The St. Louis Republic., 1903-12-21
DULL WEEK IN
WORLDS MARKETS,
London, Berlin and Paris Com.
plain With New York of
Hesitation in Business.
INFLUENCED BY THE NEWS.
Argument in Northern Securities
Case and Indications of Seri-
out Trouble in Far East
Cause Uneasiness.

ftIPUbL SPECIAL.
New York. Dec. 2o-Hesitation in bust
ness was a notable feature in all the lead
ing securities markets of the world during
the week
London, Paris and Berlin complain
equally with New York of the apparent
disinclination Of the public to engage in
new ventures. Such condition is not un-
usual in the closing days of the year
when men are engaged in casting UP ac-
counts and striking balances on the oper-
ations Of the preceding twelve months.
Added to the seasonable dullness. how
ever. have been other considerations,
which apparently have engendered eau
ton. such as uncertainty at home concern
ing the ultimate influence Of a possible
adverse decision in the Northern Securi-
ties case and uncertainty abroad as to the
outcome of the threatened hostilities be-
tween Russia and Japan.
There are other factors which enter in
to the equation. but those above-men-
toned appear to have played the most i'm
portant part. SO far as the investment ele-
ment is concerned. during the week.
FAR EASTERN SITUATION.
The Russo-Japanese situation has at
tracted less serious attention in this coun-
try than abroad. possibly from the fact
that American bankers and merchants, in
VeStors and spectators have recently been
entirely engaged with their own lmme-
date concerns. In view. however. of the
prominence given to the strained relations
by European bankers and the foreign
financial writers. who ascribe the pres
ent market ills to that cause, a much
longer continuation Of the agitation very
likely would result In exerting some In
Iluence on local markets
In fact. it is not entirely clear but that
already some part OF the sharp advance
the price of some other food products re-
speculators Of the possible Contingency Of
W waa in the Sn. far asbi Fast But that this
dicated by the general strength Of other
markets-cotton. for instance, which dur
Ing the week touched the highest price at
fortunately situated that there is no
danger that they would become directly in
vowed In the far Eastern hostilities even
II such should be the regrettable outcome
OF the present dispute between Russia
and Japan: But they may give the matter
some consideration nevertheless.
to this country from an increased demand
for food products and other munitions,
but the theory that war. the destruction
Of real wealth, can ever permanently bene-
has long since been exploded.
NORTHERN SECURITIES CASE.
Interests in Wall street which had
counted upon the arguments in the North
ern Securities Gaze before the Supreme
Court, in Washington. as an influence
which might result in some sharp ad-
were disappotnted-some. no doubt. agree
ably. and others unpleasantly. But 1t is
not to be inferred that, because stock
se{ Wss Sod o
strength Of the Government case was ap-
parent to every lay reader, and. though: In
advance OF final decision by the court, lit
tie would be gained by drawing conclu-
sons from the argument as presented, 1t
Ia unquestionab!y true that majority in
Wall street regard the case as already
won by the Government.
AS to the Northern Securities Company
itself. the cloud cast upon its title by the
decision OF the lower court has resulted
practically in an estoppase OF dealings In
lied, hut of which, according to street re-
port. s196.0c0.0O0 or thereabouts has never
been distributed. but continues still in the
class of undisested securities.
INSIGNIFICANT DEALINGS.
Considering the fact that the corpora
tion. in point of capitalization, has the
second largest stock issue of any in the
country. the few hundred shares OF stock
which change hands daily or weekly mere
Iy emphasizes the widespread influence of
an adverse decision. even by an inferior
court. 1t is apparent. however. that, be-
yond enforcing conservatism upon the
specuIator or inventor. anv. general inilu-
ence which the findings OF the Supreme
Court will have on the market or securi-
ties as whole will depend entirely upon
the scope of the decision. This Is almost
as true, even II the finding is adverse to
the company, as if it should be favor
able.
The concentrated buying. or whatever it
may be termed. by the bull Clique was
highly successful in driving IN the trading
short interest and was instrumental IN
influencing most of the advance which
has occurred in the general list. but the
of the bears appear to have
exhausted the buying power.
One sees no increase OF customers IN
brokerage Offices. Dealings have been
poorly distributed, with the aggregate OF
business confined to a limited number of
operators and monopolized by ten or
dozen issues
1t is not to be inferred that because
the market is wholly professional and
the public is apathetic that 1t Is always
to remain that way, but 1t IS the condi-
tion at present, and, it would serve no
good purpose to deny an apparent 1act.
COME EARLY.
pn.1n