The Birmingham age-herald., 1903-12-20

terly reports have been marvels of | frankness and were held by critical | financial writers as great step Tor ward in corporate management. The | publication of full reports of the com | pany's earnings and business has been greatly appreciated by the public at | large, especially by the large army of stockholders and their discontinuance will be deeply deplored. The Standard oil people maintain, and not without justice, that the publication of such re- ports exposes the affairs of the cor poration to rivals, influences buyers and subjects the stock to manipulation It is a singular fact that the stocks of in- dustrial corporations which do not pub fish reports of their earnings etc., have made a much better showing in the market than the stocks of corporations following the example set by the steel trust. Notable instances of this are the Standard Oil and American Sugar Re fining stocks. Standard Oil stock lfas been steadily increasing in value and Is now on about the highest level on which it has. ever rested while sugar only recently had an upturn in the market, advancing 15 points while other indus trial stocks all around it were col lapsing. fhe United States Steel report of earnings for the current quarter will
 
 holders. It is said that the preferred stock dividends are barely being earned. It Is possible that no report will be made this quarter, and probable that if such report is made that it will be the last quarterly statement issued by the United States Steel corporation The effect of a dscontinuance of reports on the stock is problematical.
 The hearing and arguments in the Northern Securities case by the supreme court at Washington this week did not affect the stock market to nearly the extent predicted by some observers. Wall street is not easily excited over a thing that is several months in the fu- ture, and a decision of the United States supreme court will probably not be forthcoming until early in February. The essential arguments have all been heard before. Opinion in the financial com munity is divided as to the probabilities of favorable decision. It is, perhaps, the more general expectation that the decision of the United States circuit court of Minnesota, adverse to the merger will be affirmed by the higher court. Wall street is much chasened in spirit as a result of the bear market It sees things in new light.
 A year ago it was confidently believed that decision adverse to the merger interests would have a most disastrous effect, but there are able critics today who hold that such a decision would be blessing in disguise. They believe that decision favorable, to the Northern Securities company would infiame pop ular hostility against mergers. of all kinds and stimulate antitrust legisla- tion to an alarming extent Whereas on the other hand. an adverse decision would allay the feeling that has been aroused against corporations. There is reason to believe that the Hill Morgan interests have been preparing for more than year for an adverse decision. In the event of the dissolution of the Northern Securities company 1t is be- lieved that the Erie system will be fitted into an alternative scheme and it has been suggested even that the properties held by the Northern Securities company be disposed of to the Erie. The Erie is not competing road of course The dissolution of the Northern Securities company. at all events. would not de- tract one dollars worth from actual values. The Great Northern, Northern Pacific and Burlington are still where they were before.