New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-15
WALL STREET UNSHAKEN.
DECISION ANTICIPATED.
Northern Securities Stock Gains on
RepOrt-Relief at End of Waiting.

1t had for so long been the general consensus
Of opinion in Wall Street that the judgment Of
the Supreme Court Of the United States in the
Northern Securities case would be adverse to
the appellant corporation that the comparative
sfeadiness OF the stock market when the news
yesterday finally came out a surprise TO
no one
The market was. Of course. nervous and fuc-
tuating, owing to the uncertainty as TO whether
or not the majority opinion Of the court might
be found. upon examination of its full text,
be prejudicial 10 combinations. existing
projected, having a general similarity TO the
Northern Securities Company. but not iden-
ticaly resembling it; but the fact that nothing
in the succession Of bulletin summaries from
Washington of points of the decision could be
construed in the nature of importing
fscation Of property or imperiIling the interests
of the three railway systems directly involved.
and the further fact that the long uncertainty
had at last been ended, served to strengthen the
situation
Northern Securities stock has never been list
ed on the Stock Exchange as the company has
been engaged in litigation ever since it was
formed. and the dealings in the stock have not
been extensive. owing to the dissemination of
investors TO buy into lawsuit The stock
opened steady on the curb market yesterday
at about S47s. and by a little before noon had
advanced to Sc. After the news OF the adverse
decision had come in. Northern Securities con-
tnued to advance. going to S7H. from which
level it declined. with frequent fluctuations, to
S5la bid and s554 asked at the close these quota
tons comparing with S47s bid and S5ls asked at
the close on Saturday.
The general market opened rather heavy. but
soon became strong. gaining an average Of al
most point by noon on the announcement OF
the Supreme Courts decision there was a break
4
within five or ten minutes by sharp rally
throughout the list. Supporting orders
put IN by important interests. although the
probability OF a serious collapse in prices
very much less than II would have been if the
news had come on market in which high prices
ruled; but the principal stimulus was supplied
by covering on an extensive scale by the shorts.
With the cessation Of the demand from the
shorts the market became inactive for time.
Late IN the trading there large selling OF
Union Pacific, Pennsylvania, Baltimore and
Ohio and other stocks which figure in combina-
tons which. according 10 rumor, might possibly
have 10 be dissolved. None Of these stocks.
however. were much affected in value. Union
Pacific closed with a net loss for the day Of 8
per cent: Southern Pacific. y per cent; Balt-
more and Ohio. i; Chesapeake and Ohio. z;
Missouri Pacific. i. Pennsylvania scored net
gain Of i. per cent; New-York Central. 8, and
i-'lSN are ana NaSuNllle fsofh lSldlltl tS"l
I at 1919. unchanged from Saturday.
When II became known that the Supreme
Court had handed down its long looked for Opln-
Ion in the Northern Securities case all sources
Of news were besieged with extraordinary eager
ness. showing the great degree Of interest IN the
decision. not only IN the financial district. but
among the lawyers Offices as well.
The tenor Of the comment was taken to mean
that the large interests concerned were not
likely To take precipitate stock market action on
| the strength OF hasty bulletins BY telegraph.
The quiet and dulness into which the market
fell late IN the day. after the bulletins had
/ brought the last OF the opinions as they were
read, tended 10 confirm impression that the
necessary adjustment 20 the conditions formed
| 10y the decision had been largely made before
I It's delivery.