The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-15
STOCKS DOING BETTER
DOWNWARD COURSE CHECKED
BY INFLUENTIAL SUPPORT.
Buying for Bear Account to Cover Be.
comes Urgent-false Runor About
the Northern Securities Affect the
Market, Alarming the Bears.

NEW YORK, April 1.-THE down
ward course OF stock prices was turned
today by influential support in the face
of continued heavy liquidation at the
opening. When the heavy outpouring
of stocks was once STONED the bears
began to look about for stocks to cover
tehir short contracts. In the early
stages of the recovery this was done in
very leisurely and Indifferent manner,
but towards the end of the day the
buying for bear account to cover be-
came decidedly urgent.
Inc turn against the short account
was furthered by the circulation of a
fumof just before the close that several
alternative plans of reorganization for
the Northern Securities company had
Deen devised and would be laid before
the authorities at Washington with the
purpose of compromising the govern
menfS suit against the company by ar
ranging status to conform with the
law, and thus avoid an appeal of the
case to the supreme court As soon as
this story could be brought to the at
tentlon of the dominant power in the
Northern Securities company it was
promptly denied, but this denial did not
reach the floor of the stock exchange
before the close, SO that the alarm Of
the bears was unallayed
Business Siackens as Prices Rise.
Previous to that time there was a
marked decrease in the volume of bust
ness as prices advanced and little in
clination to follow the advance on the
part of buyers.
The tone of the market during the
opening struggle between the two spec
uiatiVe parties on the exchange was ex
tremely feverish and irregular, the bid
ding up of prices being constantly met
with heavy selling, while at the de-
clines the buying orders were executed
with increasing determine ton. A sub
stantial recovery in Northern Securities
on the curb at the opening and a subse-
quent relapse to near last nights level
had quick sympathetic response on the
stock exchange, and final recovery to
about SO confirmed the Steadier tone of
speculation on the exchange. Final
prices of the principal active stocks
were from one to over two points above
last night. London did its first trading
Securities company and were not likely
TO enter upon 1t with the possible dis
solution of the corporation. 1t was re-
in stocks this morning since the an
nouncement of the Northern Securities
decision and the break in Americans
there this morning, although violent,
was not sufficient to bring prices down
to last nights closing level here. The
opening decline here, therefore, offered
inviting opportunities for buying on
arbitrage account and London took
about $4,000 shares on that account
Change of View.
With the rally in prices there was a
characteristic change in the stock mar
ket views of the Northern Securities
decision and its consequences. A con-
fident assurance was INDUCED in that
Northern Pacific and Great Northern
had not been involved in destructive
competition before the formation of the
securities company and were not likely
to enter upon it with the possible dis
solution of the corporation. 1t was re-
called that the company was holding
device to facilitate control rather than
to avoid competition. With the present
conditions there is not SO much solicit
tude felt about leaving railroads out
over night, even where an effective
minority holding constitutes the con-
troll 1t has become doubtful also
whether recently contemplated mergers
would have been completed in any event
by reason of the congeSted condition of
the securities market. 1t is considered
questionable, in view Of later develops
ments, whether even the Burlington
purchase would be brought to a con-
ciusion If 1t remained to be done a this
time. The extreme alarm regarding
the consequence of the Northern Sc
curities decision which was so pre-
Valent yesterday was thus quite absent
today. Very little attention was given
to any other consideration in the days
recovery.
Bonds rallied sharply in sympathy
with stocks Total sales, par value, 49,
245, goo. United States bonds We're all
unchanged on the last call.