the money
rate Hurried to 10 Der cent. Sterling
exchange advanced several points. and
discounts rose in London, leaving the
future course of our own money mar
ket open to some question.
A violent recovery in raw copper in
London led to large buying of Anal
gamated here. There were signs OF
distress among the shorts in Sugar.
and there was a notable demand for
the Pacifics. st. Paul and the United
States Steel stocks. All these things
helped to give tone to the early mar
ket. The collapse after the Northern
Securities decision became known was
correspondence violent. Northern
Securities itself, after having sold at
1O6 Is on the curb dropped to 1O2 3-S
with a final rally to 1913 IL, closing 104
bid. Union Pacific resisted the first
decline, but was heavily sold after
ward, its position being considered pc
culiarly affected by the decision by
reason of the Southern Pacific litiga-
ton. st. Louis & San Francisco drop
ped IA. rejecting the fear that the
Rock Island deal would be prevented
Rally at the Close.
Pennsylvania and New York Cen
trail were also heavily sold, the former
touching 134 3-8, a new level on the
present movement. The whole market
rallied substantially at the last on COW
ering by shorts and closed dull but
steady. The notice of appeal in the
Northern Securities case was cited as
an argument to allay apprehension but
the sweeping character of the decision
and the unanimity of the court had a
discouraging effect on those who hope
for reversal.
Bonds weakened, In sympathy with
stocks. Total sales, par value, $2,465.-
900.
The stock market has been exceed
tngly narrow and wholly professional
during the week. The fluctuations have
been irregular at times, but prices
worked to higher level generally be-
fore the late break today The ap-
proach of three-day holiday had the
inevitable effect of curtailing specula-
tive operations.
The bond market has been dull. neg
lected, and irregular in the movement
OF prices. United States Is advanced
IA per cent, the 3s coupon 1-2 per
cent. the IS registered ga per cent,
and the old As 1 per cent. The new A.
registered declined IA per cent and
the new As l IA per cent, as compared
with the closing call of last week.
Closing List