The Birmingham age-herald., 1903-04-15
BUYING TO COVER
 WAS VERY URGENT Downward Course Was Turned
 by Influential Support BONDS RALLIED SHARPLY Very Little Attention Was Given to Any Recovery During the Day.
 Principal Stock Closed 1 to
 2 Points Above monday.
BONDS RALLIED SHARPLY

New York, April IA. - The downward course of stock prices was turned today by influential support in the face of con- tinued heavy liouidation at the opening When the heavy outpour1ng of stocks was once stopped the bears began 10 LOOK about for stocks to cover their short con tracts. Tn the early stages of the recoV- cry this was done in a very leisurely and indifferent manner, but toward the end of the day the buying for bear account to cover became decidedly urgent The turn against the short account was fur thered by the circulation of rumor just before the close that several alternative plans of reorganization for the Northern Securities company had been devised and would be laid before the authorities at Washington with the purpose of compro- missing the governments suit against the company by arranging a status to con- form with the law, and thus avoid an ap- peal of the case to the Supreme court. As soon as this story could be brought to the attention of the dominant power in the Northern Securities company it was promptly denied, but this denial did not reach the floor of the Stock Exchange before the close, so that the alarm of the bears was unallayed. Previous to that time there was marked decrease In the volume of business as previously shown and little inclination to follow the ad- vance on the part of buyers.
 The tone of the market during the open ing struggle between the two speculative parties on the exchange was extremely feverish and irregular. the bidding up of prices being constantly met with heavy selling, while at the decline the buying orders were executed with increasing de- termination. A substantial recovery in Northern Securities on the curb at the opening and subsequent relapse to near last nights level had quick sympa- thetic response on the Stock Exchange, and a final recovery to about 9S made the steadier tone of speculation on the eX- change. Final prices of the principal ac tive stocks were from 1 to over points above last night.
 London did its first trading in stocks this morning since the announcement of the Northern Securities decision, and the break in Ameiioons there this morning although violent, was net sufficient to bring prices down to last nights closing level here. The opening decline here therefore offered inviting opportunities for buying on abitrage account, and Lon don took about 50000 shares on that ac- count With the rally in prices there was a characteristic change in the stock mar
  cision and it's consequences. confident assurance was indulged in that Northern Pacific and Great Northern had not been involved in destructive competition be- fore the formation of the Securities Com pany and were not likely to enter upon 1t with the possible dissolution of the corporation. It was recalled that the company was a holding device to facili- tate control, rather than to avoid compe- tition. With the present conditions there is not much solcitude felt about orders over night, even where an effec- tive minority holding constitutes the con trol. It has become doubtful also whether recently contemplated mergers would have been completed in any event by reason of the eongested condition of the securities market. It is considered ques- tionable in view of latter developments whether even the Burlington purchase would be pushed to a conclusion, if it re- mained to be done at this time. The ex- treme alarm regarding the consequences of the Northern Securities decision which was so prevalent yesterday, was thus quiet today. Very little attention was given to any consideration of the days recovery
 Bonds rallied sharply in sympathy with stocks. Total sales par value s. 245, ,00O United States bonds were all unchanged on the last call