The Washington times., 1902-02-04
MARKET DISPLAYS
UNEASY CONDITION
The Supreme Court Delay
Causes Drop in
Railroads.
WALL STREET FEARS DECISION
Great Northern Made Upward Leap
But Soon Drifted Back to Orig
fnal Position-lackRwnn Report
Shows Big Dividend.


NEW YORK. Feb. 3.-When 1t was an
nounced shortly after noon today that no
decision in the Northern Securities case
had been arrived at in the Supreme Court,
the railway stocks which had been the
active features of the market, dropped
instantsneously on an average of about
one point, and the tone of the general
market was transformed entirely.
During the forenoon the market, as
whole. had been very steady and quite
active 1t seemed to be the common ex-
pectation not only that the Supreme
Court would hand down its decision in
the Northern Securities case today, but
that the decision would be favorable to
the company.
stocks Disposed OF.
A large proportion Of the stocks ac-
quired on this theory were at once dis
posed Of and for the time being all new
buying was suspended.
The Supreme Court takes a recess to-
day for three weeks, hence there can be
no decision on this important question
until February "a This undoubtedly is
the NEST unsatisfactory issue of the
question q at could be conceived of.
There we're only two other alternatives.
The court nigh, nave asserted its lack of
jurisdiction in the case. or il might have
granted permission to the Minnesota state
authorities to prosecute their action be-
fcre the court. Either of these issues
would have been received with satisfac-
tion or complaceGcy by the Wall Street
community. which. however views with
disgust the prospect OF three more weeks
of uncertainty.
Wall street Fic!1Ie.
Wall Street was naturally disposed to
conclude that the court was divided on
the quection at issue before it. although
it may be of course. thai the considera
tior of other matters has prevented the
court from deliberating fully upon the
Ease in point.
The most active features of the railway
list were St. Paul. Union Pacific, and
Southern Pacific, and it was in these
stocks that the earlier advances. the re-
action after midday. and the subsequent
price movements were the most exten
sive. In the forenoon Great Northern pre-
ferred also shot up rapidly on the favor
able expectations of the Supreme Court
decision, but the stock subsequently
shared in the irregular movements no
ticed in the other instances The most
conspicuous feature of the dealings in the
railway list was Delaware, Lackawanna
and Western. which. on comparatively
light dealings. scored a fairly sensa tional
advance There were sympathetic, but
much less extensive, movements in Della :
ware and Hudson and the other anthra-
cite ccal stocks.
shows Big Earnfngs.
The tremendous rise in Lackawanna
vas not definitely accounted for, although
it is commonly understood that the forth
coming annual report of the company Will
show something like 20 per cent earned
on the stock for the past year.
The recent Delaware and Hudson state
ment, setting forth the enormously in
creased earnings of that company from
lis coal traffic. virtually assures CORE
spondingly strong statement by the Lack
awanna Company. 1t would appear doubt
full. however. whether even such a show
ing as the LackawaIna Company is ex-
pected to make would account sufficiently
for the recent course of the stock
Wabash Wants 1t.
Today's rise served to revive the ru-
mors which have been current bearing on
this property, the most consistent being
those to the effect that the stock would
be doubled, together with the idea that
the control of the property is desired in
the interests of another corporation, pre-
sumably the Wabash system.
Trustworthy Information, however. is to
the effect that il would be very difficult
to obtain the control of the Lackawanna
3, \.
thing approaching its present market val
uation.
Sugar Refining and Amalganlated Cop
per continued exceedingly active. Anal
gamated Copper was heavy without the
development of any novel conditions af
fecting the property TO explain the course
of the stock. Sugar Refining was steady,
apparently on the idea that Congress
would be forced to proceed with the re-
vision of the tariff on Cuban products
through the insistence OF the Administra-
ton.
The industrial group and the miscel-
laneous stocks generally moved in line
with the general market.
Light Change In Steel.
The fairly large dealings in the United
States Steel issues resulted in small price
changes. The Distilling stocks were nota-
bly, strong and active on expected revision
OF internal revenue laws, and elsewhere
In this direction the Cotton Oil and Lin
seed stocks were steady.
In the local traction group Metropoli
tan reflected pressure, presumably on the
announcement this morning of the re-
tirement from active business of one OF
the capitalists who has been conspicu
ously identified with the development of
the property, although il would be alb
surd to suppose that this news fore
shadowed the liquidation of his invest
ments.
Little was done elsewhere in this quar-
ter. The routine news of the day was
composed of the traffic returns submitted
and the development OF greater frmness
in the foreign exchange market Money
market conditions were unchanged. For
eign houses were fairly large sellers in
this market during the forenoon advance
in prices.
Failed TO Regain Strength.
The market did not regain the anima
tion it had displayed prior to the an
nouncement of the postponement of the
decision in the Northern Securities case.
The tone at the close was dull and heavy,
Amalgamated Copper being especially
weak Some of the lower-priced stocks
showed exceptional strength. noteworthy
cases being Colorado Southern securities
and Duluth South Shore.
Money rates showed no material change
from those prevailing last week.
New York stock Exchange, Feb. 3.
High Low Lat
est. est. est
Anal Copper .......... 1874 75A 75k
Am Car & F 291a 2SA 2SL