The Minneapolis journal., 1903-04-11
English Spelling Reform.
In the World of Bushes.

Were it not for the fact that the New
York Stock Exchange adjourned on Thurs
day for a three-day Easter holiday, it is
probable the week would have closed with
severe declines in many securities. For
stunately for the street and for the bulls
. in stocks, the decision of the federal court
in the case of the United States against
the Northern Securities company came out
near the end of session marked by
strength and general advances in prices.
In the liquidation following the announce
ment. Of the decision nearly all stocks lost
the earlier gains and closed lower than
the previous day, while in the stock di-
irectly affected, the loss was severe.
Altho the decision must have come
as a painful shock to the group of great
j capitalists who planned the attempted
merger, it's effect had been in good part
anticipated. The merger defenders had
long since abandoned the policy of stand
ing pat upon the assertion that the op-
position had no case; but while still hold
ing to this contention, had prepared for
the possible effect upon Wall street of an
Eunfavorable decision. For the benefit of
any who might overlook it. or the posi-
BILE few who might not understand, it was
explained that no purchaser Of Northern
Securities stock could lose his equity in
Great Northern Northern Pacific stock,
whatever might be the decision. Only the
+ day before the finding of the court was
made public. the newspapers printed in
& formation supposed to- come Indirectly
from an official source, giving an outline
of the probable plan Of procedure in the
event of decision against the company.
BY this plan of keeping the matter fresh
and giving the general impression of pre-
paredness for whatever might, come, fear
was allayed the shock lessened and the
theless. this decision, the most important
for many years, has hit the bulls hard
especially so since it comes close upon a
number of other factors recently devel-
oped, all operating for price depression.
Whether or not further declines in stock
prices will follow the reopening on Mon
day is uncertain. Wall street, in any
event, is the better off for having three
days in which to mediate upon the de-
C1SlOn, anu the TACT Lldue Clear Dy that
there is a limit to everything. It is likely
that this will mean the holding up of other
huge schemes of nature somewhat akin
to the defeated merger, and likewise af-
fected by the decision, and the utter aban-
donment of other colossal plans of con-
solidation now In embryo
The air is blue in Wall street these days
Mr. Morgans published interview Of last
week has been widely discussed, and to-
day sentiment is depressed by the term
..1ndigested securities just as a year age
the street was all agog over the term
Community Of interest" Since there has
now been bear market for consider
able period, and prices, Of all securities are
low compared with former levels, 1t has
been argued that Europe is likely to come
in. soon as heavy buyer. This is pro-
foundly to be wished, but the comment II
the London and Berlin press upon Ameri-
can market conditions does not indicate
that much money for investment will be
received from these centers for the pres
enL Too many giant corporations have