New-York tribune., 1903-04-14
THE DAYS OPERATIONS IN STOCKS.

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THE DAYS OPERATIONS IN STOCKS.
Prices of many stocks declined with great
violence in Yesterdays market, while through
ont the list a lower level OF values was estab-
Ifshed Dealings were heavier than on any day
save one this year amounting to over 1,2JoOeo
shares of which the larger part was suppneo
by the usually active railroad issues. industrial
stocks with the exception Of United states
Steel ArnaIgamated Copper and Sugar Rennlns
being comparatively quiet. Liquidation of ac-
counts that a few weeks ago were consldered
strong but which at yesterdays opening we're
comparatively weak, owing to tie constant sag
ging of values was an influential factor in the
day's decline while vigorous short selling, which
brought out many sales on stop loss orders, ac-
CELEBRATED the downward movement There was
little, if any, genuine investment liquidation or
inportance One topic alone discussed in
speculative circles. namely. the Northern Secu-
rites decision and its probable effect on the
general concentration of control policy among
the railroads. That the question was not intelh-
gently considered reflected in the course of
values on the Stock Exchange After declining
in the greater part of the day the market rallied
in the last half hour. rejecting an oversold con-
dition of speculation and support at the low
level from important banking interests. The
downward movement was not warranted oy the
Northern Securities decision. and at the close
of business it was generally believed that the
low prices of the day marked about the low
level of the season. Markets cannot decline in
definitely, and when a senseless liquidation such
as Yesterdays market develops there is good
reason to believe that the bear campaign is
its last legs The heaviest losses were gener-
ally made by the shares of railroads in which
the community OF interest or concentration OF
control idea prevails. and in which negotiations
have been pending for merger plans. as for in
stance in Rock Island and St Louis and San
Francisco. The common stocks OF these roads
lost 8 and Ssz points respectively. Declines Of
to points were common. The industrial
shares were relatively irmer than the railroad
issues. A detailed idea Of the days fluctuations
in values can be best obtained by following the
regular quotation table. published elsewhere on
this page. On the curb Northern Securities
shares declined from 1928. the opening, to "a,
closing at 951zG9613.
Current declines in the stock market do not re-
fleet developments adverse to the actual value
of investment securities. The Northern Securi-
ties decision has not injured the conditions on
which present industrial prosperity rests, nor has
IL Great ted new conditions that interfere with
the growth of American railroad investments
In it's usual narrow minded manner the specu-
Iatfve element in Wall Street has reached the
conclusion that the latest court decision inter
preting the Sherman Antitrust law is a blow
at the business interests of the country. but in
circles where facts are considered rather than
fancies more satisfaction than uneasiness is
expressed over the action Of the Circuit Court
for the District of Minnesota in the Northern
Pacific merger case. There is nothing in the
decision innfcal to the best interests of the rail-
road companies or the general public There
is no attempt on the part Of the law to upset
the business of the railroads. and people who
believe the contrary and sacrifice their securities
will find the transaction losing one. Securi-
ties are worth more to-day than ever before in
their history. and there will be decrease in
their value result of the Northern Securi-
ties decision.
There are a number OF Wall Street observers,
including certain railroad men and financiers.
who apparently have bad attack Of the blues.
but it is encouraging TO note that the same
interests have in the past been the glOomiest
of souls when the market has been scraping on
bottom They endeavoring to create the
impression that according to the Northern Sc
curities decision every industrial and railroad
company exists in restraint OF trade. and that
the government is preparing to bring TO close
the business life of all the corporations in the
country It seems incredible that any sober
minded man would give serious thought to such
twaddle Business men of sense understand the
functions of government better than to believe
that the government has in mind any act on its
part that will be detrimental to trade If there
are combinations that violate the law and exist
in restraint of trade then the sooner the gov
ernment takes action against them the better IL
will he for business in general There many
factors in the situation that are making for
stability in values. and prices for stocks
ara below a bargain level further short sales
will be attended with extreme risk. The short
interest is large. When the turn comes much
damage NAV be done 10 venturesone bears.
Call money ruled at %. per cent yesterday.
Conditions in the local money market showed
Improvement the banks gaining both in their
onerations with the interior and the Sub-Treas-
1rv the gain from the latter aggregating $780,
600 since Friday night. Favorable railroad earn
,ngs the winter wheat crop report indicating
record breaking yield. and the report OF do |
mestic exports for March received attention |
In sneculatfve circles. but they were considered
h,r conservative investment interests with pleas
ing satisfaction Exports of domestic products /
I'm March we're larger than in any March on I
record while the figures from July l were 1
heavier than in any corresponding period ex- |
cen, in 1.01 At the present rate OF increase /
the record for the fiscal year will show a gain 1
,, ,,aIue Of upward OF S5aoo0oo0 The final /
morrow showing total exports and imports. will /
doubtless present large addition 90 the trade /
balance in this countrys favor.