The Washington times., 1902-02-02
A WEEK OF INDUSTRIAL EVENTS
Effect of Northern Securities
Suit on Wall Street.
HEAVY COPPER TRADING
The Unexpected Large Increase in
Loans in thc Bank Statement
Leads to Selling on the Part of
Professionals.

tonight has been replete with events Of
great Importance bearing upon the value
of both railway and industrial securi-
ties. Strange to say, they have not stimu-
lated speculation, the transactions in
stocks having been upon about the same
scale as last week; but they have caused
an Improvement in prices which has been
very nearly general and in many cases
has been important.
The developments of greatest interest
reflect pronounced tendency on the part
of transportation lines and industrial en-
terprises to establish stable rates for
their services and for their products,
respectively.
Trunk Line Agreement.
The first movement in this direction
was the agreement entered into by num-
ber of the Western trunk lines and the
principal provision dealers and packers
of Chicago, Kansas City. st. Louis, and
Omaha to maintain uniform rates on the
freight originating with the concerns re-
ferred to.
The next step in the same direction has
been taken by the steamship companies
engaged in trans Atlart tic traffic. To be
sure. the securities of these companies
are not handled in this market. but the
event is well worth noting as indicating
the tendency of the times. Evidence
upon the same point in the industrial
field is furnished in the preliminary report
of the United States Steel Corporation.
StccI CorpOrntiOn's Course.
Refusing to advance prices for either
raw material or finished products in re-
sponse to an unusual demand. the United
States Steel Corporation has been able to
shape the course of virtually the entire
iron and steel industry. and by doing so
it has stimulated production.
The consideration Of this matter Of sta
bility of rates and CT prices naturally in
cludes a reference to the programme of
which the Northern Securities Company
is the tangible manifesto tion. So far as
Wall Street is concerned, no Importance
is attached to the various suits that have
been begun in Minnesota by alleged stock
holders of the Northern Pacific and the
Great Northern companies.
States Suit Different.
The application of the State of Mime
sofa TO the Supreme Court OF the United
States for permission to file complaint
against The Northern Securities Company
is a different matter That tribunal is
certain 10 give the request OF a sovereign
commonwealth the utSost consideration.
While the court gave no intimat aticn as
TO when its decision will be rendered the
prevailing impression is that owing to
tbs importance OF the matter and the
comparative simplicity OF the points
raiAd. decision will be handed down
next Monday.
Would Give Relief.
If favorable to the Northern Securities
Company it would give the street great
relief In fact. the indications are that
the market for securities has been held
in check this week by uncertainty as to
the outcome Of the litigation under dis
cussion.
The heaviest trading in stocks this week
has been in Amalgamated Copper Nearly
100000 shares Of that stock have changed
hands, and the final price today, which
is only shade under the best shows a
net gain for the week of seven points
The most pronounced advances other than
that in Amalgamated Copper have been in
large number OF specialties.
The Advance in IncInwann.
The greatest is that Of over nine points
in Lackawanna. which is explained in part
by the annual statement of the Delaware
and Hudson Company, issued today. which
shows that the receipts Of the company
for coal during the last calendar year
were over $500, coo larger than for the
previous year.
Today's stock market was dull, but in
the main firm. There was some selling by
professionals Immediately after the oubli-
cation of the bank statement. as the un-
expected large increase In loans was re
garded as unfavorable. The increase how
ever Is not unusual al this time of the
year. The increase in that item d wear
ago today was over S30. 600 COO
Effect of New Business.
1t is learned from an excellent source
that the increase this week results al
most entirely from new business, and is
in connection with a financial operation
the nature Of which has not ye, been
disclosed. The Increase in lawful money
Is over sS.Oo0.00O more than was indicated
by yesterdays compilation OF the known
movements Of money.
The increase in deposits does not re-
fleet the Two changes noted by about
$1,00oC00. The net result is an increase
In the surplus of ;I.29o, 600.
The Market Recovcrs.
In the final dealings the stock market
recovered from the spasm of selling and
the closing WAS in the main very firm.
The bond market continues strong
throughout, with investment issues re-
ceiying the most attention. In the out
aide market Northern Securities recover
ed the amount OF its dividends, selling at
Jos. There was an unusual activity in
New York transportation at an ad-
vance OF IS. The victory Of the manage
nlent of the Consolidated Railroad, Light,
and RefrigeratiDg Company over dis
Rruniled minority stockholders resulted in
an active market for that stock at 3A a
6l1.
Dominion and Mexican Issues.
Dominion securities sold at S3d 9SA,
ami Mexican National issues were strong
at yesterdays advance TO II and Al for
the common and preferred respectively. |
A sale OF 100 Havana Commercial Pre-
ferred at 80 was reported