New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-06
BONDS.
STOCK MARKET OPERATIONS.

Stoclr market quotations were generally lower
on a small volume OF business. with the heaviest
dealings in Amalgamated Copper. Sugar REIN
ing Corn Products. Brooklyn Rapid Transit
Mexican Central. United States Steel preferred
PENNSYLVANIA, ST. Paul. Union Pacific ROCK
Island and Southern Pacific There was no locai
news Of an adverse nature. but the trading
element was bearish on the theory that the
Northern Securities decision would be handed
aov-n Tomorrow. and that il would be against
she company. This is not a new theory. the
street has believed for many months-indeed'
.,.r s,,ce the lower courts in Minnesota decided
that the Northern Securities Company was
formed in violation OF the law-that the Onlteo
States Supreme Court would rule IN FAVOR OF
the government. There is no sound reason why
such a decision should upset investment values
as no serious injury viii be done TO vested
rights by an order compelling the Northern
Securities Company 10 so out OF existence. Inc
railroads forming the combination VIII continue
10 haul freight and the owners of the securities
viii not lose their money IL the Northern Sc
curities Company is a combination In violation
- the Antitrust law. Wall Street should be
the first to welcome decision against Il II
the stock rnanipulators are able to bring about
lower prices following ruling Of this character
there VIII be plenty OF money on hand 10 buy
an the stocks that may come on the market
Losses ran from n TO q in the greater number
Of issues. with heavier declines in Chicago
Northwestern. Corn Products. United States
steel preferred. General Electric, Consolidated
Gas Brooklyn Rapid Transit and Sugar Rein
sing There was no attempt to support values
but in some cases buying on the decline ap-
rea-ed 10 come from what are known as good
sources Several houses had selling orders
around the room. and the character Of these
operations indicated TO many minds efforts to
break the market AS prices enjoyed an ad-
.ancing tendency in the preceding days of the
week. the market was in position that en-
eouraged n reaction but it presented no evil
tence Of acute weakness while there was no
indication OF investment selling or sales Of long
stock from important quarters. The closing
was al about the bottom. inSl prices being
adversely affected by the bank statement winch
showed a reduction in reserve above iegal re-
ouirements OF S2.2o6.SJ0. due TO a heavy eX-
mansion in deposits. the latter being Influenced
bv a large increase in loans. Loans and de-
rosts both made new high record figures. Cash
holdings increased S96l.JOO The chances are
that the gain in loans was due TO corporate
borrowing. including loans for the account OF
insurance companies TO pay fire losses in Balti-
more and Rochester The foreign markets were
weak. and on the LONDON exchange consols made
new low records for the last thirty-eght years.
Declines I'm that market were due in great part
10 liouidation in Paris which was again heavy
Total dealings in yesterdays stock market
v-ere heavier I'm the two hours Of business than
An the Eve hours Of trading in Thursdays dull
session but there was little change in the char
scter Of operations