The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-20

NEW YORK, April l9-The pertinacious
belief amongst stock operators that activity
waited on the decision of the Hartman pc
ttion To enjoin the Northern Securities plan
of distribution proved somewhat true to-
day, when the petition was refused, but 1t
did not appear that the decision itself was
altogether the cause of the increased pres
sure to sell stocks which developed and
which caused a sharp reaction in the whole
market.
The first effect of the decision to halt
the advance IN prices which was then in
progress. but the highest prices of the
day were reached afterwards, and when
the decline renewed a period of dull
ness interviewed, which was more marked
than at any time during the recent dull
period
The decline centered in United States
Steel preferred and was unexpaind by any
news before the market closed. There was
rumorS that some announcement would be
forthcoming after the close, but this was
supposed foreshadow something in re-
gard to the proposed purchase OF the CAR
ton Steel Company and gave no obvious
explanation of the weakness OF. the stock
Another influential center of weakness
was the local traction group. in which a
violent break in Metropolitan Street Rail
way was a feature. Some unusually heavy
blocks of this stock were said TO be In
liquidation by estate of "a late board
member. But the transfer of these heavy
blocks were effected before the price broke.
Authoritative intimatlons were given that
the contest against the Northern Securities
distribution VIII be continued in other
courts thus depriving the market of the
assurance that this disturbing factor is
removed by the decision at st. Paul. 1t is
evident, however, that the st. Paul decision
is failure to oppose an obstacle TO the
plan of distribution which has been avowed
by the Union Pacific interests to be I'M
favorable to their interests.
The tone of the decision was interpreted
as an expression of opinion against the
plausibility and strength of the Union
Pacific contention. This opinion was OF
disadvantage to the Union Paclhc ana
caused selling by speculative holders, who
have counted on the value TO Union PACING
of the projected control of Northern Pacl-
fic and Burlington: Northern securities on
the curb advanced IL points on the deci-
sion, but lost it all in the subsequent re-
action.
London bought stocks here and helped
the early firmness, although the London
market itself was reported unsettled by the
budget proposals, especially the increase In
the income tax. The hand of the profess
sional bear traders made itself evident in
the late market, when baseless rumors CIR
culated that ]. p Morgan was dead. The
market closed heavy at rally.
Many millions were loaned on call at
II. per cent, and interest rates receded
for all sales of loans. Another large re-
mittance of Japanese gold from San iran
els co was followed by a further sharp ad-
vance in sterling exchange bills. 1t Is sup
posed that much of the japanese gold is
shipped to San Francisco for the express
purpose of remittance to London, in pay
ment of obligations for war material there.
The privilege of Geographic transfer from
San Francisco to New York accorded by
the government saves time and expense
iE this manner of transmission.
Some unusually large blocks OF lndlvldual
hor ds which passed through the market
were reported to be in the nature or estate
liauidation Total sales, par value, s3,24O,VOO.
Sales and the range: