The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-15
BROKERS VIEWS ON
THE STOCK MARKET

NEW YORK, March 14.-At last the long-ex-
pected Northern Securities decision has been
handed down. and. as we predicted on Jan. 2s
1t is sweepngly against the company. 1t does
not matter that the decision was rendered by
divided court, standing five to four, because ii Is
now the law just much IL 1t had been
rendered by a unanimous court. Every con-
tenton of the government is upheld. and the
decision of the lower court is reaffirmed with
emphasis. 1t remains to be what the COM
pany will do. but the most important point to
be considered the possibilities contained in
the wording of the majority opinion. Apparently
the court holds that the Sherman antitrust law
applies TO every combination, and that in order
to dissolve such combination 1t is not neces-
sary to prove that overt act in restraint or
is needed according to the court, is to- show
the existence Of the combination and the fact
should it desire to exercise it, while the mar
ket developed weakness after the publication of
might have been expected. The narrowness of
the market and the fact that support was in
the half hour preceding the handing down Of
the decision there was sharp rally in stocks
When the decision came out the market hest
tated for some time. then broke, but reacted
quickly, developing some strength Finally the
decline, and closed at somewhat better prices
than the lowest figures of the day. In the early
and Southern Pacific stocks and Pennsylvania
forced down below H. at which price
Pennsyvania undoubsediy. The Metropolitan
stocks were exceedingly cratic. Both Metropoli-
in the forenoon session and broke sharply. Both
had substantial rally. however, and in the
market The Steel stocks firm feature
of the forenoon trading. but eased of in the
cision. ST Paul one OF the firm stocks
throughout. although it suffered relapse of
more than point from the highest prices of
the day. The net changes of the day were not
very large. There is considerable Increase in
fessionaI 1t is safe to assume that to-mor-
rows market will reflect the decision more than
100000 was taken to-day for shipment to Argen-
tina
IA. r. Thompson & Col
NEW YORK, March 4-There was an irreg-
ular and unsettled stock market to-day. The
Northern Securities decision the dominating
factor. In the morning 1t was believed that any
adverse decision had been discounted by the
great fall in prices. When the purport OF the
matter was known in the afternoon some doubt
expressed to this. Our opinion is that
the decision considered by itself would be whole
some in effect for the that believe
it for the best interests of all concerned that
combinations or consultations should be regu-
lated as we'll competition. which latter is
commerce Commission We. therefore. believe
that the interests behind the various amalgama-
tons OF the country are prepared for this ad-
verse decision. and that they know where
they stand values will sock their proper level.
which is higher. predicated alone upon invest
ment returns and money rates. AS indica-
ton that Wall street managers of finance are
ready TO act, we call attention to the fact that
am am Of their Missouri Pacifc and
Southwestern properties. These stocks should
therefore, be bought. We OF the opinion
that. Southern Pacific is worth intrinscically
much more than the present price. Under the
decision Fries should do better. for the Erie
road may play an important part in the reorgan-
izaton. In looking further the field we
are attracted by Amalsamated Sugar which
the Supreme Court. And its earnings
larger than ever we think II may be bought
when weak without hesitation Brooklyn Rapid
Transit appeals 10 us forcefuly and We believe
IL should be bought. for with cessation OF Metro
politan liquidation IL will rally. Insiders were
buyers of Consolidated Tobacco fours to-day. We
noted in this connection a better demand for
bonds, and understand that the bond dealers had
many orders TO be executed the long side IL
the merger decision adverse.