The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-04-21
STOCKS AND BONDS.

New York. April 20-There was hesta-
ton and irregularity in today's stock
market This tendency Was attributed
in the early part of the session to the
dread that the United States Circuit
court at St. Paul would refuse the petit
ton of the Northern Securities Company
to modify the decree against the com
pany pending the appeal so az to allow
the payment of dividends by the Northern
Pacific and Great Northern Companies
to their stockholders. The general ex-
pectation in Wall Street was that the
petition would be refused and the uneX-
pected decision in favor of the modlhca-
tion caused a prccipitate buying move
mcnt in which the short sellers OF the
morning were conspicuous. This ad-
vance met opposition before it had pro-
cceded far and prices were carried back
wards again. after which the market
hung practically stagnant for time
The professionals bid up prices again at
the last to the top and the market closed
steady with a showing Of net gains reach
ing a point or over for number of the
conspicuous leaders. Todays modifica-
tion of the decree in the Northern Sc
curitics case leaves the situation of the
company practically unaffected until the
Supreme court shall have decided finally
the questions at issue. In the fear that
the petition would be denied Northern
securities on the curb sold down to 947s
this morning, which is only a fraction
above the lowest price in the slump of
last Monday. On the rebound the stock
touched 99A Its reaction of over a point
was a dominant influence on the reten-
tion in the stock exchange. 1t closed at
80 with continuing effect on the general
market,
The early stock market luctuated uncer-
tainIy between the contending influences
of the strength in the Gould group and
the weakness of Reading. The seeming
agreement of both sides to the Manhat-
tan labor controversy that a settlement
was assured and the published rumors
| that a compromise had been effected OF
| the differences between the Pennsylvania
and the Wabash interests were jointly
| responsible for the market strength III
| the Gould group, in which Manhattan
was the leader with rise Of "a. The
| depressing factor against Reading was
the Investigation by the Interstate
| Commerce Commission to open tomorrow
| Of the coal combination, which is expect
| ed to furnish material. which may be
! available for use in proceedings under
the antitrust law. The lockout report
| cd al the Reading collicries owing 10 .
dispute over the Saturday hours for worl
| helped to depress Reading and some OF
| the other coalers and the Pennsylvania
| group lost ground in sympathy. In th'
| late recovery Union Pacific st. Paul
| New York Central, Baltimore and Ohio
| and the Gould group were conspicuous
| The growing case of money was~an en-
I couraging factor for the bulls. The hon'
market was dull but quite steady Las
weeks dealings in bonds reached an ag
gregate in the par value of S15. 445, 500
which is a decrease of no less than q
per cent compared with the correspond
ing period of last year. Total sales (pal
value) $2,4S5,00O.
United States IS coupon and the oil,
As declined u per cent. The new As ad
vanced 4 per cent on the last call.
Total sales OF stocks were $500
sshares, including Atehison 2a,490i Bslti