The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-04-15
WALL STREET GROWS CALM
AND PRICES ARE BETTER.
LESS APPREHENSION ABOUT
NORTHERN SECURITIES.
Buying for the Bears Who Seek
Cover Becomes Urgent Late
in the Session.

New York. April 1.-THE downward
course OF prices was turned to-day by the
influential support in the face OF continued
heavy Liquidation at the opening. When
the heavy outpouring OF stocks was stopped
bears began TO look about for stocks 70
cover their short contracts. In the early
stages Of the recovery this was done in a
very l~eisurely and Indifferent manner, but
toward the end Of the day the buying for
bear account TO cover became decidedly
urgent. The turn against the short account
was furthered by the circulation of a rumor
Just before the close that several alterna-
tive plans OF reorganization for the North
ern Securities Company had been devised
with the purpose of compromising the gov
ernment's suit against the company by ar
ranging a status 20 conform with the Law
and thus avoid an appeal OF the case to the
Supreme Court. As soon as this story
could be brought 10 the attention OF the
Company, Il was promptly denied. but this
Genial did not reach the floor OF the stock
exchange before the close, so that the
alarm Of the bears was unallayed.
BUSINESS FALLS OFF.
Previous to that time there was a marked
decrease in the volume of business as prices
advanced and little inclination to follow the
advance on the part of the buyers. The
struggle between the two speculative parties
on the exchange was extremely feyerish
ana HEebuidT. InE DIGGING I'D OF nrlCGs being
constantly met with heavy selling. while at
the declines the buying orders were exc
cuted with increasing determination. A sub
stantial recoyery in Northern Securities on
the curb at the opening and a subsequent
relapse to near last nights level had a
quick sympathetic response on the stock
exchange. and a final recovery TO about IS
confirmed the steadier tone Of speculation
on the exchange.
Final prices OF the principal active stocks
were from 10 over 2 points above last
night lnnnnn did il first trading this
morning since the announcement OF the
Northern Securities decision. and the break
m americans there TINS morning. though
violent. was not sufficient TO bring prices
down TO las nights closing level here.
ARBITRAGE BUYING.
The opening decline here. therefore. Of
fered inviting opportunities for buying on
arbitrage account. and london took about
5000 shares on that account. With the raj
" in prices there was a characteristic
change In the stock market views of the
quences. ~ confident assurance was in
duiged In that Northern Pacific and Great
Northern had not been involved In destrUc-
tive competition before the formation OF
the Securities Company. and were not like
" 10 enter on IL with the possible diSSolu-
ton of the corporation. II was recalled
that the company was a holding device TO
facilitate control rather than to avoid com
petition. With the present conditions there
is not so much solicitude felt about leaving
railroads out over night. even where an ef-
fective minority holding constitutes the
control. IL has become doubtful. also.
whether recently contemplated mergers
would have been completed in any event by
reason OF the congested condition of the
securities market. II is considered ques-
tionable in view Of later Development
whether even the Burlington purchase
would be pushed TO a conclusion II 81 re-
manned TO be done at this time. The ex-
treme alarm regarding the consequences of
the Northern Securities decision. which was
so prevalent yesterday. was thus quite alb
sent to-day. Very little attention was given
10 any other consideration in the days re-
covery.
Bonds rallied sharply in sympathy with
stocks. Total sales. par value. &-2f5.eO9.
United States bonds were all unchanged on
the last call