The Birmingham age-herald., 1904-07-16
DECISION HAD AN 3 IYE EFFECT NGs Because Its
 U oretold AFFECTED PACIFIC STOCKS
 4 They Later Assumed an Aggressive Upward Movement and Galvanized the Market Into Some
 Activity Again.
AFFECTED PACIFIC STOCKS

New York, July 15.-The decision of Judge Bradford handed down at Trenton today in the Nothern Securities case proved of explosive effect upon stocks of Union Pacific, Southern Pacific and Northern Pacific Securities in spite of large preliminary speculation which has been going on in those stocks most of the week in anticipation of the decision The violent effect of the decision is the more noteworthy as it's general tenor as well as was pretty accurately foretold. In the general market the effect was more sl accordance with normal expectation, the speculation coming to a pause aIter an animated movement to take prons' Southern Pacific and Union Pacific also after a spasmodic jump on the first an nouncement of the decision wavered un- dre a flood of profit taking. But the two stocks then assumed an aggressive upward movement and galvanized the market into some activity again
 The effect was to enable the general market to hold some of its earlier gain, but there was no important strength de- veloped after the securities decision be- came known. As a matter of fact the information regarding the decision in which the general bulk of trading was conducted was very meager considering little more than the flash of bulletins an nouncing in general terms that the de- cisfon was in favor of the Hartman party According to precedent views in different phases of this litigation, the effect might be expected to be to discour- age speculation without any determine ton of the vital points at issue in the contention, 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 proiongatfon only to be terminated by the definite settlement of the quarrel.
 So far as may be detected the continu- ation of the litigation through various phases of appeal and delay and prom ises to be quite indefinite a prospect that has caused tremors in Wall street when ofrored to it's consideration at times, shortly passed The market dur ing the morning was of much the same kind as for some days past, although the explanation of the Northern Securities de- cision was an influence even then. Some recent strong stocks were under pres sure of profit taking. while others made fresh advances. Ontario and Western, and the subsidiary Pennsylvania stocks, notably Norfolk and Western, were con- spicuous, and the cotton carriers were strong. The grain carriers were still hes itating in spite of some revision of yes- terday over the damage to winter wheat. Preliminary estimates of the weekly cur rency movement promised another enor- nous accumulation of cash in the bank. Sub-treasury expected receipts of new Japanese golo, and the regular move ment of currency in the balance with the interior all contributing literally in a promised gain of over $10,000, GOO An ad- vance in the price of copper did not save amalgamated from realizing. Union Pa- cific rose to SITS, and Southern Pacific to 52 were not fully held, and the irregular tone of the market in the final hour con- tinued up to the close.
 Pressure on the Burlington joint As and the Oregon Short Line participating As made the otherwise firm bond market firm. Total sales, par value, s4,345000.
 United States bonds were unchanged on call.