The Birmingham age-herald., 1903-04-10
4 STEADY DEMAND ID COVER SHORTS Northern Securities Decision Threw Stocks Into COmmotion MONEY RATE IN DOUBT Stock Markets of the World Are Closed for the Easter HolIdays-Whole
 List Collapsed at the
 close.

New York. April e.-The uheApe0
 announcement of the decision J"
 Northern Securities case today tn
 stock market into commotion' thU
 A sudden end to dull but prosperous Np ward course of prices. There hAve -. ,,ao,a ssara for some time recently shal ,ha stock markets would have to race ,,.,eraa in an unfavorable decision to the .o,ur.,v in this case. Anxiety has ap- na.sntlv subsided for the present ana IL was clearly not one Of these ueNeiop- ments which was expected ourms ths Easter holidays. Early In the oay the weight of apprehension was Tn lace heaviest on the bear party In stocKs' as was manifested by their disinclination 10 leave commitments of the short sioe over the holiday. A steady demand to cover shorts had lifted prices to the hign level of the day at about 1 o'clock, at which time net gains in practically all or the principal stocks ran from to points. This disposition to cover shorts was due for the most part to the pros pect that the banks would make iaNor- able statement of conditions on Satur- day. while the stock markets or the world are closed for the Easter holidays. The banks have already gained since trl- day S741 ,0O0 on sub-treasury operauons' and they are estimated to have received from the interior something over mil lion dollars in the same time. In view of this prospect, the firmness or call money today was rather ignored, belng attributed to the special demand to carry over the triple holiday. Late In the uay' after the market had been broken py the news of the Northern Securities decision, the money rate Hurried to 10 per cent. Sterling exchange advanced several points and discounts rose in London, leaving the future course or our own money market open to some question. A violent recovery in raw copper In London led to a large buying of Amalgamatea here There were signs of distress among the shorts in sugar, and there was notable demand for the Pacifics and the United States Steel stocks. All these things helped to give tone to the early market. The collapse after the Northern Securities decision became known was correspondngly violent, Northern Securl- ties itself, after having sold at lO6B on the curb, dropped to lO2ss, with a hnai rally to 1O31k, closing 104 bid. Union Pa cific resisted the first decline, but was heavily sold afterward, it's position being considered peculiarly affected by the de- cision by reason of the Southern Pa- cific litigation.
 St. Louis and San Francisco dropped A., renecting that the Rock Island deal would be prevented. Pennsylvania and New York Central were also heavily sold, the former touching 134as, new low level on the present movement. The whole market rallied substantially at the last on covering by shorts and closed duli but steady The notice of appeal in the Northern Securities case was cited as an argument to allay apprehension but the sweeping character of the decision and the unanimity of the court had a dis couraging influence on those who hope for a reversal
 Bonds weakened in sympathy with stocks. Total sales, par value, $2, 465O
 The stock market has been exceedingly narrow and wholly professional during the week. The fluctuations have been ir- regular at times, but prices worked to a higher level generally before the late break today. The approach of a three day holiday had the inevitable effect of curtailing speculative operations. The public mystification over the possession and plans of the Southern Pacific pool has been an additional oppressive infu- ence. The dissolution of the temporary injunction against the voting of the Union Pacific holdings of the Southern Pacific seems to have met expectations of the speculative contingent, but that party seems to have failed entirely to take account of the obvious probability of an appeal of the case and conse- quent suspension of the question with the issue. The indefinite postponement of the annual meeting of the Southern Pa cific leaves the present control undis- turbed and relieves the apprehension of the disturbance which would result from an upset of that control But the pros- pect of a long-drawn-out litigation, hold ing in suspense wide-reachng questions of rights of ownership and control of stocks of railroads by competing railroad companies, is not viewed with equanim- ty by holders of stocks.