The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-16

wEpNKspAY.Ap IS.

"WEDNESDAY. April IS.
Almost invariably after such demoraliza
ton In any security market as was witnessed
upon our Stock Exchange last Monday,
rally In prices follows. After the rally
comes a period OF proht-taking sales by
the spectators who had the courage te
buy stocks when they were very weak
At such times, too. stocks are sold by those
who bought them previously for the pur'
pose Of supporting the market; while as
the rally has largely been made by the
towering Of contracts for the fall. the
extinction OF these commitments places
the market IN q weaker position from a
speculative point Of view than It was before.
Such period ia, therefore, one OF market
test and trial. II the conviction prevails
that the -low prices have been seen and
that the unfavorable factors that have
depressed the market have worked their
utmost harm, outside buying power Is
usually attracted. and a distinct upward
movement in prices begins. II on the
other hand. no such buying power mani
tests itself and prices begin to sag and
waver, experienced observers usually hes
| itate to form conclusion that the bot
tom figures were touched upon the previous
| IAN ouT stOCk HiaTkets OueTeu SuCh q
test to-day. and views az to its results at
the close OF business on the Stock FIX
change were divergent London prices
came slightly higher and the market was
| firm in the fore part Of the day. But after
midday, transactions fell on and the market
became very sluggish. indicating that so
! far, at least. the neutrality-suspicious. -outside'
buying power had not been stimulated.
H.. o. ,,t. L. -
vance the prices Of the securities in which
they were especially interested, and indeed.
1t must be said that the supply of these
stocks seemed at all times in the market
to-day greater than the demand for them.
In the last hour the market was depressed.
apparently by reason Of it's own weight
The announcement that the lessees Of the
Manhattan Elevated Railway system had
rejected the demands Of the trainmen en-
ployed upon the system for nine hour
work-day, the inference being that strike
OF these employees was imminent. undoubt-
eddy had much to do with the decline.
At the close of business Information
was still lacking upon the exchange as to
whether a strike upon the elevated railway
system actually was or was not probable.
but the general impression was that II a
strike did occur 1t could only be considered
as an unfavorable market factor, because
the excitement attendant upon it, not to
speak Of the very great local inconvenience
caused by it, would emphasize the I'M
pleasant and disastrous aspects Of the
present labor situation, which have latterly
been quite forgotten in the tumult over
the Northern Securities affair. The SEEM
ingly endless demands Of labor unions. each
one being more extortionate and oppressive
than the foregoing and calculated to de-
prive the stockholders in all business enter
prises OF the larger share OF their just profits,
have long been regarded by conservative
people as one of the most serious features Of
the present industrial and financial situation.
II, indeed, 1t must not be accorded the first
place among these evils. Market specu-
lators have been. up to the present time,
inclined to view the matter comparatively
lightly, because most Of the demands Of the
labor unions have been compromised, and
the usual riots and other disturbances
consequent upon them have not been seen.
All these compromises. however, have
resulted In financial loss to employers; and
those upon whom is laid the responsibility
Of the management Of business concerns
suffer no illusion as to the harm that Ia
being done.
Wall Streets interest in the much dis
cussed Northern Securities matter CEN
tired to-day in tie question Of the pay
ment, Of dividends upon Northern Securi-
ties stock pending the final appeal Of the
case to the United States Supreme Court.
1t is untrue. of course. that the appeal Of
the Northern Securities Company In itself
acts as a stay of the decree against the
company granted by the United States
Circuit Court Of Appeals. The grant Of
stay is in all cases a matter Of discre-
ton with the court. and is settled by motion
and argument. like any other court pro-
ceeding The consensus in the financial
community seems to be that the court
will unques.ionably stay all that portion
Of the decree providing for the winding
up Of the Northern Securities Company-to
refuse to grant this would be to Illustrate
the entire purpose Of the appeal. But
opinion is not so certain that the court
will allow he Northern Securities Com
pany in the meantime to distri ute cash
to it's stockholders. 1t has been suggested
that the powerful interests back Of the
company might themselves advance the |
money to pay these dividends, but it must |
be considered as improbable that they |
would care to assume the financial risks |
involved In such an undertaking. Particu- |
larly active and strong stocks to-day in |
the early trading were the United States
Leather, Baltimore and Ohio. Missouri Pa |
cifc and American Sugar Refining issues.
The activity Of the same pool In the Leather
stocks that began a stoc; market cam !!
paign therein two years ago. the very |
reports OF earnings OF the Balti- |
more and Ohio and Missouri Pacific roads |
FOR March and February respectively. and I
a slight advance in the pric, Ct refined
sugar by the Arbuc<le company accounted
for all these movements. All these stocks
were. however. as weak as the others at
the close OF the market The Reading
shares seemed to be specially subject
10 pressure. upon he theory that the COAL
producing and coal-carrying companies
we're likely to be the next object Of Govern
ment attack. and that formal investiga-
ion Of these companies by the Interstate
Commerce Commission WAS in fact about