The Montgomery advertiser., 1904-03-17
NALL STREET. REVIEW
COURT DECISION IS STILL IN <. EVIDENCE.
Considerably Less Apprehension Ex- pressed Regarding the Ulterior. :, Consequences to Be Looked
 for from New Conditions. y

New York, March 16-The' stock mar I'ke continued today under the domlnation ?, the Noithern Securities case ana tne movement of prices was accepted as showing considerable snort interest
 srdi remaining uncovered as .SS,. s9nse- ouence of short sales made m antieipas
 uoh or the decision. Prolessional oPfT- atlons were directed against, this short interest and designed to Eft prices so as
 .o niake profit out oi the hecessltles
 ot. the uncovered shorts. Ihere were some commission houses whicn reportea an appreciable increase in the outside de. mand Tor stocks. but this was small ana there was a general agreement that the principal buying was due to the closing up Of bear contracts Partly as a cause,
 partly as an effect of the upward tend
 eney of prices. more cheerful views pre-
 vailed about the stock exchange. Con
 sloeraoly less apprehension was profess-
 eo regarding the interior consequences to
 pc looked for from the conditions es-
 taolished by the Northern Securities de-
 cislon. There was not so much fear that
 sns railroad and industrial organizations
 generally, which Is the basis of the se-
 cufities. making up the stock market.
 was put in jeopardy under the ruling Of
 the supreme Court. This sentiment was
 based partly on the belief that 1t would
 nos be the policy of the administration
 to push its powers under the ruling to
 an extreme and even more so, to a re-
 vised view of the significance of the opin- tcns or the justices themselves based on
 the exceptions made by Justice Brewer
 to the majority opinion. Wall Street to- day had read in this opinion the proba- bllity that the majority Of the Supreme Court would not uphold the extreme scope Of the ruling in the Northern Se- curities in another case where the reas- condolences and benefit of combination might be urged, even though 1t would De In restrain: of interstate or inter- national commerce. Another decidedly flNnrlnH irf hn nT1- ndence manifested In foreign stock mar kets. If there Is good ground for the conndence reported from Paris that the danger ot entanglements of other powers growing out of the present war has been definitely diverted or that the stock mar ket should be relieved of threatening factor equal in importance to the North ern Securities itself. The movement of 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 of gold from here to Paris. In connection with the sharp drop in the trade balance in our favor shown by the February foreign trade statement and the payment for the Panama Canal still to be financed this development may have growing importance. The later ac- ton of the stock market showed that the remembrance of other uncertainties in the outlook was also held in mind. The demand from the shorts became satisfied, the tendency of prices to droop became more pronounced. United States Steel, preferred, failed rather signally until just at the last to reflect the improved condi- tions in the trade indicated by the ad- vance in the prices for. several lines of finished products. Report of closing down for the rest of the. week of some of the anthracite mines had a chilling effect on the market. The reactionary tendency of securities connected with the Northern Securities Company was of effect on the general mar ket.
 The days gains were largely wiped out by the final hour and the closing was irregular. Bonds were irregular. Total sales par value, $2.470.OO0. U. s. 2s ad- vanced 1-2, the 3s registered. the old 4s registered and the tour registered. II: the old is coupon 3-4 and the new As cou- pon 1-S per cent. on call.
 New York Stock List