New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-20
BONDS.
STOCK MARKET OPERATIONS.

O1OOh mAAhGA VI G@N~A-AO
Stock market trading was light in volume on
an irregular movement Of values that resulted
as q rule. in net losses at the close. In the
early dealings certain degree of firmness was
exhibited throughout the HIST with the excep-
ton of Mexican Central but in the subsequent
transactions the tendency was generally In IA
vor Of lower quotations. The decision OF the
United states Circuit Court at St Paul, denying
the petition of the Hartman interests 10 inter-
vene in the government suit against the North
ern Securities Company. eXerted for brie1 pc
Rod favorable effect on the so-called merger
stocks. the advance in Northern Securities
shares on the curb amounting TO point "hle
Union Pacific and Southern Pacific both gained
fractions The advance. however. was not
maintained. and in the afternoon dealings Union
Pacific sold down a point under the preceding
davis close. and throughout the list declines
were general in the last hours business. The
weakening tendency IN Union Pacific was due
to sales induced by the statement, reported d
come from a prominent director OF the Union
Pacific Railroad TO the effect that the dec!s'o"
IN the ST Paul court would not end the North
ern Securities litigation. II was said that new
proceedings would be Instituted. and that sun
would be brought IN the New-Jersey courts.
On the other hand the Hill faction in the North
on, Securities situation appeared to be con-
WINGED that the UkpbSiNioA4 fS~+~ -
make better progress in the New-Jersey courts
than tbav had made in St Paul. II was pointed
ont tba. the decision In the Nenner suit against
the Northern Securities Company covered all the
points made by the Hartman lawyers In the
81 Paul court and It was therefore believed by
the ain and Morgan people that Mr.. Hartman
would have absolutely no chance OF upsettlng
the plans for the distribution Of the shares held
bv the Northern Securities Company. II may
not be wise 10 make wa6ers on the strength OF
the confidence that the Hin element Nexhibits
regarding the final outcome Of the Northern
Securities case.
Wall Street VIII feel extremely relieved when
the whole matter has been settled The stock
market has been upset many times in the last
few years by the Northwestern railroad situa-
ton but in considering the vast resources OF
the Hartman interests and their determine
ton to fight for what they consider their rights.
the prospect Is not encouraging for speedy
adjustment OF the various points Of issue. Lon
don houses bought stocks IN the local market 70
the extent OF about fifteen thousand shares.
There was 10 commission house buying OF i'm
portance. and traders found IT difficult 10 make
money on the long side Of the account The
refusal of the public 10 come into the market
following the Northern Securities decision in
duced operations for the short account. bat the
Of stock The decline Of United States Steel
preferred was apparently due to the efforts OF
room traders Mexican Central was again
weak feature selling down TO the lowest price
that has been recorded in many years. Liquida-
ton was scattering in this issue. the largest
single lot being for five hundred shares. There
undoubtedly viii be some drastic reorganization
Of this property. but. according to the best in
formation no plan has yet been formulated.
The first income bond holders are apparently
a strong position. but as much cannot be said
for the shareholders. The weakness IN the last
hour was helped by the report that a prom
inent francier. who is now In London. was
dead. It subsequently developed that there
was no truth in this rumor.
Railroad earnings received yesterday showed.
as a rule declines, as compared with the same
time a year ago, but general developments af-
fecting the actual value of securities were IA
vorable. An important item OF news that
ceived no consideration in the stock market
was the announcement from Philadelphia that
the Philadelphia and New-York lines Interested
in the ex-lake grain differential rate war had
effected a compromise pending a decision Of the
Interstate Commerce Commission. and would
restore rates at the end of the month. Money
market conditions showed no material change,
sterling exchange was again firm, and prepara-
lions for gold exports by to-morrows steamer
were reported. a large amount Of money was
put out on the stock Exchange on call at less
than IL per cent