New-York tribune., 1902-03-09
Hnanrial.
The Financial World.

mainly because there is so little material. Com
mission houses not carrying any great
amounts of stocks for financially weak people
and ever since the mishap to the market last
May the general rule has beer to insist that Gus
toners shall maintain liberal margins The
promise of dull market verified. and the
proceedings on the Stock Exchange were rem
dered more perfunctory because storms have
continued to play havoc with out of town wires
The fear of tight money made the public even
more cautious than il has been of late. and
there seemed TO be every encouragement for the
traders to sell stocks short The bear side Of the
market, however. lacks leadership and infiu-
ence, and the fact that stocks did not come out
to any extent soon discouraged the room shorts
Somebody evidently bought stocks at the lower
prices which were made in the early days OF
last week. and several speculative interests took
advantage of the opportunity to mark UP quota
tions. The Chicago contingent quite active
and started another fresh boom in Colorado
Fuel At the time the market on Thurs
day acted if people with much more power
also taking action designed 10 help the
market and prepare it for another poor bank
statement Saturday. The movements in
Northwestern and ST. Paul seemed to have such
an origin. and stocks of that kind would natu-
rally be selected for the purpose. because the
great bulk of them is firmly held. the floating
supply is small and the Street is ever ready to
listen to any favorable intimatiOn which may be-
put forth about them. The recOveries We're at
tended by purchasing the part of the scat
tered shorts. but the fresh buying attracted by
the improvement was of a rather poor quality
and was limited in volume. 1t seems impracti-
cable at present to move the standard stocks,
particularly the Pacifics, at present, and even
the Pennsyvania's magnificent annual showing
fell fiat as a speculative factor The market, in
\
and reverted TO the same dun state that has
prevailed for the past fortnight the disposition
still being to let the leaders OF the list alone
and pay attention to specialties which present
a basis for successful bullish manipulation.
This seems likely to be the programme for
little while longer, at least until there IS some
new developments which will give a fresh start
to the activity of the market and cause prices
to move one way or the other In the absence
of positive pressure in the money market II Is
2 waste of labor and money for the bears to
attempt to mark quotations down On the
other hand though reassured about the money
situation. the public will not come in as long as
the uncertainty about the Northern Securities
Co hangs over the market. Favorable business
conditions all over the country and at least a
fair crop outlook do not have their lesltmate
effects under the circumstances. and the people
who have large properties in charge and a mass
Of securities to market in connection with them
are Obliged TO blde their time and content them
selves with keeping prices steady and extending
little support when prices show an inelina-
ton to sag off.
The Northern Securities situation has begun
to clear up little. or at least. that is what tha
people who have communication with the In
siders say about the matter. 1t seems that the
recent decision Of the Supreme Court in the
Minnesota case puts that State in an awkward
position. IL cannot join the Northern Securities
Co. a citizen Of New-Jersey, as defendant In q
suit against the Northern Pacific and Great
Northern Companies. and the latest news is thaE
Congress will be appealed TO for a modification
OF the law in this respect, which would be open
to grave objection other grounds The At
torney Generals proceedings are therefore the
only apparent method Of testing the question OF
whether the combination is legal or not, and IN
that connection the prospect is that steps viii
be taken to expedite the proceedings and obtain
an early decision. What the Street has feared
Is that the litigation might last for years. IL
will be something gained II the delay is reduced
TO few months.
All OF the standard stocks have not been en-
tirely summed Baltimore & Ohio acts we'll and
the alleged pool in the common is at least max
ing it prominent and drawing attention TO ths
merits Of the property and 10 the chances that
than the present AZ. Nor does Pennsylvania
lack friends and supporters. The stock sold on
a little after the annual report appeared, mainly
because there had been more or less belief that
a definite announcement would be made as 10
how the company proposed TO finance the build
ing OF tunnels under the North and East rivers
and the construction Of the New-York terminal.
As this did not materialize. the disappointed
holders let go. Slight as the concession in Penn
svlvania's price was il attracted buying OF the
hest quality which is not TO be wondered at,
since the annual report is a marvellous exhibit
ton not only of the earning power of the sys-
tenn but of the sound financial policy on the part
Of the management which accompanies the exc
cution of It's schemes for expansion
This has been another good week for spe-
ciaIties and as long as present conditions con-
tinue this part of the market is liable 70 receive
more or less attention. The way Colorado &
Southern has advanced has been an object lesson
as to the probabilities with stocks of its class,
and the Street is full of tips. some good. some
improbable, in relation 10 the low priced divis-
ion of the list Southern Pacific promises 70
do better II there is an opportunity. The COM
soidation Of the properties Of the system on tina
Pacific side is being carried out. and the prom
ised refunding plan will doubtless materiaiizs
before long. The L. :. Steel stocks behave very
well. as they have done all along. The retire.
ment of one OF the Executive Committee Of the
Corporation had no effect, and there is inter-
esting story TO the effect that the differences
between the gentleman in question and Mr.
Schwab arose from the latter's insisting on
keeping prices for the products OF certain de-
partments on a comparatively low basis. in
pursuance of the policy Of insuring steadiness