The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1904-07-16
Efira1tcfaI.
yesterdays STOCK M1RKET

Explosive Effect of Northern Securities
Decision.
E New York, July 15.-The decision of
Judge Bradford, handed down at Tren-
ton to-day, in the Northern Securities
case proved of explosive effect on the
stocks of the Union Pacific and North
ern Securities, in spite of the large pre-
liminary speculation which has been
going on in those stocks most of the
week in anticipation of this decision.
The violent effect of the decision Is the
more noteworthy, as its general tenor
as well was pretty accurately foretold.
In the general market the effect was
more in accordance with normal ex-
pectation, the speculation coming to a
pause after an animated movement to
take profits. Southern Pacific and
Union Pacific also, after a spasmodic
jump on the first announcement Of the
decision, wavered under flood of prof
Iit7taking offerings.
But the two stocks then resumed an
aggressive upward movement and gal
vanized the general market into some
activity again. The effect was to er1a-
BILE the general market to hold some of
| its earlier gains, but there were no inn
Iportant new points Of strength devel-
loped after the Securities decision be-.
came known. AS a matter Of fact, the
information regarding the decision on
which the great bulk of the trading was
conducted in the stock market was of
very neagre character, consisting of
little more tina nthe flash bulletins an
lnouncing in general terms that the de-
lcision was in favor of the Hartman
lparty. ~
According to precedent views of the
different phases of this litigation, the
effect might be expected to discourage
Speculation. Without any determine
| tion of the vital points at issue In the
| contentious, the result is to leave the
| whole controversy still open, while the
financial paralysis of the corporation,
both as to receiving dividends from the
constituent companies and distributing
| to their own stockholders, is assured of
the definite settlement Of the quarrel.
a prolongation only to be trnninated by
So far as may be detected, the contin-
uation of the litigation through various
phases of appeal and delay promises to
be quite Indefinite prospect that has
caused tremors in Wall street when Of
fered to its consideration at times
lshortly passed. ..
| The market during the morning was
of much the same kind as for some
days past, although the expectations Of
1.-THE Northern Securities decision was
an influence even then. Some Of the
recent strong stocks were under pres
isure of profit-taking, while others
made fresh advances. Ontario and
| Western and the subsidiary Pennsyl=
wanna stocks, notably Norfolk and
Western, were conspicuous and the cot
Il ton carriers were strong. The grain
carriers were still hesitating, in spite
lof some revision of yesterdays alarm
over the damage to winter wheat. Pre-
| liminary estimates of the weekly cur
rency movement promised another
enormous accumulation of cash in the
banks, sub-treasury operations, receipts
of new and Japanese gold and the reg
uIar movement of currency on balance
with the interior all contributing liberal
proportions in a promised gain of over
$1O 0O0, 900. %'''
An advance in the price of copper did
not save Amalgamated Copper from
realizing. Union Pacific's rise to 97B
and Southern Paeifcs to 81 were not
fully held and the irregular tone of the
market in the final hour continued UP
to the close. -.
Pressure nthe Burlington joint
tours and the Oregon Short Line par
ticipating has made the otherwise firm
bond market irregular. Total sales, par
value, $4,345, 900. -
United States bonds were unchanged
on call.