The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-04-15
CONTINUED
LIQUIDATION
Downward Tendency ofStocks
Turned Today.
NORTHERN SECURITIES
Had Effect and Statements of
Reorganization Denied.

New York, April 1.-THE downward
course of prices was turned today b. the
influential support in the face of contin-
ued heavy liquidation at the opening.
When the heavy outpouring of stocks
was stopped the bears began to look
about for stocks TO cover their short con-
tracts In the early stages of the re-
covery this was done in a very leisurely
and Indifferent manner but towards the
end of the day, the buying for bear ac-
counts to cover became decidedly urgent.
The turn against the short account was
furthered by the circulation of a rumor
just before the close of the several alter
native plans of reorganization for the
Northern Securities company had been
devised and would be laid before the
authorities at Washington with the pur-
pose of compromising tn governments
suit against the company by arranging a
status to conform with the law and thus
avoid an appeal of the case to the ST.
preme court. As soon as this story could
be brought to the attention of the domi-
nant power in the Northern Sscure:ics
company. it was promptly denied. but
this denial did not reach the floor OF the
stock exchange before the close so that
the alarm of the bears was unallayed.
Previous to that time there was a mark
decrease in the volume of business as
prices advanced AMI little inclinat on TO
follow the advance on the part of the
buyers
The tone of the market during the
opening struggle between the two strus-
Cling parties on the exchange was ex-
tremely feverish and irregular. the bid
ding up of prices being constantly met
with heavy selling. while at the declines
the buying orders were expected with
increasing determination. A substantial
recovery in Northern Securefies on the
curb at the opening and a subsequent
relapse TO near last nights level had
quick sympathetic response on the sto
exchange and a final recovery to about
9S confirmed the steadier tone OF specu-
lation on the exchange. Final prices of
the principal active stocks We're from l
to over points above last night London
did its first trading this morning si &c
the announcement of the Northern Securi-
ties Lewiston and the break in Americans
there this morning although violent was
not sufficient TO bring prices down to last
nights closing level here. The o. eni- &
decline here therefore offered invitin.;
opportunities for buying on arbitra'age
account and London took about $1,000
shares on that account. With the rally
in prices there was a charlcte I tic
change in the stock market views of the
~ i
sequences. 4 confident assurance was in
dulged in that Northern Pacific and Great
Northern had rot been involved in de
structive competition before the forma-
ton of the securities company and were
not likely TO enter upon ii with the pos
sible dissolution of the corporation. Ii
was recalled that the company was A
holding device to facilitate control. rather
than to avoid competition. With the pres
ent conditions there is not so much sOliCi
tude felt about leaving railroads out over
night even where an effective minority
holding constitutes the control. 1t has
become doubtful also whether recently
contemplated mergers would have been
completed in any event by reason of the
congested condition of the securities mar
ket. 1t is considered questionable in view
of the latter developments whether even
the Burlington purchase would be pushed
to a conclusion if it remained TO be done
at this time. The extreme alarm regard
ing the consequences of the Northern
Securities decision which was so prevalent
yesterday was thus quqite absent today.
Very little attention was given to any
other consideration in the days recovery.
Bonds rallied sharply In sympathy with /
stocks Total sales. par value s3.245.O0o. /
United States bonds were all unchangedi
on the last call.
follows:
CLOSING STOCK LIST.