The Montgomery advertiser., 1904-07-16
WALL STREET. REVIEW
SECURITIES DECISION HAS AN EA-
 PLOSIyE EFFECT.
Southern Pacific and Union Pncihc, After SpasmOdic Jump on An- nOuncement of the Decision
 Recede Under Profit Taking.

New York, July 15.-The decision or Judge Bradford handed down at Tren- ton today in the Northern Securities case proved of explosive effect upon the stocks of Union Pacific. Southern Pacific and Northern Securities III spite of large preliminary speculation which has been going on In those stocks most of the week in anticlpa- tion of this decision. The violent et- feet of the decision Is more notewor- thy as its general tenor as well was pretty accurately foretold. In the general market the effect was more in accordance with normal expectation the speculation coming to pause after an animated movement to take pronts. Southern Pacific and Union Pacific also after spasmodic jump on the hrst announcement of the decision wavered under a flood of profit taking. But the two stocks then resumed an az gressive upward movement and gal vanized the market into some activ- ity again. The effect was to enable tho general market to hold some of its earlier gains, but there were no important new points of strength de- voloped after the securities decision became known. As s matter of fact, the information rege rding the decision on which the great bulk of the trading was conducted was very meagre character. consisting of little more than in flash of bulletins announcing in general terms that the decision was in favor of the Hartman party. Ac- cording to precedent views different phases of this litigation. the effect might be expected to discourage spec ulation. Without any determination of the vital points at issue in the con- tention, the result is to leave the whole controversy still open, while the financial paralysis of the corporation, both as to receiving dividends from the constituent companies and the distributing to their own stockholders is assured of a prolongation only to be terminated by the definite settle ment of the quarrel So far as may be detected, the continuation of the litigation through various phases of appeal and delay promises to be quite indefinite; a prospect that has caused tremors in Wall street when offered to its consideration at times, shortly passed. The market during the morn- ing was of much the same kind as for some days past. although the ex- pectation of the Northern Securities decision was an influence even then. Some of the recent strong stocks were under pressure of profit taking while others made fresh advances. Ontario and Western and the subsidiary Penn sylvania stocks, notably Norfolk and Western, were conspicuous and the cotton carriers were strong. The grain carriers were still hesitating in spite of some revision of yester- days alarm over the damage to win ter wheat. Preliminary estimates of the weekly currency movement prom ised another enormous accumulation of cash in the banks, sub-treasury operations receipts of new Japanese gold and the regular movement of currency on balance with the interior all contributing literally In prom ised gain of over s1O.OO0,oO0 An ad- vance in the price of copper did not save Amalgamated from realizing. Union Pacific rose to 97 s-S and South ern Pacific to 52 were not fully held and the irregular tone of the mar ket in the final hour continued up to the close.
 Pressure on the Burlington joint As and the Oregon short line participat- ing As made the otherwise firm bond market irregular Total sales per values. $3.45O.00O. U. s. bonds were unchanged on call.
 NEW YORK STOCK LIST.