New-York tribune., 1903-04-14

mistakaole indications of easier rate. for loans.
-, earnings were heavy. while. in addi-
ie was the favorable situation OF the
- e0' crop ano the big exports OF do
Hesuc products for March. These factors. how
ever were overshadowed by tn. unw.rranted
erect on sentiment Of the No-+h.rn Pacific
merger case
The stock market has had +h,s. s,st,nct
shocks as a result of Northern Pacific develop
Hlen1s' In 1893 the passing of the road Into
receivers hands upset prices. IN 1901 the corner
IN -NorIhern Pacifc, when the stock ran up to
sLoVo d snare caused a panic In Wall Street.
ana Yesterday values were slaughtered because
OF the Minnesota Circuit Court decision declar-
ing the merger Of the Northern Pacific and
Great Northern companies Illegal
Wall Street as rule believes that the North
ern securities decision will be upheld by the
Supreme Court, and IN the greater number Of
conservative commission houses Il is thought
that, after the present shock has run It's course
the street viii find that the situation has been
improved by the Circuit Court decision against
the merger. II is believed that investment
buying Of securities will increase while control
buying viii decrease, and that the Street will
soon be able to return to old conditions which
will bring back many of the best securities
which are now withheld from the market The
return OF the Great Northern and Northern
Pacific stocks to their original holders Will not
damage the values Of the shares upset the
earning power Of the railroads. The value is
there and 1t cannot be taken away. More
over, the roads viii continue TO be controlled
by the same people as at present as the dorni-
mating interests in the Northern Securities Com
pany are the controlling interests in Northern
Pacific and Great Northern. There Will be no
conhscation Of property involved IN the settle
ment of the case. and there is reason for
Wall Street to lose its head as 1t apparently is
doing
One Of the leading lawyers IN Wall-st- said
yesterday that in his opinion the best in
terests Of the majority OF investors would be
served by the court Interpretation Of the Sher-
man Antitrust law affecting railroad COM
panies. while he believed that the stock market
would at no remote period reflect this view
in an active upward movement
Stocks are generally lower than they have
been in the last two years. They SELL
ing at a level that returns for railroad shares
from AZ to 6 per cent, while for industrials the
yield from to II per cent The decline
has not been accompanied by an adverse change
in conditions affecting the country's business;
indeed, conditions have been improving while
stocks have been losing.
After the close Of business yesterday senti-
ment was mixed regarding the probable course
OF values to-day. In many quarters. however.
be made at the opening. rally would follow II
cash buyers appeared IN number. and the de-
cline would be brought to a speedy end There
was buying Of this character at the low level
yesterday, and the so-called bargain hunters
who only go to Wall Street in days Of depres-
sion were seen in commission houses 1t is
considered a good omen IN Wall Street when the
panic birds appear
The views Of Mr. Schit given elsewhere in
these columns, and of other noted hnanciers,
were considered extremely encouraging and well
timed TO prevent further serious disturbance
In speculative circles.
James J. Hill president Of the Great Northern
Railway. said yesterday that the only effect
Of the decision rendered last Thursday would be
thai an appeal would be taken to the Supreme
Court Of the United States. Asked IT, pending
decision on appeal Northern Securities would
continue to pay dividends and to vote its stock
in Northern Pacific and Great Northern. Mr.
Hill answered that he could not say anything
which might seem TO be criticism Of q decision
of the United States Circuit Court Mr.. Hill
said further:
viii have the matter passed upon by the highest
o5fy aoIhPi that the hnai decision might be against
Us, and. while we do not expect anything OF the
the unexpected happening. What our plans in that
direction are 6y1gs b9 6a1 a. 5Rs BE- s aean.. US
TO such extent that there would be no otner re-
Pacifc stocks pro rata to original owners. con-
troll would still be in the same hands and values
in the form. but in the property: -.
Whether there IS value eq4al 10 Us p;I4 preTIt i
Northern Pa cic and Great Northern is best shown
0n '' continue to be controlled by the same people
present and cannot see now tnslT .tlI S IN.
would be affected The properly VIII sun Dc lHee