Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-28
Great Northern Featured the
Dealings Today.
NET GAIN OF FIVE POINTS
First Hours Business Marked by Few
Advances.
DISQUIETING NEWS CIRCULATED
Prof3t-Taking Orders fastened Cen
eral Decline-Americans Ir-
regular and Nervous.
NET GAIN OF FIVE POINTS
DISQUIETING NEWS CIRCULATED

Special Dispatch to The Star.
NEW YORK, March 2S.-The principal
item OF news in the stock market this
morning was the announcement OF the de-
csion by the supreme court of Minnesota
in the case Of the Great Northern stock
issue. Before the market opened 1t was
known that the proposed issue had In effect
been allowed by the court and large
number of buying orders were filled with
commission houses. When the days busi-
ness began. Great Northern preferred OPEN
ed one and one-half points above yester-
days closing and almost Immediately ad-
vanced further to 1904. a net gain OF five
points.
The remainder of the list. partially in
fuenced by the action of Great Northern
preferred and partly by orders Of small In
vestors and from abroad. opened irregular,
but In general with declines that brought
prices not far from yesterdays lowest.
The general advance set in before the
first fifteen minutes had passed. however,
influenced by the probability of some &C
ton being taken in Washington to anne
norate the troubled railroad situation and
by the prospects for an easier money mar
ket. The last hope was based on the fact
that the greater part of the customs re-
ceipts promised by Secretary Cortelyou
would be deposited In the national banks
today.
Several Disturbing Stories.
After the first hour disquieting news be-
gan to be circulated. The failure of a
banking house that had been regarded as
insignificant in the morning took some
importance when II was learned that the
firm had been doing large business In for
eign exchange. Then there came the re-
port from Chicago announcing that the
for. forty 1fvNa dc Inv -i,y
traffic maintenance on 5000 miles Of
road. had voted to strike The market be-
gan to sell of.
The decline had hardly started when prof
it-taking orders fastened the movement and
the eyer-ready bears sold on every weak
spot By noon prices were at level near
where they had closed yesterday, and an
other day of no progress seemed inevitable
A rally set in, however. that carried the
list upward though stocks continued to
look heavy.
On the curb Great Northern rights sold
OF from 1874 to ga. 1t was said that the
prospect of the road calling for its INSTALL
ments the new stock without change
of date. would upset money conditions.
and the likelihood Of this result may be
judged from the fact that the carrying out
OF the original program would bring due
on April $24O0W9. or four installments
of $6.u00.000 each
The Situation in London.
London reported its security market as
standing firm. though Americans were ir-
regular and nervous Public confidence
there confined itself to British investment
securities, though there was some buying
of American railway shares for a long
pull
The weekly statement Of the Bank of
England was none too favorable for the
development of better market. a de-
crease in bullion of Ell. 1884, and de-
crease in the proportion of reserves to liza
n
a prediction that the banks rate of dis
count would be raised today. This pessi-
mistic feeling. however, was not justified
by the subsequent developments.