The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-16
STOCK PRICES RISE
OPERATIONS STILL HINGE ON
y NORTHERN SECURITIES CASE
Market Has None of the Previous Days
: FeverIsh Tone and FluctuaIons-Buylng
:. Is intermittent, bGt No Backsets Inter-
vene.. . se-., g-. 4-

NEW, YORK, March 15.-There was. a
moderate and we'll sustained demand for
stocks today, which resulted in q sub
stantial advance In prices throughout the
terday, while the delivery of the North
ern Securities opinion was in progress;
but today's market was entirely lacking In
the feverish tone and the erratfc huctua-
tons which characterized. yesterday
market. The buying was somewhat: inter
mfttent, but there were no intervening
backsets. 1t was the general conviction
that this buying came from a short IN
following the Northern Securities decision
to buy stocks at a profit. There was no
evidence today OF any pressure TO sell
on account of the decision, and the bears,
upon perceiving this, proceeded to buy to
cover their short contracts. They found
only moderate offerings of stocks and
were obliged to bid prices up considerably
before they were able to supply their
needs.
The Northern Securities case was still
the point on which the market hinged. 1t
is evident that aside from tie embarrass-
ment incident to q redistribution OF Sc
curities the financial community has ma
terfaIly modified Its feeling of value of
the Northern Securities device since the
period when it's mere mention was Suff1-
cient to eoniure up buoyant activity In the
stock market. Another important 1nf1u-
ence upon the sentiment of operators was
the assurance conveyed IN Attorney Gen
eraI Knox's statement that 'the govern
ment does not intend to run amuck." This
was accepted as an intimation that the
powers now undoubtedly secured to the
executive and believed to be applicable to
many other important corporations Will
not be pushed for the present at least
Upward Movement Significant.
Stocks Of corporations which have been
pointed to as vulnerable under proceed
ings based on the case just determined
were conspicuous in today's upward
securities of the companies Immediately
affected were strong and gave sympa-
thetic tone to the rest of the market. An
improved tone in foreign markets helped
the advance, until the London market
reacted on the adverse vote to the govern
ment in parliament. There was some dis
position to assume a vote against strike
on referendum today. The statement OF
the full exports for February did not sui :
ficient1y offset the unfavorable showing of
agricultural exports for the period to give
much satisfaction. The payment by the
subtreasury Of $1,753, 600 on account of
Japanese gold deposited at San Francisco
was met by the report that further ship
ments were likely to be made to South
America. A rush Of belated shorts to
cover, who had waited in hopes of a re-
action, made the closing strong and ac-
tive at about the top prices of the day.
The Pacifics, Fries and the Pennsylvania
group. show gains of points or upwards.
active in sympathy with the strength OF
Burlington joint Is and United States
Steel I'd 5s. Total sales, par value, ST.
ITO, 900. United States bonds were IN
changed on call.
Cioslrfu List.