The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-04-14
STOCKS AND BONDS.


New York. April 13.-AM other issues
were obscured in today's stock market
by the consideration OF the decision
against the Northern Securities com
pany. Apparently the speculative COM
munity had worked itself into an assur-
ance that the decision might not vitality
affect the standing OF the company or at
any rate that the intrinsic value of the
constituent elements of the company
would be unimpaired under the decision.
The London stock exchange remained
closed today, the local market opened
again without any opportunity for inn
pressions from that quarter. The result
was extremely bearish and unsettled tone
in the early transactions but determined
support was manifest and was effective
in checking the first decline. In fact,
some prominent stocks started upward
from the opening This appearance OF
resisting power caused alarm among the
bears for fear that the effect OF the de-
cision had been exhausted 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 We're ~
on the buying side at first As soon as
the course of the Northern Securities
stock In the curb market became known.
however. prices on the exchange began
to crumble With the exception Of short
intervals due to occa sional bear cover
ing the rest % the day was given 10
drastic liquidation. The market rallied
late In the final hour in the taking Of
profits by room shorts but the selling
was renewed at the high level and prices
turned downward again. closing only
fraction above the lowest The days de-
clines ranged al the way from 70 :
points FOR the leading active stocks and
extended TO nearly - points in some *
csptional csses weils-Farg0 declined
1871 Great Northern preferred. Lacka-
wanna and American Express 10 ST
Louis and san Francisco So Reading 81.
Baltimore and Ohio ard %ew Haven S.
To enunerate IN detail the losses below
this figure would I'll a needless amount
O. space. Special weakness was p-rcepti-
BE IN stocks involved 70 prospective p4ans
TOR merger or which are supposed 20 b.
vulnerable - legal process under Thurs
DAYS judicial decision. The large DE-
cllues IN the Could group. 81. Louis and
san Francisco. UBioa Pacific. the rail-
roads available for the expected south
ern Securities company. the anthracite
coaIers and Pennsylvania and its af3ii-
ated companies we're traceable 10 the
anxieties aroused by the dscisiou. North I
ern Securities Itself which closed On
THURSDAY after the publication Z The
decision ~ 800. made successive down /
va-d piunEes fust before the Close. with
the last prices ar $50. The course -
this stock neutralizsd all the reasssring F.
expressions which had been bgsiiy cir-
cf.iated b. many important interests r.
the financial world THURSDAY Il could
not b. learned that the banks were max /
Ing any Discrimination against loans r.
which this stock agares as collateral I
There vas TO pressure III fact ~ The
ranks 20 reduce outstanding loans ani !
r-unss On call could b. had frsrs s pr
cent downward dsTsnx TIE day. STICK
brokers'. however. we're making urzsas
calls for sriditicnsl margin ard tfs vio-
Ieut decline IL prices ssossght calls fr0z
the banks for asgdifi87sai- eogiztersi en
4N4EA& H." So SO . Sttt+-f4 80 =.saa
tloa il Consequence q siaceeszfEi drops
n E-ires- L vas eieaT from me zc,2oa !
az the market rat cfsg s=ats1 tears 2-s
enterzzfns.5 = TIE g@nRrh 20 ~aiea r.
Sor.bern Securities ssciston can b sa-
piled r. upsstEinE 81 possible sTrznss- /
raenss f5- avoidance q obstructive rats /
cutting AID co-nvefitAen ard - osssr1ct- 4
luz Ire process q cszasr-srle1 4 c4sstsl &
and the rssslss1x ecoaonsez- TIE SzvoFs
anss xsTerurzszt repSTr al tn EtateT i
What crop. gross esrz-sgs = rsi2zaEs I
fcr gke a-st week II AprH ard - r.
s,sas5 iacresse N xsreh exporfs q 60
rse~-sc prosacts were Totally lsusrsg 81
IRE rrersEl1r dissr9<r dss = sse EaTss- 4
err S-rarIsias ezs~
TIE tsozs market shsr~a "a ~ say i
ssss q stocks Tst@3 sz5es. Far Talss- 4
3. s. ss1 izL.zsd States a-sar3s ~sss ~ 4
zrcHznEs5 CT fae szxf czA
Ths sale q ssoo4s TO-DAY q ~ Sss
Vera stock eEcE4zxs. LS5sIs saGsG.