The Montgomery advertiser., 1904-03-15
WALL STREET. REVIEW
EFFECT OF MERGER DECISION
 ON THE MARKET. A
IApparent That the Verdict Had Been Oascounted to a Great Extent.
 Net Price Changes Are Insignif1cant.

NEW YORK. March 14.-The long-ex- pecteo decision in the Northern Securi- Ies case resulted in a feverish and nalt- were constant and irregular and the vol .n une ol business was much increased over 1 1me recently prevailing daily average. nns ane acuon of the market. however. was n1t conclusive in deciding the question Wnetner the decision of the court had ai- ready been discounted in the market dur ing the long period since 1t has been sub yect oi discussion and an influence upon m,arKet ,s, operations. The fact that the de: Sls.on IeamrmS state of things wnlcn nad already been established by the lower court Tn the case as we'll as the cioseness With which It conforms to the expecta ton neid TOT some time by the financial com the court divided. indicated that what ever preparations have been made for the decision will not have to be modified. The action or the market seems to show that open on the decision beyond such small trading as has been done each week onfy 70 De closed up as soon as the session of the court revealed a further postpone menu III today's market traders or this class had set about covering their short contracts before noon, having come to q belief that another postponement was to De made The announcement of the ac- prices subsequently, rallied to the highest of the day. which was we'll above satur- days level. The evidence of support in Northern Securities stock itself on the curb helped to rally the general market. The subsequent feverish Fluctuations seemed largely due to the tentative ef- forts of traders to find the prevalent ten dency of the market. The tendency be- came more distinctively downwards as the sweeping character of tho decision began to come clear from the constantly pub iished bulletine. All sources of news were besieged with extraordinary eager ness, showing the great degree of inter- cial district. but amongst the lawyers ohces. The tenor of the comment was taken to mean that the large interests concerned were not likely to take prcci- pitate stock market action on the strength of nasty bulletins bv telegraph. The quiet and dullness into which the market fell late In tho day after the bulletins had brought the last of the options as they were read, tended to confirm an i'm pression that the necessary adjustment to the conditions formed by the decision had been largely made before its delivery. The days net changes in prices were al- most wholly insignificant In size and the market became practically inactive at the last. Other influences were ignored. These were renewed pressure upon Metro politan Street Railway. the United States Steel Corporation's annual report, an i'm proved tone of speculation in foreign markets and @ rather more hopeful tone of railroad traffic officials over the out look for new business. The snow in the Southwest proved Helpful to the GrangerJ in the early market.
 Bonds were irregular. Total sales. par value, g. 000, ,001. United States bonds were unchanged on call.
 New York Stock List,