The Montgomery advertiser., 1903-04-15
WALL STREET REVIEW
ACTIVE SUPPORT CHECKS THE DOWNWARD MOVEMENT.
Toward the End of Day Buying for Bear Account to Cover Became Decidedly Urgent-Rumors as
 to Northern Securities.

NEW YORK, April I4-The downward soes., oa stock prices was turned today by the u u.usn.ai support in the face or continued heavy liquidation at the opening. When the neasy outpourtng of stocks was once stopped their ssan ssqi to look a9ou, Tor s,ocks to Q, ,ne recovery this was done in very leis- uns ursy ana indifferent manner, but toward the enu oi tne day the buying for bear account to cover became decidedly urgent. The turn asaInst the short account furthered by the thss s..o oI rumor just before the close ea. seser alternative plans of reorgan, zation of the Northern Securities Company had been deVised and would be laid before the authori- promising the Goyernmen,'s suit against the company by arranging status to conform witn .ne law and thus avoid an appeal of the case to the Supreme Court. As soon as this story could be brought to the attention of the comment power in the Northern Securities nompaay; sa, d,a was promptly denied but this de niai dio not reach the floor of the Stock Ex- change before the close, so that the alarm oi the pears was unallayed. Previous to that ume oi business as prices advanced and little inclination to follow the advance on the part oI the buyers The tone of tho market during the opening struggle between the two specu- lative parties on the exchange was extremely Ieverish and irregular. the bidding up of prices oemg constantly met with heavy selling. While ar the declines the buying orde;s were executed with increasing determination. A substantial recovery in Northern Securities on lapse to near last nights level had quick sym pathetic response on the Stock Exchange and final recovery to about eS made the steadier tone or speculation on the exchange. Final prices of the principal active stocks were from to over points above last night. London did its first trading fin stocks this morning since the announcement of the Northern Se- curites decision and the break in Americans there this morning. although violent. was not sufficient to bring prices down to last night s therefore, offered inviting opportunities for buying on arbitrage account and London took about 5o.o0o shares on that account With the rally in prices there was a characteristic change in the stock market views of the Northern Securities decision and Its conse- quences. confident assurance was indulged in that Northern Pacific and Great Northern had not been involved in destructicve compe- tition before the formation of the sureties com pany and were not likely to enter upon 1t with the possible dissolution of the corpora tion. It was recalled that the company was a holding device to facilitate control rather than to avoid competition With the present conditions there is not much solcitude felt about leaving railroads out over night even where an effective minority holding consti- tutes the control It 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. It Is considered questionable in view of the late developments whether even the Bur lington purchase would be pushed to Q con- clusion If it remained to be done at this time. The extreme alarm regarding the conse- quences of the Northern Securities decision. which was So prevalent yesterday, was thus quite absent today Very little attention was given to any other consideration in the days recovery.
 stocks. Total sales tpar vaiue), S3,245, GOO, United States bonds were all unchanged on the last call
 Treasury Statement.
 WASHINGTON. April l4-Treasury bal ances. S22l.4 .4e3. i46; gold. slt9,547,s52.
 New York Stock List.