Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-11-18
'Q[NS' FINANCIAL NEWS
Settlement OF the Northern Pa.
cific Controversy Removes
Serious Menace.
Union Pacific Interests Secure
Protection From Invasion
Of Territory.
A Long Step Forward in the
Community Of Inter.
ests Plan.

New York, Nov 1S.-Henry Clews, in
his Financial Review, says:
Interesting developments occurred
during the past week, some of which
had been long expected and did not ex-
ert the effect anticipated. Chief of these
announcement of the settlement of the
Morgan Hill Hartman controversy.
The main points of that agreement We're
probably adjusted shortly after Mr..
Morgans return from the Pacific coast,
and as usual the market discounted its
effect While the final details were in
process of settlement Not a little dis
appointment was displayed at the break
in the market when the plan was finally
made pubic. the impression having got
abroad that the clearing up of this dis
pute would be the signal for fresh bull
market AS previously intimated in
these advices, however, the immediate
effect of adjustment was discounted in
advance, and Thursday cav heavy real
izations in stocks bought for the adj
vance. Other circumstances contributed
to the reaction, but this was the real
factor. While there are points of weak
ness in the new plan and the railroads
interested can only earn the dividends
expected by a narrow margin for some
time to come, yet the arrangement is a
practical solution of very difficult
problem, and one that affords the larg-
est possible share of justice and salts
faction to all concerned. The Union Pa
cific interests secure protection from in
vasion of their territory, while the Hill
and Morgan party maintain control OF
the properties in which they are primar-
lily Interested Thus ends a struggle be-
tween rival interests involving larger is
sues and vaster amounts OF capital than
Wall street have ever been seen. An
open rupture would have been disas-
trous. not alone to the parties most con-
cerned but to the whole market and
might easily have involved us in seri-
Gus panic. The removal OF such a
threatening contingency Is not only a
relief; it is positively reassuring; it
marks a great step forward in the COM
munity of interest idea, which now that
very probably be pushed on in other
quarters when conditions favor until the
whole country liz divided into territorial
groups. The attitude of the public to-
wards these gigantic combinations is a
problem of the future. Troublesome
state legislation seems very probable.
So long as rates remain reasonable,
steady and free from discrimination and
so long as service Is efficient, there is
likely to be little serious opposition; and
railroad managers will be wise if they
40 not oppose reasonable regulation OF
their affairs by the government II the
people demand it. There is no safey in
defiance OF sound public opinion.
Apart from the railroad deal the mar
ket seems to be under the influence of
conflicting conditions. Tho there is
general feeling that we are on the top
wave of prosperity and that receding
movement mus. soon set in, yet on ali
sides we are confronted by evidences OF
unprecedented Industrial activity.
The money market seems to be a
subject of some concern, chiefly be-
cause of gold exports. which were
partly responsible for Thursdays
break AS funds are now returning
from the interior we can easily spare
few millions to meet Europe's needs,
and it remains to be seen whether the
release of securities held thru the
Northern Pacific contest will benefit the
situation. A more serious
trouble is the steady absorption of
funds by the treasury resulting from
excessive taxation and faulty treas
Ia n
derelict in its duty in not repeating the
war taxes. The public mind will soon
be centered upon the doings of con-
gress and may show more or less un-
easiness for time. The present out.
look, however, is that no disturbing
legislation need be expected from this
and President Roosevelt is
likely to be much more conservative in
Office than on the stump.
Our exports in October We're unusu-
ally heavy, altho showing q loss of w.
700, 600 compared with the same period
in 1900, which was one OF the record
breakers. Our imports also showed an
Increase of $10,S00,000. SO that we had
.rade balance of only s64,200,O00 against
s92, 100000 in October last year. The
decrease last month was chiefly owing
to the backward movement in cotton,
which will of course be made up later.
the frequency of smaller
exports and smaller trade balances is
even If due to depression
abroad rather than reaction at home.
Tho we are growing in strength we
can not escape the touch of foreign
waves of depression.
Last weeks advances and subsequent
declines were principally due to pro-
fessional operations. The public are
not Just now ready buyers and are not
likely to be if the market is to be sub
iected to such rude shocks as that of
Citizens Drive Away Robbers.
Wellington. Kas., Nov. Is. - Safe
i,l...,.,.s. raidad Milan q email town six