The Birmingham age-herald., 1904-04-20
SHARP REACTION
 IN WHOLE MARKET La Rumor of the Death of J.
 P. Morgan DECISION WAS A FACTOR Result of Hartman Petition Was to Halt the Advance In Prices, AL though Highest Figure Was
 Touched Afterward.
DECISION WAS A FACTOR

New York, April 19.-The belief amongst stock operators that activity waited on the decision of the Hartman petition to enjoin the Northern Securities plan of dis- tribution, proved true today when the pe- tition was refused, but it did not appear that the decision itself was the cause of the increased pressure to sell stocks which developed, and which caused sharp reaction on the whole market.
 The first effect of the decision was to halt the advance in prices, which was then in progress, but the highest prices of the day were touched afterward, and when the decline was renewed period of dull ness intervened, which was more marked than during any time during the recent dull period. The decline centered in Uni ted States Steel preferred and was unex plained by any news before the market closed There were rumors that some an- nouncement would be forthcoming after the close, but this was supposed to fore shadow something in regard to the pro- posed purchase of the Clarion Steel com pany and gave no explanation of the weakness of the stock.
 Another center of weakness was the local traction group, in which a violent break in Metropolitan Street Railway was feature. Some unusually heavy blocks of this stock were said to be in liquida- tion of an estate of late board mem- Der. Buy the transfer of these heavy blocks was effected before the price broke. Authoritative intimations were given that the contest against the Northern Securi- ties distribution will be continued in other courts, thus depriving the market of ths assurance that this disturbing factor is removed by the decision at St. Paul. It Is evident, however, that the St. Paul decision is one failure to oppose an ob Btacle to the plan of distribution which has been avowed by the Union Pacific in- terests to be unfavorable to their inter ests.
 The tone of the decision was inter- preted as an expression of opinion against the plausibility and strength of he Union Pacific contention. This opin- on was of disadvantage to Union Pacific md caused selling by speculative holders who have counted on the value If Union Pacific of the projected control of Northern Pacific and Burlington. North srn Securities on the curb advanced E Dn the decision put lost IL all Tn the SuD- sequent reaction. London bought stocks here and helped the early firmness al- though the London market itself was re- ported unsettled by the budget proposals, especially the increase in the income tax. The hand of the professional bear traders made itself evident in the late market when baseless rumors circulated that J. P. Morgan was dead. The mar ket closed heavy with rally:
 Many millions were loaned on call at IA per cent and interest rates receded for all sorts of loans. Another large re- mittance of Japanese gold from San Francisco was followed by a further sharp advance in sterling exchange bill It is supposed that much of the Japanese gold is shipped to San Francisco for the purp6 le of remittance to London in pay ment of obligations for war material there The privileges of telegraphic transfer from San Francisco to New York accorded by the government saves expenses in this manner of transmits sion. Soma unusually large blocks of iR- avidual bonds which passed through the market wat reported to-be in the nature of estate liquidation.
 Total sales, par value. $s,24o,000. Regis