The Birmingham age-herald., 1904-03-17
SHORT INTEREST
 STILL REMAINS Northern Securities Case Con- tinues to Dominate. VIEWS ARE MORE CHEERFUL An Influence Which Was Decidedly Favorable Was the Restored Con-
 fidence Manifested In
 Foreign Markets.
VIEWS ARE MORE CHEERFUL

New York, March 16.-The stock mar ket today continued under the domina- tion of the Northern Securities case and the movement of prices was accepted as showing a considerable short interest still remaining uncovered as conse- quence of short sales made in anticipa- tion of the decision Professional oper- ations were directed against this short interest and designed to lift prices, so E to make profit out of the necessities Of the uncovered shorts.
 There were some commission houses which traded for a time being. but this was small and there was general agree ment that the principal buying was due to the closing up of bear contracts. Part ly as a cause, partly as an effect of the upward tendency of prices, more cheer full views prevailed about the stock ex- change. Considerably less apprehension was professed regarding the ulterior con- sequences to be looked for from the con- eitions established by fhe Northern Se- curities decision.
 There was not so much fear that the railroad and industrial organiza tions gen. orally. which is the basis of the securi- ties 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 administration to push its powers under the ruling to an extreme, and even more so to a revised view of the significance of the opinions of the Justices themselves based on the exceptions made by Justice Brewer to the majority opinion.
 Wall street had read In this opinion the probability that the majority of the su- preme court would not uphold the ex- treme scope of the ruling in the Northern Securities decision in another case where the reasonableness and benefit of a com bination might be urged, even though it would be in restraint of interstate or in- ternational commerce.
 Another decidedly favoring influence was the restored confidence manifested in for eign stock markets. If there is good ground for the confidence reported from Paris that the danger of entanglements of other powers growing out of the present war has been definitely diverted or that the stock market should be relieved of a threatening factor, equal in importance to the Northern Securities itself.
 l. ne IuONcHeul OI lnlerndllondl 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 of gold from here to Paris. Tn connection with the sharp drop in the trade balance 1n our favor, shown by the February for eign trade statement and the payment for the Panama canal still to be financed, this development may have growing im- portance.
 The later action 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 and the tendency of prices to droop became more pronounced. United States Steel preferred failed rather signally until just before the last to reflect the improved conditions in the trade indicated by the advance In the prices for several lines of finished product Reports of a 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 sympathetic effect on the general market
 The days gains were largely wiped out by the final hour, and the closing was ir- regular.
 Bonds were irregular. Total sales, par value, S2, ,470, ,0e0. United States 2s advanced b. the 3s, registered the old As, regis tered, and the As, registered, A; the old as. coupon, %; and the new As. coupon A per cent on call