The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-04-14
ENorthern Securities the One
Thought Of the Market.
No GUIDE FROM LONDON |. u. D I.
THE s a es We're Feverish at the Open
4 Ing. but a Determined Support
Checked First Decline Drops Re-
corded from Twoto Five Points.
.f1,v Assoc,n ted Press J

An TX
NEW Y DIRK, April 1S.--All other is-
N sues we're obscured in to- days stock mar
ketgbyl the consideration Of the decision
4fagains the legality of tho Northern Sc
" Iurities Company. Apparently the spec
n hlAtive community had worked itself into
Eli Ii, assurance that the decision might not
& vitality affect the standing Of the com
n pany, or at any rate that the intrlnsuc
value Of the constituent clements Oh the
SS5 com pany would be unimphired under the
81 decision. As the London stock Exchange
& remained closed to-day. the local market
S opened again without any opportunity TOT
Il Impressions from that quarter. The re-
4 Hult was an extremely feverish and u =
H settled tone In the early transactions. but
IL determined support was manifest and was
y effective In checking the first decline
Il IN fact, some prominent stocks started
upwards from the opening. This appear
Y. anoe OF resisting power caused alarm
amongst the bears for fear that the Of
/ seot Of the RECESSION had been exhausted
Il In the sharp selling movement OF last
u Thursday. III
The ample time given since then to ma
xure plans for the protection Of the mar
II ket and for the passing Of the impul-.
\ pive period Of alarm, added to the timid-33
L 1ty3 Of the bears and their operations
h nere all on the buying side at first. as
noon as the course Of the Northern So
v puritles stock In tho curb market be-
came known, however, prices on the Elk
change began to crrmble. With the ex-
\ reption Of short intervals. duo to occa-
sBional bear covering, the rest Of the day
5.iwas given up to drastic LIQUIDATION. The
market rallied late In the final hour on
the taking OF profits by room shorts.
Y but the selling was renewed at the hlsh
a aevel and prices turned down
wards again, closing only a fraction above
4 The loves t. The days declines ranged al
the way from 2 to points fer the Lead
ang active stocks and extended to nearly
70 points In some exceptional cases Wells-
4 Fargo dropped 10 II, Great Northern
pre- ferred / Lackawannn and American Elk
! press TO- st. Louis :sand San Francisco
s ga, Reading s 3D. Baltimore and Ohio
1nd New II avcn S.
Special weakness was perceptible IN
stocks Involved In prospective plans for
merger, or which arc supposed to pc
Vulnerable to legal process under Thurs
days judicial decision The large declines
in the Gould group St. Louis ana San
francisco, Union Pacific, the railroads
available for the expected Southern Sc
curlties Company the anthracite coalers,
and Pennsylvania and affiliated com
1,anies, were traceable to the nnxletes
aroused by this decision Northern So
Ecurities ITSELF which closed on Thurs
dag after the publication of the decision
/ al @103 t1-2 made successive downward
\ plunges TO 81, Just before tho close. with
the last price at 81 3-4. Tho course of this
stock neutralized all the renssuring ex-
Il pressions which had been busily circu-
lated by many important interests in the
& finnncialeword since Thursday. 1t could
not be learned that the banks were mak-
\ Ing any discrimination against loans IN
which this stock figures as collateral,
Il There was no pressure, In fact. by the
banks to reduce outstanding loans and
money on call could be had from per
cent downwards throughout the day.
Stock brokers, however, were making ur-
gent calls for additional margin and the
violent decline In prices brought calls
from the banks for additional collateral
on loans There was large forced llquidn-
ton In consequence on every successive
drop In prices.
& The bond market shared in the weak
ness OF stocks. Total sales. par value.
II Sc, sl5, ooO United States bonds were all
unchanged on the last call.
Total sales Of stocks were 1.296ooo
i shares
s$5l MONEY AND l1xcHANGE-cI.os T..
q Money on CALL .Suted steady but closed
lasler, at ..1-2GaG pei cerst; closing
u bfl-2G3 "a: time money. steady sixty
days, 605 IL per cent; ninety days, I
\ 6d35 1-2; six months, 6 Ia: prime mercan-
\ tile paper. 8 1-2@5 "a: sterling exchange,
barely steady, with actual business In 4
Z bankers bills at si.s6.7o for demand and
at s4.ss 6O6I4. SO, 10 for sixty-dny bills; post
I'd rates, s4.S4 1-2 and s4.S7 10: commercial
n bills, s4.Se b-SGpi.s3 Us; bar silver. 40 S-s;
4 Mexican dollars, IS "a; government bonds,
4 steady; railroads bonds. weak.