New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-16
BONDS
STOCK MARKET OPERATIONS

r..,-.o-s and snecuiators apparently have &C
,o,,,.5 the Northern Securities decision IS
natural development Of the law Of the lana.
They evidently realize that the Interpretation OF
the sherman Antitrust law as affecting the
vortbar1 Securities Company does not mean
that property is to be destroyed or cofsCsD'sI'
and they doubtless appreciate the fact that the
SUPREME Courts decision VIII conserve rather
than iniure the interests Of the American secuF'-
- holders. Many people have been selling stocks
sbor+ I'm the last few weeks in the expectation
.ba+ q ruling AGAINST the Northern securities
C-o1psnv would be followed by a heavy invest
raent and speculative liquidation In the STOCK
market. but the course OF prices In yesterday
trading utterly refuted their opinions. IheTe
-. -, evidence Of important selling: Indeed in
the greater part Of the day the movement u
,sjues was in the direction Of higher prices o-'
a volume Of business larger than the recent
average. with indications Of buying ior th9 Io-s
.--o,,+ n, the commission house element. 40
ATTEMPT was made TO create a bull boom Inc
market does not appear 20 be ready for that
e.. ,-at r,,+ there are many observers IN the
s.-aa+ who believe that the time IS not far ais
,sn. v-ba, the public VIII be villinE 10 operate
IN securities on a moderately active scale. Win
the Northern Securities decision out 81 the way
the leading market interests viii be more "l-ilhs
n work, for higher prices and II they succeed IN
advancing quotations from five 20 ten points
the public will be glad enough 20 re-enter the
speculative field. The greater number 81 issues
are cheap at present prices, and even II there
should be no important bull movement this year
purchasers at the current level would have their
money well invested,
Advances ran from 20 . Per cent and above
in the active issues. with last quotations gen
erau, n the best figures q the day. II Rait.-
80 4-.1f Coo h.a
Erie shares. Metropolitan Lackawanna, Mis-
souri, Pacific. Southern Pacific and Union Pa
c,g, gains were above . per cent. while in most
- these securities a moderately heavy volume
Of business was transacted Foreign houses were
buvers in the local market. taking about twenty
five thousand shares Of various issues. and COM
mission houses reported an inquiry from the so
called public. The greater part Of the advance.
however, was due 20 covering Of short contracts
recently put out IN the expectation that an adj
verse decision IN the Northern Securities case
would lie followed by Generalization IN prices.
The fact that the market was not adversely az
fected by the decision strengthened confidence
arnonl, the advocates Of higher quotations. and
AZ the close II was believed that the rally that
BEGAN yesterday would continue for a time AT
least. There ls no good reason why stocks
should not enjoy Improvement this spring. Cen
eral conditions affecting the actual worth o;
securities are In the main favorable. and even
II 1904 is not 20 he big bull year In trade better
quotations are warranted. Money Is easy and
stocks are IN strong hands
Tie country's export trade in February shows
A falling off from the time year ago
but with the exception Of that month Il was
larger than IN any February IN the last eight
years Imports were larger than they were IN
the corresponding period Ia 1893, while the ex-
cess Of exports was much smaller than reported
IA recent months. amounting In value 70 500
os9Ot1. compared with SJ9044 034 IN the pre-
ceding month and S42.963. as at the same time
4 a year ago.