The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-16
HAS EXPLOSIVE EFFECT.
RESULT OF NORTHERN SECURITIES
DECISION I'm WALL STREET
Union Pacific ard Southern Pacific Enjoy
Brief Boom, Then Waiver Under a
Flood of Profit TaI<fna Orders

NEW YORK, July 15.-The decision of
Judge Bradford at Trenton today in the
Northern Securities case proved of ex-
piosive effect On the stocks of Union Pa
cific, Southern Pacific and Northern Sc
cufities. in spite of the large preliminary
speculation which has been going on in
ipation of this decision. The violent eff
feet of the decision is the more noteworthy
as It's general tenor was pretty accurately
foretoid In the general market the effect
was more in accordance with normal eX-
pectation, the speculation coming to a
pause after an animated movement to take
profits. Southern Pacific and Union Pa
cif1c also, after a SpaSmodic Jump on the
first announcement of the decision, waver
ed under a flood of proft-taking offerings.
But Inc two stocks then resumed an ag-
gresS1Ve upward movement and galvanized
again.
The effect was to enable the general
market to hold some of it's earlier gains
but no important new points of strength
developed after the Securities decision
became known. AS matter of fact, the
which the great bulk of the trading was
conducted in the stock market was of a
very measer character, consisting of lit
tie more than the flash bulletins announc
ing that the decision was in favor of the
Hartman party. According to precedent
views on different phases Of this litigation,
the effect might be expected to discour-
age speculation. Without any determina-
ton of the vital points at issue in the
contentious. 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 distributing to
their own stockholders, is assured of a
prolongation only to be terminated by the
definite settlement of the quarrel.
Indefinite Delay Expected
SO far as may be detected, the continu-
alton Of the litigation through various
phases of APPEAL and delay promises to
be quite indefinite: a prospect that has
caused tremors in Wall street The mar
ket during the morning was of much the
same kind as for some days past. al
though the expectation 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 On
Sylyania stocks notably Norfolk & West
ern. We're conspicuous. and the cotton
carriers We're strong. The grain carriers
Were still hesitating in spite of some re-
age to winter wheat.
Preliminary estimates of the weekly
currency movement promised another
enormous accumulation of cash in the
new and japanese gold and the regular
movement Of currency on balance with
the interior all contributing liberal pro-
portions in promised gain of over S1e,-
100000. An advance in the price of cop
ner did not save Amalgamated Copper
from realizing. Union Pacific's rise to
97B and Southern Pacific's to 50 were
not fully held and the irregular tone of
the market in the final hour continued
Up to the close.
Pressure on the Burlington Joint 4s and
the Oregon Short Line participating 4s
made the otherwise firm bond market ir-
regular. Total sales. par value 81 345 900.
United States bonds were unchanged on
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