The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-17
SHORTS BOOST MARKET
COVERING CAUSED BY NORTHERN
SECURITIES DECISION.
TOne-Sterling Rises ut New York
and Falls Mt Paris.

NEW YORK. March l6.-The stock market
continued to-day under the domination Of the
Northern Securities case and the movement Of
prices accepted showing a considerable
short interest still remaining uncovered as con-
sequence Of short sales made in anticipation Of
the decision.
Professional operations were directed against
this short interest and designed to lift prices so
to make profit out of the necessities of the
uncovered shorts. There were some commission
houses which reported apprecable increase In
the outside demand for stocks. But there was
general agreement that the principal buying
was due TO the closing up of bear contracts
Partly as a cause. partly effect OF the
upward tendency of prices. more cheerful views
prevailed about the Stock Exchange.
Considerably less apprehension was professed
regarding the Interior consequences to be looked
for from the conditions established by the North
Securities decision. There was not much
fear that the railroad and industrial organiza-
tions generally, which the basis of the Sc
curities making up the stock market, were put
in jeopardy under the ruling of the Supreme
Court.
NO EXTREME ACTION BY GOVERNMENT.
This sentiment based partly on the belief
that it would not be the policy of the admin
istration TO push its powers under the ruling to
an extreme, and more to a revised view
themselves based the exceptions made by
Justice Brewer to the majority opinion
Wall street to-day read mo this opinion the
probability that the majority of the Supreme
Court would not uphold the extreme scope OF the
ruling in the Northern Securities IN another
case. where the reasonabeness and benefit of a
combination might be urged. though it
should be in restraint of interstate or interna-
tional commerce.
Another decidedly favoring influence the
restored confidence manifested: IN foreign stock
markets. II there is good ground Tor the conf
dence reported from Paris that the Danger of en-
tanglements of other powers growing out of the
present war has been definitely averted, our
stock market would be relieved of threatening
factor equal in Importance TO the Northern Sc
curities case itself
The movement of the international exchanges
however was definitely against New York, the
fall in sterling in Paris and the rise here both
reducing the margin lacking for a profit on the
export or gold from here to Paris.
DEVELOPMENT OF IMPORTANCE.
In connection with the sharp drop in the trade
balance in favor shown by the February
foreign trade statement, and the payment for
the Panama canal still to be financed, this devel
opment may have growing Importance.
The later action of the stock market showed
that the remembrance of other uncertainties
in the outlook were also held in mind. AS the
derland from the shorts became satisfied the
tendency of prices to droop became more pro-
nounced. United states steel preferred failed
rather signally until just at the last TO reflect
the improved conditions in the trade indicated
by the advance in the prices for several lines
of the finished product.
Reports OF closing down for the rest of the
week of some of the anthracite mines had a
chilling effect the market. The reactionary
tendency of securities connected with the North
Securities Company was of sympathetic effect
the general market.
The days gains were rather largely wiped out
by the final hour and the closing was irregular.
BONDS irregular. Total sales. par value.
s.. 10000. United States twos advanced II per
cent, the threes registered. the old tours reg
istered and the tours registered a per cent.
the old tours coupon q per cent and the new
fours coupon Is per cent. on call.
Sales and the