The Montgomery advertiser., 1903-04-10
WALL STREET REVIEW
DECISION STOPS THE UPWARD
 MOVEMENT.
Governments Victory in the North ern Securities Company Case a Blow to the Bull Element
 in Wall Street.

 nouncement of the decision in the Northern Securities Company case today threw the stock market into commotion and put a sudden end prices There have been vague fears for some time recently that the stock markets would have to face reverse in an unfavorable de- ciston to the company in this case, but anxiety had apparently subsided for the present and Il was clearly not one of those developments which was expected during the Easter holidays Early in the day the weight of apprehension was, in fact, heaviest the bear party in stocks as was manifested by their disinclina- tion to leave commitments of the short side open over the holiday. A steady demand te cover shorts had lifted prices to the high leve of the day at about | o'clock. . which time net. net gains in practically all of the principal ton to cover shorts was due for the most par, to the prospect that the banks would make q favorable statement of conditions on Saturday. while the stock markets of the world are closed for the Easter holidays. The banks have already gained since Friday S74I ,ooo on
 msted to siv an1 Sro ,ney yhs are sn,sr,o something more than a million dollars in the same time. In view Of this prospect the nored. being attributed to the special demand to carry. over the triple holiday. Late in the day after the market had been broken by the money rate Hurried to 10 per cent Sterling exchange advanced several points and dis countu rose in London. leaving the future course of our own money market open to some question. A violent recovery in raw copper in London led to large buying of Amalgamated here. There were signs of distress among the shorts in Sugar and there twas a notable de- rnand for the Pacincs and the United States Steel stocks. All these things helped to give tone to the early market The collapse after the Northern Securities decision became known was correspondingly violent. Northern Securi- ties itself. after having sold at lo6h on the curb, dropped to Io2S, with final rally to the first decline, but was heavily sold after ward. its position being considered peculiarly affected by the decision by reason of the Southern Pacific litigation St. Louis and San Francisco dropped 4x. refecting that the Rock Island deal would be prevented. Penn syivsna and New York Central Central were ss also new lowe level on the present movement. The whole market rallied substantially at the last steady The notice of appeal in the Northern Securities case was cited as an argument to allay apprehension. but the sweeping character of the decision and the unanimity of the court had discouraging influence on those who hope for a reversal.
 Bonds weakened in sympathy with stocks. Total sales (par vaiue), S2. 465 900.
 The stock market has been exceedingly mar row and wholly professional during the week. The fluctuations have been irregular at times, but prices worked to a higher level generally before the late break today. The approach of a three days holiday had the inevitable effect of curtailng speculative operations. The pub of the Southern Pacific pool ha5 been an ad- ditional oppressive influence. The dissolution of the temporary injunction against the voting of the Union Pacific holdings of the Southern Pacific seems to have met expectations of the speculative contingent. but that party seems to have failed entirely to take account of the obvious probability of an appeal of the case and a consequent suspension of the question with the issue. The indefinite postponement of the annual meeting of the Southern Pa cifc leaves the present control undisturbed and relieves the apprehension of the disturbance which would result from an upset of that con- trol But the prospect of ong-drawn-out iit- hntA n rhinU questions of rights of ownership and control of stocks of railroads by competing railroad holders of stocks. There Is some fear that the decision in the Northern Securities case may have a bearing on a final decision in the Southern Pacific case and may also affect the status 0 fmany other holdings by railroad companies acquired in the course of building up a community of interest in the railroad world. The disposition of the large pool hold ings of Southern Pacific stock offers so many
 possibilities as to inspire caution in market commitments. The term of the pool expires on Friday and the general belief is that it will be dissolved. How far it's holdings may then be released fo rsale nthe market, to what extent this marketing may have all ready been anticipated by short selling. what extension of financial facilities may be avail able to members of the pool, who desire to retain their holdings, are all questions which are the subject of varying surmises and of various opinions and to the influence to be exerted the general speculative situation. The stimulating effect upon speculation which was hoped for from the seasonable relaxation of the money situation has been neutralized by these considerations. The easing condition of money has been manifest '. all the world s money markets and has served to relieve the recent persistent pressure of liquidation, but has not ntirely ended it. A feature of the weeks market has been the notable declines from previous sale prices caused in various dormant stocks by the effort to market small quantities of them. There some active liquidation of United States Steel securities induced by the report of a decrease in the net earnings for the past quarter of nearly S2,- COG, 900 compared with the first quarter of last -ear. The corporations new per cent. bonds showed a low record price at 83% on the curb but the extraordinary showing of earnings and the productive power con n'ained in the annual exhibit of the company served as a counter acting influence and the large increase in gross earnings of railroads for the fourth week and month of March, which reached from 20 to 30 per cent. for some of the leading systems of the country. The labor situation a rather disturbing element still, especially the disputes in the anthracite region over the interpreta- tion of some classes of the Strike Commissions s award. but the adjustment of the Wabash wage dispute and the conciliatory attitude made by the structura liron workers had a reassuring effect. Amalgamated Copper has been under pressure supposed to be due to a reactionary tendency in tho copper martn'
 The bond market has been dull and neglected and irregular in the movement of prices. United States 2's advanced h per cent. the 3's coupon 12 per cent, the & registered A per cent. and the old As l per cent. The new 4s registered leclined A per cent and the new 4s coupon lk per cent. compared with the closing call of last week.