The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-21
FINANCIAL AVID coMMERcfAL.
MONDAY. Anil ..

Judge sanborn In the United States Circuit
Court at st. Paul to-day. allowing the
Great Northern and Northern Pacific rail-
road companies to pay dividends to the
Northern Securities Company. and also
allowing the Northern Securities Company
10 distribute this money In the shape Of
its own dividends to it's own shareholders.
the greatly discussed Northern Securities
affair will. In all probability. pass from
the public mind and from the arena. espe-
cially Of speculative discussion, until II
comes for hearing before the United
States Supreme Court six or eight months
hence. The decision az given was, Of course
wholly reasonable. Even upon the ex-
treme assumption that the Northern Sc
curities Company will eventually be dis
solved and division made Of It's property
among those who own II. the dividends
distributed by It in the regular order Of
business before that event will Be no other
than q preliminary distribution OF assets.
and II Ii fair to the entire community that
such financial disturbance as would be
caused by tying up these dividends pending
a Anal adjudication OF the case should be
averted II possible. II would seem a.
II II might also be considered a certainty
that no further Government prosecutions
of corporations under the Sherman act
win be undertaken pending the appeal
Of the Northern Securities case. That
appeal was fled at 81. Paul to-day. Wall
Street may. therefore, turn its attention
to those questions Of daily and ordinary
importance, such a. the earnings Of rail-
roads. the condition of the growing crops.
the rates for the use Of money and the other
considerations which, under normal cir
cumstances, affect the course Of the stock
market.
The history OF to-day's marke. il simply
that Of the hopes and fears in Wall Street
over the result OF the application made
at st. Paul by the counsel for the Northern
Securities Company, colored, however. by
the steady impulse now present in the
market toward higher prices. Tho gen.
eral expectation In the Street before the
decision was announced was that the APP
plication OF counsel would be refused.
and under this impression prices slowly
declined in the flrst three hours Of business.
The decline was also assisted to some ex-
tent by the knowledge Of the serious III
ness OF prominent capitalist. Upon the
announcement Of the news from 81. Paul
prices. In whiri Of excitement. rose from
1 to 8 points. Then the market quoted
little. but in the last half hour again be-
came very strong. 90 that tho leading
day and at good gains Of from d to q Q
share over the prices made at the Close
Of the market on Saturday. In the early
trading the shares Of all the traction COM
panies were an exception to the general
market weakness, while the Reading stocks
wore especially pressed for sale because
OF . passing Misunderstanding that has
arisen between some Of the Reading miners
and their employers regarding the terms
OF the ruling made by the Anthracite Coal
Strike Commission In the matter Of hours
Of labor on Saturdays. and also under the
mistaken notion that the Investigation Of
the alleged discrimination In coal frsight
charges, which il to be begun BY the In
Commerce Commission IN this city
during the week, has something 70 do with
supposed violations Of the Anti-Tfust law.
Although al stocks rallied about equally
after the news from st. Paul became pub
lie, Missouri Pacific and Baltimore and
Ohio were especially strong and were, in
fact, tho leaders Of the day's market, a.
they have been during the past week. The
go A~in. L. -.
1900. "a .hs n.o.s,s. ~. H.
In -. - a.,,, ~ - 49,
,n.auSh,,. a. 49, ,,,.s,,e ~ S
that an enlarged distribution Of profits
W. -, .. 80. "a 49,. oo.aSN.. !.
,ne - u ..."..S ~ .SS -, !. may
70 .~a, ".s. ~ ~ ~ ,,. ae
".-.,~' $3.50. c"
ol u "op -. o.u on'on.
osUsa u~' 80 .not ,e Te o.
s.rens.h oh sno vuo, M a No'nern
oecul,.'ee s.oA so.u :, o~ - ~ oe,ore
tho ehsr y, .ne oI'no'n SoouINses
aecas'oh IN Aao .nosn; ine Pnce
oounoeu 70 n I'M NE. .''eI .ne
puonca"oh. 'en on WIN INC ret OF .ne
maike.' ou' c'0'oo ~ 'As' ~ ne~r'' inc
ngne' ns
Inv en- ~ ~ 'ne uAy .
for sixty and ninety days, at ~ per cent.
for six months and at ~ per cont for eieht
months. Most Of the days call loans