The Birmingham age-herald., 1903-04-14
VERY FEVERISH
 AND UNSETTLED Determined Support Checked the Declines at First BEARS ARE STILL TIMlD With the Exception of Short Periods, Due to Bear Covering, the Day Was Given Up to Drastic
 Liquidation.


 were obscured in todays stock market by the consideration of the decision against the Northern Securities company. Ap- parently the speculative community had worked itself into the assurance that the decision might not materially affect the standing of the company. or at any rate the intrinsic value of the constituent ele- ments of the company would be unim- paired under the decision. As the Lon don Stock Exchange remained closed to- day the local market opened again with out any opportunity for impressions from that quarter. The result was an extreme ly feverish and unsettled tone in the early transactions but determined support manifested later was effective in check ing the first decline. In fact some prom inent stocks started upwards from the opening. This appearance of resisting power caused alarm amongst the bears for fear that the effect of the decision had been expressed in the sharp selling movement of last Thursday. The ample time given since then to mature plans for the protection of the market and for the passing of the impulsive period of alarm added to the timidity of the bears and their operations were all on the buying side at first.
 As soon as the course of Northern Se- curities stock on the curb became known however prices on the exchange began to crumble. With the exception of short in tervals, due to occasional bear covering, the right of the day was given up to drastic liquidation. The market rallied late in the final hour on the taking of profits by room shorts, but the selling was renewed at the high level and prices turned downwards again, closing only 6 fraction above the lowest. The days de- cllnes ranged all the way from ? to points for the leading active stocks and extended to nearly 20 points in some ex- ceptional cases. Wells-Fargo dropped 1912 Great Northern preferred. Lacka- wanna and American Express 10, St. Louis and San Francisco SA, Reading 5A, Baltimore and Ohio and New Haven 5. To enumerate in detail the losses be- low this figure would fill a needless amount of space.
 Special weakness was perceptible in stocks involved in prospective plans for merger or which was supposed to be vul- nerable to legal process under Thursdays judicial decision. The large decline in the Gould group St Louis and San Francisco, Union Pacific, the railroads available for lnt e4pecLeu southern 6eCuTlIleS com pany, the anthracite coalers and Pennsyl- Yania and It's affiliated companies were traceable to the anxieties aroused by this decision. Northern Securities itself, which closed on Thursday after the pub lication of the decision at 1031s, made successive downward plunges to 94 just before the close with the last price at 94A. The course of the stock neutralized all the reassuring expressions which had been busiy circulated by many import ant interests in the financial world since Thursday. It could not be learned that the banks were making any discrimina- tion against loans in which the stock figures as collateral. There was no press ure in fact by banks to reduce outstand- ing loans and money on call could be had from per cent downward through out the day. Stockholders, however, were making urgent calls for additional mar gin and the violent decline in prices brought calls from the banks for addi- tonal collateral on loans. There was large forced liquidation in consequence of drops in prices.
 The favorable developments since Thursday, such as the extraordinarily favorable government report on the win ter wheat crop, gross earnings of rail- roads for the first week in April and the $220O0, 900 increase In March exports of domestic products were totally ig- nored in the prevailing disorder due to the Northern Securities case.
 The bond market shared in the weak ness of stocks. Total sales par value $2- 91500o. United States bonds were all un- change on the last call.
 Another drive against prices was made on the "curb' just before the close. Northern Securities sold down to 94 on further offerings by stock exchange brok- CTS and closed at 94%d95. Steel bonds sold off to S3, a decline of ? per cent and the preferred stock of the International Mercantile Marine Co. changed hands in fairly large lots at 341s a decline of 37s from last weeks closing prices. Later this same stock was freely offered at 34 with no sales.
 On the stock exchange the market was feverish and heavy but closing prices were slightly above the lowest.