The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-03-03
THE FINANCIAL SITUATION.

ne expected when II came, wall Strcc''
NJ the last, made no effort 10 read into the
matter any more thar properly belonged
10 Il, md correctly interpreted the pro-
nouncement Of the Supreme Court as a
mere settlement Of a preliminary question
Of procedure. Il nus be confessed mat
acme excuse for the great confusion OF
the popular mind on the subject was al
forded by the arguments OF the lawyers,
for m far an could be ascertained from h
published reports OF these arguments. the
counsel on both sides devoted their briefs to
the merits OF the case rather than to the
technical Question as issue. The Supreme
Court made the ground OF It's decision a
ooint that was not even hinted at by either
LAWYERS or Justices at the hearing, and one,
IL IL rumored, that was only evolved by
one Of the Justices at the consultation.
The general consensus seems TO he however,
that the point was extremely well taken.
The action could not proceed until all the
parties equitably affected we're notified;
and II all the parties were notified, the
jurisdiction OF the o1urt would DO
ousted, as one Of the parties was a
resident Of the complaining State. II Isl
clear and logical conclusion. II 10 equally
clear that under the ruling o. the Court the
State of Montana, for instance, whose
statutes and Constitution on the question
Of railway consultations are perhaps even
more stringent than those Of Minnesota.
and In which neither the Great Northern nor
the Northern Pacific Railway is Incorporated
would have no such bar i~nterposed TO its
request for the exercise OF original jurisdic-
ton by the Supreme Court as was raised
against the Minnesota application. But
there has been no intimation Of any pro-
ceeding OF this kind by the State OF Mon
tapa. and Il Is doubtful II the State will
inaugurate one. The great question Affect
ing the Northern Securities Company Is
that involved In tho ACKNOWLEDGEMENTS
action under the Antitrust law. II Is not
the question Of the intrinsic benefcence
or malevolence OF the corporation. In
deed, the majority Of those who have studied
the matter are Of the opinion that the for
nation OF the Northern Securities Com
pany will, In all human probability, be OF
distinct advantage to the people Of the North
weet, while the whole personal history OF the
originators OF the plan Is one Of the high
est honor, wisdom n forbearanoe. The
question Is simply the legal one whether
one State In the Union can charter a COM
pany which might own all the railways in
the land.
The most important item OF strictly
financial news during the week was the
publication Of the annual statement OF
the Delaware and Hudson Canal Company,
showing earnings for the stock Of s.es per
cent. after q charge Of s., 500 900 for bet
terments. Extreme praise should at
tach 20 the ~frankness and completeness with
which the company's operations were dis
closed. The feature of the weeks stock
market-so far as there was any feature
was the attention paid to certain low-
priced and half forgotten securities and
the extreme dulness of the standard shares.
In none Of these movements, 80 far as any
ordinary observer could discover. did the
public take the slightest interest: and il
was the general opinion OF conservative
people tina, the bidding up OF these stocks
hurt the market more than II helped IL.
The strength O. Colorado Southern seemed
TO be genuinely based on an ehor for
a change Of control In IN property;
but the stories that various great railway
systems were after the Monon, Wisconsin
Central, Des Moines and Fort Dodge, Kings
ton and Pembroke and similar concerns
found few believers. The fact that very
few people were found willing to invest
their money on the strength Of these tales
Ia valuable for it's illustration OF the
changed temper that now prevails among
professional and semi-professlonal specu-
lators as we'll as among the general
public. There Is no longer a rush to
buy stocks upon the circulation Of fan
tastic rumors. Indeed. there Is no rush
TO buy stocks at all. The high level Of
prices that had been attained, the recent
disclosures that have been made and the
uncertainty hanging over so many promi-
nent issues render spectators and In
vestors wary. Investment Ii going on
famously; but II Is investment In the good
things, In the stocks and bonds that have
stood the test OF time and about which
everybody knows. The hour for the
new propositions or for the galvaniza-
ton Of the burned-out schemes OF former
days has. apparently, passed. Prosperity
Ia 90 dinused and 20 buoyant that few peo-
pie feel tempted to sell their holdings. and
hencs operators for the decline find that
unless they are content with very small
profits, attacks upon the market result in
loss only To those making them: but. on the
other hand, II must be admitted that no
really formidable attack upon the market
has yet been made. Railroad earnings
are somewhat smaller. and those for the
month OF February. as a whole. will prob
ably show q decline as compared with
thoes Of February Of last year. But
February Of this year was a month OF storms
and adverse conditions for railway traffic,
Wills . year ago the weather was pro-
pitious. The only place in the country
where Q shadow seems to be creeping over
the general bright prosperity Ia in the South
west. The loss Of the corn crop In that sec
ton seams finally to be resulting in a diminu-
ton Of purchasing power there.
The month Of March lie not usually one
Of advancing prices In the stock market.
1t 10 Q month which. especially in recent
years. IL utilized by very many gentlemen
who are recognized a. forces in the financial
community as a vacation period; and the
record Of individuals now leaving the city
for this purpose 10 becoming a pretty large
one. II Ia only reasonable TO expect that
these percentages viii rest, and not work,
while they are away. Beyond this,
March IL the one great month OF the year
for crop soares. Stories Of stha wing and