New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-17
BONDS.
STOCK MARKET OPERATIONS.

Cz-Aa+ activity characterized the early opera
lions IN the stock market yesterday. with
further sharp advances throughout the list but
later partial reaction set in. closing prices al
though in the majority of issues showing net
gains. being under the best figures OF the day.
In the curb market Northern Securities rose 70
9Oz.. an advance Of about six points since the
decision was announced but IT subsequently lost
It's days gain. closing at 50 bid S9ia asked. these
figures being. however. about one half point
above Tuesdays final quotations. The active
buying on the Stock Exchange in the morning
hours was in very large degree for the purpose
OF covering short contracts. as on the preceding
day, the extensive short interest having come to
the conclusion that their expectations Of a de-
cline 10 follow a Supreme Court decision ad-
verse TO the Northern Securities Company were
vain and futile. London bought many thou
sands OF stocks in this market. and the bullish
sentiment was increased by the cable advices Of
the strength of japanese and other foreign
issues as we'll as American securities. on the
London Exchange. There was no evidence OF
any material public buying here. however.
and after the first rush Of short covering pur-
chases the transactions became less IN volume,
and. under continuous profit taking on "a large
scale. prices eased Off IN the late afternoon.
The Northern Securities decision continued 20
be discussed yesterday. and a rather better mar
published interviews with eminent lawyers and
assertions from Washington that the admins
trat,on had no intention OF moving at present
against any other combination 81 railways which
might be supposed 10 come within the purview
Of the decision In the Northern Securities case.
This market feeling however. may be supposed
to be based on no very clear comprehension OF
the actual and ultimate scope % the decision.
as 70 which there was so wide q diversion %
opinion among the justices themselves. Again.
Il IS known that the leading interests IN the
Northern Securities Company and their attor-
news are finding the task OF resolving their cor
poration hack into its constituent elements nm
exceedingly difficult one and are daily holding
long conferences IN the effort TO devise a work
able plan. plan which shall avert the posi-
bilitv Of q renewal OF the bitter and costly war
fare between the Hul-NorEan and Union Pa
cinc interests which Immediately preceded the
formation Of the Northern Securities Company.
no market advance OF any substantial sort viii
be seen until It Is established that that conflict.
one Of the historic struggles OF Wall Street. IS
not 20 be renewed
The foreign exchange market closed drn yes
terdey with demand sterling at 4.SGA4, a rate
close TO the gold export point. Whether any
gold IS 20 60 out this month cannot yet he
predicted with certainty. From the South and
West come rrports Of advances in prices of pig
iron and finished steel products improving
condition which IS reflected IN the strength OF
the United States Steel issues, Steel preferred
Yesterday advancing one-haf point and closing
at the top. The bond market was active, with
total sales 100000 IN excess OF those OF Tues
day The feature the advance. on large
dealings IN the Wabash dcbentuTe Bs. move
probably uufouudad. that the Gould holding
company" wac forthwith 20 he launched