The Birmingham age-herald., 1904-03-16
MODERATE DEMAND Is WELL SUSTAINED Substantial Advance in Price ot
 All Stocks FEVERlSR TONE LACKING No Evidence of Any Pressure to Sell on Account of the Securities
 Decision of Mon
 day.
FEVERlSH TONE LACKING

New York, March 15.-There was moderate and we'll sustained demand for stocks today which resulted in substan- tial advance in prices throughout the list. Business was not larger than yes torday while tho desicion of the Northern Securities was in progress. but todays 0narket was entirely lacking in the fever Ash tone and the cratic fluctuations which Characterised yesterdays market. The buying was somewhat intermittent but there were no intervening backset.
 It was the general conviction that this buying came from short interest which has counted on a decline following the Northern Securities to buy stocks at profit There was no evidence today of any pressure to sell on account of the decision, and the bears upon perceiving this proceeded to buy to cover their short contracts They found only moderate of ferlngs and were obliged to bid prices up considerably before they were able to supply their needs.
 The Northern Securities was still the point on which the market hinged. It is evident that aside from the embarrass-
  curities the financial community has materially modified its feeling of the value of the Northern Securities device since the period when it's mere mention was sufficient to conjure up buoyant activity in the stock market Another important influence upon the sentiment of operators was the assurance in Attorney General Knox's statement that the government does not intend to run amuck This was accepted as an intimation that the pow CTS now undoubtedly secured to the execu- tive, and believed to be applicable to many other important corporations, will not be pushed for the present at least. Stocks of corporations which have been pointed to as vulnerable under proceed ing based on the case just determined were conspicuous in today's upward move ment.
 Northern Securities itself and secur- ties of the companies immediately affected were strong and gave a sympathetic tone to the rest of the market An improved tone in foreign markets helped the ad- vance until the London market reacted on the adverse vote to the government in parliament. There was some disposition to assume a vote against a strike by the soft coal miners who were voting on a referendum today. The statement of the full exports for February did not sui nc1ently offset the unfaVorable showing of agricultural exports for the period to give much satisfaction.
 The payment by the sub-treasury of S1,- 753,000 on account of Japanese gold de- posited at San Francisco was met by the further announcement that shipments were likely to be made to South America. A rush of belated shorts to cover who had waited In hopes of a reaction made the closing strong and active at about the top prices of the day. The Pacifcs and Pennsylvania group showed gains of ? points and upwards. The bond market was firm and more active in sympathy with the strength of Burlington joint 4s and United States Steel second 5s. Total sales, par value, $1,770,0O0.
 United States bonds were unchanged on call