Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-13
Bear Raid on Stocks Was
Successful.
WHOLE LIST WEAK
BREAKS OF AS MUCH AS FIVE
POINTS.
The Decision in the Northern Secur3,
ties Case Responsible for
the Slump.
Special Dispatch to The Evening Star.

| Special Dispatch to The Evening Star.
NEW YORK. April 13.-There was 80
London stock market today. and conse-
ouently no quotations from that center to
influence our opening prices one way or the
other. The initial dealings in the local
stock market averaged somewhat lower
| than the closing figures Of Thursday last,
but the out-of-town selling orders induced
by pessimistic feeling over the Northern
Securities decision. were quickly absorbed
at the start and the market after ten min
utes' trading developed a strong tone, with
recoveries in all the active shares.
The largest early loss was in the Reading
issues. ~ down, on the theory that the
holding companies in the anthracite group
would be upset by the ST. Louis decision.
Tennessee Coal and Iron lost Y per cent.
pennsylvania, Louisville and Nashville,
Erie, st. Paul and Sugar all lost on an
average of y per cent in the initial deal
| fngs. while the Steel shares declined Y per
cent. Union Pacific was barely steady
around 80. against closing price OF 9OH on
Thursday. Southern Pacific was irregular
lower than at the end Of last week.
Brooklyn Rapid Transit was conspicu-
ously firm at the opening, while Manhattan
ana metropolitan were about unchanged
from last week.
Amalgamated Copper lost u per cent at
the start, but rallied with the general
market until about 1880. In this recovery
| average Y and some over per cent on the
5000 support accorded the ust after the
| opening declines.
bears became active sellers Of the general
list, and prices yielded easily. The early
| support was not In evidence at this time
| and the reaction that set In carried the
| opening figures. The most aggressive sell
Ing was in the Reading issues, Union Pa
| cific Pennsylvania and In New York Gem
trail: There was also a good deal Of activ-.
| tty In Southern Pacific and Louisville and
| Nashville. which Is also expected to come
under the ban Of the Northern Securities
decision IN regard to q southern holding
company. which was talked Of during the
Louisville and Nashville hearing in New
York about month ago.
Up to noon the market continued to show
weakness, the selling increasing In force
after the first hours trading with very
little support in evidence. The active shares
gave way under this pressure for stu fur
Their declines averaging from to per
cent. The declines In Union Pacific. Rock
Island, st. Louis and San Francisco and
the copper shares were directly traceable
to the northern securities decision. The
stock OF the latter company on the curb
declined about per cent on the renewal Of
liquidation in that stock.
AT noon prices In majority Of active
shares were fractionally below the low
level reached about two weeks ago, and
H.
and with q general nervousness predomi-
mating among the room traders and the
brokers in the street. Delaware. Lacka-
wanna and Western sold at 242 against $50
at the close on last Thursday.
In the early afternoon trading the market
continued to show great weakness. The
heavy Hqufda ton in the Atchfson stocks
was attributed to a large and influential
interest In those securities, which in order
to protect themselves elsewhere in the
market unloaded good deal Of the stocks
of that company. There was also heavy
western professional selling for the short
account. The houses usually active in the
Gould issues did not seem much concerned
over the decline in that group Of stocks and
appeared for the most part willing to see
them take care of themselves in the weak
speculation
The best information obtainable on tue
anthracite stocks dscredited the rurnors of
an attack upon the Temple Iron Company
and the coalers it represented by the fed
doneral attorney.
In the absence Of any London speculation
there were no arbitration dealings, but fer
eign houses were noticed as free purchasers
on the decline to cover outstanding short
contracts Although trading was not as
active in the early afternoon, this Is likely
to be close to the record. SO far as total
dealings are concerned, as up to the noon
hour 81, 100 shares were traded in. while
$1,215,0O represented the amount OF the
bond transactions.
weak with liquidation Of long stock still
going on and good deal of pressure from
the bear interest, who are in fine spirits
over the success they have had in cover
ing shorts without difficulty and in putting
them out again with confidence.
No was willing to give an opinion in
the weak and unsettled condition of the
speculation how far this decline is likely
to CO. and there appeared to be a scarcity
Of bargain hunters in the street at the
lower levels.