The Montgomery advertiser., 1903-04-14
WALL STREET. REVIEW
rIoRrHEnN SECURITIES MoNoP.
 oLIzE THE MARKET.
As Soon as tho Course of the Stock on the Curb Become Known Drastic Liquidation
 Was Begun.

| NEW YORK. April i3.-An other issues were thscured In today's stock market by the con
 at ,hs ,,s 1 sne s,n,, ses,on assios. .ns 'esany rently the speculative community had worked itself into an assurance that the decision might not vitaiiy affect the standng of the comp.ry or any rate the intrinsic value of the cons,itu- ent clements of tho company would be un .rn- paired un1tr the decision. As the London Stcck Exchange remained closed today. the To- cal ma, ket opened again without any oppor-
 tlnity for impress ions om that quarter The
 tied tone in the early transactions. but de-
 termfned support manifested was effective in
 checking the first decline In fact. s,me
 opening. This % appearance of issstins power
 caused alarm amongst the bears for fear that
 the effect of the decision has been exhausted In the sharp selling movement Of last Thurs day The ample time given since then to ma
 ture plans for the protection of the market d0 of S 6
 operations were all on the biyiug side Al first. As soon as tho course of Northern Securities however prices on the exchange began to ciumbe. With the exception of short intervals due tc o'casiolai bear covering, the right of the day was given up to drastic liquidation. The rnarket rallied late in the final hour on the taking of profits by iocm shorts. but the prices turned downwards again. closing only a fraction above the lowest The days de- cffnes :aneed ell the way from to points Tor tie leading active stocks and extended to nearly 20 pointr on some exceptional cases. To enumer ate in detail the losses below this figure would fill needless amount of space. Spe- cial weakness was perceptible in stocks in- voived in prospective plans for merger. or which was supposed to be vulnerable to legal process under Thursdays judicial decision. The large decline in the Gould group, St Louis and San Francisco. Union Pacific. the rail- roads available for the expected Southern se- cufities Company. she anthracite coalers and Pennsylvania and It's affiliated companies were traceable to tho anxteties aroused by this decision Northern Securities itself made sue Car ln al price at 94N. The course of the stock neu-. tralixed all the reassuring expressions which had been busily circulated by many, important day It could not be learned that the banks were making any discrimination against .............. in which this stock figured as col lateral. There was DO pressure, In fact. by on call could be had from per cent. down ward throughout the day. Stock brokers, how ever, were making urgent calls for additional margin and the violent decline in prices brought calls from "A banks for additional col lateral loans. There was large forced l- quid8tion in consequence of successive drops in. prices. It was clear from the action of the market that deep-sested fears are entertained decision can be applied in upsettng all pos sible arrangement for avoidance of destructive rate-cutting and competition and obetructing the process of combination of capital and the nients since Thursday: such as the extraordi- nariIy favorable Government report on the Winter wheat crop, gross earnings Of rail ways for the first week in April and the S22.- tic products. were totally ignored in the pre- vsiing disorder due to the Northern Securities case.
 The bond market shared in the weakness of stocks. Total sales tpar vaiue). s2.ei5,o ,ooo United States bonds were all unchanged on the last call.