The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-02-03

increase In net earnings for the first half
Of the current year were over ZOO. 900 or I
per cent. more upon the stock. II it's net
increase for the last half Of the year Is
only 81 900, 900. another onc-half per sent
will be added. II the next year begins
with three-quarters OF 1 per cent. more
saved in fixed charges by the refunding
process. the stock Of the road will hen
be earning nearly 8 per cent. Now a
blanket mortgage for the purpose Of bond
refunding can easily further provide for
the few additional millions that will be
needed to complete the Southern Pacifo's
improvements, leaving tho earnings Of the
road free from dividends. Such technical
denials of this scheme as have been made
In the last week have only concerned them-
selves with the time at which the PROPOSE
ton will be announced. 1t Is perfectly well
understood in high financial circles that the
plan Is maturing and that 1t will probably
become effective not far from May 1 next.
This will enable the Southern Pacific man
agement to begin paying dividends at the
rate OF three or four per cent. upon Southern
Pacific stock.
Fol the first time in tho history OF the
American metal market. copper has be-
come a speculative commodity In this
country. 1t has long bean a speculative
commodity In Great Britain. but dealings
In IL here have only been for cash or in
the regular course Of mercantile business.
Soma weeks 6 the reasons were set forth
In this column which, IL was believed.
justified the conclusion that Il would be
as hard to keep the price Of copper down
to II cents a pound as 1t was difficult TO
uphold 1t at II cents a pound. Tho enor-
nous dealings and rapid fluctuations OF
the price Of the article upon our Metal
Exchange point to the probability that
the great block Of copper formerly held
nv the Amalgamated company has been
solo, and that its present holders are de-
slrous Of getting the best price they can for
IL by manipulating the open market. o
siderable interest was manifested In Wall
Street during the week over conferences
which. IL was said, were going on between
the representatives OF the Rio Tinto and
Amalgamated companies; but It would
seem rs IL Wall Street had had experience
enough In the past year with efforts to
CONTROL and restrict the production
and price Of copper metal. Amalgamated
Copper stock just now is a good thing to
leave alone.
1t Is not at all unlikely that the decision
OF the Supreme Court Of the United States,
which Is expected at Washington to-day.
or the question Of jurisdiction In the North
ern Securities case. will have less market
effect one way or the other than Is com"
monty supposed. Whatever tho decision
IL, it will not END the litigation. The pro-
ceeding row before the court is really
only a preliminary motion. IL the court
holds that II has jurisdiction TO hear the
case, a final settlement Of the whole matter
will be arrived at sooner than IL otherwise
would. And the Northern Securities people,
or some Of them, say that they consider
their case 30 strong that they really hope
that the court will take IL up once. II the
holds that It has not jurisdiction,
then the Governor Of Minnesota and his
brother Governors will probably inaugu-
rate other proceedings. Wall Street in
general expresses itself Of the opinion that
the lawyers for the company made a better
ar gument" than did tho lawyers for Mime
sofa at the hearing last week, and. hence,
has made up its mind. for the most part,
that the court viii declare itself without
jurisdiction: but the real reason for this
view is the somewhat cynical and not al
together respectful belief that the Court
not want 10 bother with the case unless
il is forced 10. and that an cas- way out
Of the difficulty will be TO relegate it TO the
lower tribunals. Obviously. the case against
the Northern Securities Company has not
been helped by the Hagitious character Of
some OF the proceedings that w been
begun against the company in the Mime
sofa courts. There is no reason, however.
alter the judgment previously expressed
here, that long before the legal aspect Of
these matters is finally cleared the great
affecting the prices Of all tho
stocks directly OF indirectly con
in IL viii lie those naturally and
flowing from he rising or falling
general prosperity Of the country.
PHILIP kIso.