The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-17
WALL STREET CHEERS UP
PRICES REVEAL CONSTANTLY up
WARD TENDENCY
Northern Securities Case Continues to
Dominate the Misunderstanding Is That
the Decision Does Not Put Railway
Properties In Jeopardy.

NEW YORK, March 16.-The stock mar
ket continued today under the DONNA ton
of the Northern Securities case and the
taking of profits. was accepted as showing
a considerable short interest still remain
ing uncovered as a consequence of short
sales made in anticipation of the de-
cision. Professional operations were di-
rected against this short interest and de-
signed to lift prices SO as to make prof
it out of the necessities Of the uncov-
cred shorts. There were some commits
in outside demand, but this was small
and the general agreement was that the
principal buying was due to the closing
of bear contracts. Partly as cause, part,
prices, more cheerful views prevailed
about the stock exchange. Considerably
less apprehension was observed regarding
the Interior consequences to be looked for
from the conditions established by the
Northern Securities decision. There was
not so much fear that the railway and
industrial organization generally which IS
the basis of the securities 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 it would not be the policy OF
the administra ton to push the powers un-
der the ruling to an extreme, and even
more so on a revised view of the Sign1ft-
canoe of the opinions of the justices them
selves based on the exceptions made by
Justice Brewer to the majority opinion.
Wall street today had read into this opin-
ion the probability that the majority of
the supreme court would not uphold the
extreme scope of the ruling in the North
ern Securities case in another case where
the reaSonableneSS and benefit OF a COM
bination might be urged, even though 1t
should be in restraint of interstate or IN
ternational commerce. Another decidedly
favoring influence was the restored con-
fdence manifested In foreign stock mar
kets. If there is good ground for the
confidence reported from Paris that the
9th ORG
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.
Shows Against New York.
The movement of the international ex-
changes, however, was definitely against
New York, the fall in sterling in Paris
and the rise here both reducing the mar
gin lacking for a profit on the export
quence with the sharp drop was the trade
balance in our favor shown by the Feb
ruary foreign trade statement, and the
payment for the Panama canal still to be
growing Importance. The later action Of
the stock market showed that the re-
membrance of old uncertainties in the
outlook were also held in mind. AS the
the tendency of prices to droop became
more pronounced.
United States Steel preferred failed
rather signally until the last to reflect the
improved conditions in the trade indi-
Gated by the advance in the prices for
several lines of finished products. Re-
ports Of closing down for the rest of the
week Of some of the anthracite mines had
a chilling effect on the market The re-
dictionary tendency Of securities connected
with the Northern Securities company was
of sympathetic effect on the general mar,
ket The days gains were largely wiped
out by the final hour and the closing was
irregular.
value, $2,470, 900. United States Is ad-
vanced Il, the IS registered, the old As
registered and the new is registered u,
the old As coupon and the new is coupon
IL per cent Oh call.