The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-20
STOCKS ACT QUEER
EFFECT OF NORTHERN SECURITIES
DECISION SHOWN.
Its Announcement Checks an Advance
Which Is in Progress, Yet Higher Prices
Are Reached Afterward-DecIine Gen.
tiers in steel Preferred.

NEW YORK, April 19.-The pertina-
ciOus belief among stockholders that &C
tivity waited on the decision of the Har-
riman petition to enjoin the Northern
Securities plan of distribution proved true
today, which petition was refused, but it
did not appear that the decision itself was
the cause of the increased pressure to sell
stocks which developed and which cauS-
ed a sharp reaction in the whole market.
The first effect of the decision was to
halt the advance in prices which was then
In progress. but the highest prices of the
day We're touched afterWard, and when
the decline was renewed period of dullnesS
interviewed which was more marked than
at any time during the recent dull period.
The decline centered in United States
steel preferred, and was unexplained by
any news before the market closed. There
were rumorS that some announcement
would be forthcoming after the close but
THIS was supposed to fOreShadoW some
thing In regard to the proposed purchase
of the Clarion Steel company and gave
no obvious explanation of the weakness
of the stock. Another influential center
of weakness was the local traction group,
in which violent break in Metropolitan
street railway was a feature. Some I'M
usually heavy blocks of this stock were
said to be in liquidation of an estate of
a late board member. But the transfer of
these heavy blocks was effected before the
price broke. Authoritative informa tions
were given that the contest against the
Northern Securities distribution will be
continued in other courts, thus deprivng
the market of the assurance that this
disturbing factor is removed by the de-
cisfon at ST. Paul.
Failure, Anyhow.
It is evident, however, that the st. Paul
decision is one failure to oppose an OBJ
StacIe to the plan of distribution which
has been avowed by the Union Pacific
interests to be unfavorable to their in
tereStS. The tone of the decision was in
terpreted as an expression Of opinion
against the FEASIBILITY and strength of the
Union Pacific contention. This opinion
was of disadvantage to Union Pacific and
caused selling by speculative holders who
nave counted on the value to Union Pa
enc OF the projected control of Northern
Paclfic and Burlington. Northern Securi-
ties on the curb advanced ~ on the de-
clSlon, but lost it all on the subsequent
reaction. London bought stocks here and
helped the early firmness, although the
1Io9dOn market Itself was reported unset
tied by the budget proposals, especially
the increase in the income tax
The hand of the professional bear trad
ers made itself evident in the late market
T. Morgan was dead The market closed
neaVy at rally. Many millions were
loaned on call at Ia per cent and interest
rates receded for all sales of loans An
@Other large remittance of Japanese gold
from San Francisco was followed by a
further sharp advance in sterling exchange
1llls 1t Is supposed that much of the
Japanese gold is shipped to San Francisco
Tor the express purpose of remittance to
London in payment of obligations for war
material. The privilege of Geographic
transfer from San Francisco to New York
accorded by the government saves time
and expense in this manner of transmits
sion.
Some unusually large blocks of individ-
ual ponds Which passed through the mar
ket We're reported to be in the nature of
estate liquidation. Total sales. par value.
$3, 24O,0 600. United States IS registered de-
cnned per cent and the IS registered
and the new As advanced IL nar cant on
call
Closing List.