The Birmingham age-herald., 1903-04-21
MUCH HESITATION AND IRREGULARITY Prices Were Bid to Top Level
 at the Close
  BONDS DULL BUT STEADY  Growing Ease of Money Was an En- couraslns Factor to the Bulls.
 Shorts Were Conspicuous
 Buyers at the End.
BONDS DULL BUT STEADY

New York, April 2O.-There was much hesitation and irregularity in today stock market This tendency was at tributed in the early part of the session to the dread that the United States Cir cult court at St. Paul would refuse the petition of the Northern Securities com pany to modify the decree against the company pending the appeal so as to allow the payment of dividends by the Northern Pacific and Great Northern com panies to their stockholders. The gem Rral expectation in Wall street was that the petition would be refused and the unexpected decision in favor of the modf- ncatIon caused precipitate buying movement In which the short sellers of the morning were conspicuous. This ad- vance met opposition before 1t had pro- reeded far, and prices were carried back ward again, after which the market hung practically stagnant for time. The pro- fessionals bid up prices again at the last to the top level and the market closed steady with showing of net gains reach- ing point or over for a number of con- spicuous leaders. As the Northern Secur- lties company is the principal stockhold- CT of both the Great Northern and the Northern Pacific and as the chief func- ton of the securities company as a hold ing company is to receive dividends from the constituent companies and distribute them to its own stockholders, today's modification of the decree of the court leaves the situation of the company prac- tically unaffected until the Supreme court shall have decided finally the questions at issue. In the fear that the petition would be denied, Northern Securities on the curb sold down to 94zs this morning, which Is only fraction above the lowest prices in the slump of last Monday. On the rebound the stock touched SEA. Its re- action of over point was dominant in- 1luence on the reaction in the stock ex- change It recovered and closed at 99 with continuing effect on the general market
 The early stock market fluctuated un- certainly between the contending influ- enees of the strength in the Gould group and the weakness of Reading, The seem- Ing agreement of both sides to the Man. haitian labor controversy that settle- ment was assured and the published ru- mors that a compromise had been effected of the differences between Pennsylvania and the Wabash interests were jointly responsible for the marked strength in the Gould group, in which Manhattan was the leader with rise of 2% The depress- Ing factor against Reading was the in- vestigation by the interstate commerce commission, to open tomorrow. of the coal combination, which Is expected to furnish material which may be available for use in proceedings under the anti trust law. The lockout reported at the Reading colliery, owing to dispute over the Saturday hours for work. helped to depress Reading and some of the other coalers, and the Pennsylvania group lost ground in sympathy. In the late recov- cry Union Pacific, St. Paul, New York Central Baltimore and Ohio and the Gould group were conspicuous. The grow ing ease of money was an encouraging factor for the bulls. Possibly advance knowledge of additional trust company secessions from the clearing house priv ileges may have been factor in the hes- tating tone of the market although no announcement was made on the subject until after the close of the market
 The bond market was dull but quite steady. Last weeks dealings in bonds reached an aggregate in the par value of SIS, 445,500, which is a decrease of no less than 46 per cent compared with the corre- spending period of last year. Total sales, par value, g, 4S5,O00
 United States 3s coupon and the old 4s declined A. The new As advanced H on the last call.