Omaha daily bee., 1903-04-14
NEW, YORK STOCKS AND BONDS.
Market opens Feverish and Restive
but Steadies somewhat.

NEW YORK. April 13.-All other Issues
were obscured in today's stock market, by
NE consideration Of the decision against
company. Apparently the speculative conf
munity had worked itself into an assurance
that the decision might not vitality SEect
the standing of the company, or at any rate
that the intrinsic value of the constituent
elements Of the company would be unim-
paired under the constitution. As the Lon
don Stock exchange remained closed today,
the local market opened again without any
opportunity for impressions from that
quarter. The result was an extremely fever
ish and unsettled tone in the early trans
actions, but determined support was mani
fest and was effective in checking the first
decline. In fact, some prominent stocks
started upward from the opening. This
appearance of resisting power caused alarm
amongst the bears for fear that the effect
OF the decision had been exhausted in the
sharp selling. movement of last Thursday.
The ample time given since then to ma
ture plans for, the protection of the mar
ket and for the passing of the impulsive
period of alarm, added to the timidity Of
the bears and their operations were all
OF the buying side at first. As soon as the
course of the Northern Securities stock in
the curb market became known, however,
prices on the exchange began to crumble.
With the exception of short intervals, due
to occasional bear covering, the rest of the
day vas given up to drastic liquidation.
The market rallied late in the final hour
or the taking of profits by room shorts,
level and prices turned downward again,
closing only a fraction above the lowest.
The days declines ranged all the way from
2 to 5 points for the leading active stocks
and extended to nearly 20 points in some
exceptional cases. Wells-Fargo, dropped
wanna and American Express 10, St. Louis
& San Francisco S&, Reading b%., Balti-
m merete q in o dsta ma the N losses s9 befow .; this ho azure cure
would I'LL a needless amount of space.
Special weakness was perceptible in stocks
or which are supposed to be vulnerable to
legal process under Thursdays judicial
S aTen : The or large s ssGliP Fr.b in the SiOInG
Pacific, the railroads available for the ex-
pected Southern Securities company, the
its afhiiated companies were traceable to
the anxietles aroused by this decision.
Northern Securities itself, which closed on
Thursday, after the publication of the de-
cision at l031s, made successive downward
plunges to 81 just before the close, with
stock neutraiized all the reassuring ex-
pressions which had been busily circulated
by many, important interests ip the hnan-
cial world since Thursday. 1t could not
be learned that the banks were making
any discrimination against loans in which
this stock figures as collateral. There was
no pressure In fact by the banks to reduce
outstanding loans and money on call could
be had from 6 per cent downward through
were making urgent calls for additional
margin and the violent decline in prices
brought calls from the banks for additional
collateral on loans. There was large
forced liquidation in consequence of sue
cessiVe drops In prices. IL was clear IRON
the action of the market that ,deep-seated
fears are entertained of the length tc
which the Northern Securities decision
can be applied in upsetting all possible
arrangements for avoidance of destructive
rate cutting and competition and In OBJ.
structiRg the process of c0mbinatio ton OF
capital and the resulting economies. The
favorable developments since Thursday
such as the extraordinarily favora'
Bile government report on the win,
ter wheat crop; gross earnings o.
! April and the $50. 1900 Increase in Marcel
exports of domestic products was totally
ignored in the prevailing disorder. due L
the Northern Securities, case.
The bond market shared in the weakness
of stocks. Total sales, par value, S2,9l5,0O
United States bonds were all unchanged
on the last call.
The sales of stocks on the Stock exchange
today were 1,2S9,3l6 shares, the SECOND
largest of the year, the high record to dat,
being 1,546,O30 on January 8. This is tn,
NTH day this year that a full days trad
=, ing has exceeded 100000 shares, the frs
being on January 6, when they amounted
. to 1876, 669 shares; the second January s
!, l,lSS, 9O3 shares; the third January 9, tn,
: fourth, l'OOe.45O, on March TO- and the hftl
+ h folio wing are the quotations on tn,