New-York tribune., 1903-04-15
STOCKS FALL IN LONDON.
DECLINE HERE THE CAUSE
Reaction Erpected-Euphrates TaI-
ley Ras3roa6-Ihe Iron Market.

ccopyr-ehr: ,sas: BY The Tribune Associsticn1
London, April Is. a. m.-The effect of the
Northern Securities decision vas not felt here
owing q the holidays until Yesterday The
downward movement In all American railway
stocks was the direct result Of the collanse in
fhA New-York and Chicago markets. the de-
ol.nes in values closely corresponding. Opera
to-s tumSled over one another toward the close
O. business in their eagerness to learn the open-
ing prices across the Atlantic Notwithstanding
the heavy fall In American stocks there were
no signs of uneasiness. much less Of panic nor
wss there anything like rush TO sell railway
securities Some of the coolest operators as
suned that the bottom had been reached end
that there would be a sharp reaction Two
grounds for this expectation We're first the IA
vorabe reports on American crops and general
business. which offered assurance of an increased
railway traffic and dividends, and second the
inherent probability that Mr. Morgan and other
great capitalists would promptly devise some
method Of escaping the consequences of the ac-
zion Of the courts in the Northern Securities
case. Another similar argument in the Street
was based on the probable effect of the decision
in preventing further mergers and fresh issues
Of watered stocks
The more depressing view Of the bearish
specUia1ors was grounded upon the impractical
hility q working up a bull movement in Ameri-
can stocks when capitalists were loaded up
with unmarketable securities and embarrassed
by the magnitude of their own imitation opera
tions
Tie once blessed name OF Mesopotamia is no
longer & conjuring word in England. The prac-
tical Interpretation placed by financiers and
leader writer's the revelations from Berlin.
Paris and Constantinople respecting the Eu-
pirates Valley railway TO Bagdad and the
Persian Gulf is that British money is needed
for completing the German and French invest
nent The energy with which the railway n
terprise is attacked indicates a general appre-
hens;on lest Lord Lansdowne and Mr.. Bafour
have already committed the government to n
other German intrigue. The opponents of the
railway scheme urge that the only possible ad-
vantage TO England from the extension of the
Anatolian railway would be saving of two or
three days in the delivery Of ma lis to india. and
hat this is not worth the 20 per cent of capital
for the enterprise which British investors Will
be asked TO supply. Subsidies for fast mail
steamers 20 India and the heavy reinforcement
Of the British squadron in the Persian Gulf are
considered TO be better investments than
railway through Mesopotamia. which would in
evitahly be source Of complications.
Queen Alexandra yesterday paid visit last
irg two hours to Professor Finsen's institution
for the treatment of lupus by electric light.
This item from Copenhagen lends color TO the
statement made by The Manchester Guardian
yesterday that when the report of the cancer
commission appears il will be found to recon-
mend the electric treatment.
4 new departure has been made by the Cunard
company in connection with the passenger traf-
fc The Aurania left the Mersey yesterday
arriving only second and third class passengers
These travelling second class enjoyed the ac-
connodation previously reserved for the first
class This system will hold in all Tuesday
sailings from Liverpool TO New-York. II is gen
ersIlv understood that il is the second class ana
storage passenger traffic which pays the steam
shin companies and the new departure is likely
70 be an economy and also an inducement TO the
more profitable classes of passengers TO patron
ize the Tuesday service
Indications are multiplying that America Is
re longer IN need of British pig iron. and has.
indeed. ceased TO be a buyer It is now num-
he- Of weeks since the Cleveland market booked
an order from the United States and. though
occasional shipments continue 70 be made. theE
are Invariably in fulflment Of old orders or oI
nrolonged contracts secured last year
l. N F.