New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-14
TIT vrrx IN WALL STREET.


80. e,o,t Exchange. There was 10 evidence oi
80. ,-...-.s. IN the market. no indication Of
fueculatlve operations by the more i"poi '0l-'
dealers and no signs OF returning "c'F''s- Al"
,.-,fessiors, element made no ehort TO nIlNe
sboyt material price movements IN ellnei 1'
,.or tuf 81 she greater part ~ The Wen $50
-,ert On the aoor was bearish. traders eApia-n-
re- t,es- r,osition on the theory that the Nor'h-
- s,,-,r,tfes decision would be handed down
ss,- sfefrgf ne company. There was sotllo
,su nat the supreme Court might adjourn TINS
eurfng without reaching any decision IN 'H'7 i'i
.,o-ta-t case. thus carrying the matter over 10
The fall and th.s suggestion naturally haa u''
adverse eject on the Fpeculsuf- iAlHu' Inc
c+-oet Is anxious 20 have this case selheu a.
49,. ,-fo.te- she ruling is 90 be f0r OF against
tbe company Uncertainty restricts BUSINESS N
Wall street. T. causes pess'mism in speculative
circles and tends TO keep the public out Of the
-rs-I,,r Traders Ga stocks generally believe thst
the case viii De decided against the company
aus they have a good liue 81 shorts out IN eN-
e-.atior or this development, yet the pOsslOli-1S
Thar the Northern Securities Company may WIN
- feht induces uneasiuess among the pear
elernent as e favors BILE decision would ieaa 10 l.
.ls,,rb,or or sn-culators Of this chars cter. The
~a~t that there IS a big short Interest IN tle
market ought 20 decrease the chance Of a ma
..zl decline IN The event % an adverse ruling,
-5ar fe 81 the people are uOt frightened into
l,,ri1a+-9n There is gJs0Iute!y no reason Why
holders OF securities shoald sell their lh'es,-
rrert- because Of n possible unfavorahle decision
against the Mort ern Securities Company il
the company is existing ia violation o. law, as
many reope believe 81 Is, decision 10 ms 81
feet l,v the highest tribunal in the LAND Wiz
be The very best thing that can happen To ''e
railroad situation IN this country.
-.-f..rr relT.ar "a ADT
e-n Securities case there We're few factors in
-bo week that occupied the attention Of the
street. If the street had taken the trouble.
however. no study the news developments from
CAV 10 day Il would have found many features
or Interest affecting the Industrial ana man
cisl situation In this country. For instance IL
,rouls have discovered that trade conditions are
srrurovirr notably IN the iron ana steer o,'sI-
ness A sharp turn has come ia 'H-s ''~e'
The demand shows wonderful improvement al--
the fact -nai the inquiry - widely distributed
and represents such varied consuming Interests
indicates. q IS thought a genuine revival IN iTon
aud steel Consumption has at last overtaken
,,ro5i,-tion and orders are being placed al an
advancing level Of prices. General trade conol-
tions are much more promising than they were
a month ago. and from all known INDICATIONS
the spring business Will be normal Railroad
earnings continue 10 show great irreguaTlty IN
the East and West but in the South and SOUTH
west results are much better than they were al
the same time a year ago. The South is more
prosperous than ever before. thanks TO the high
price OF cotton and TO the expansion OF general
industrial activity IN that part OF the country,
and for this reason the stocks Of the Southern
railroad companies ought to become more popu-
lar IN the Street II is quite likely that when
q speculative revival develops on the Stock tx
change such stocks as Southern Railway pre-
ferred and Missouri Pacific viii sell many points
above their current level. For the first half Of
the hscal year Southern Railway shows in
crease in gross earnings OF Sl.G91, 296 and an
increase in net OF S5ll.276 while surplus after
charges amounts to S2.9O6.165. an increase OF
S367 433 as compared with the same time 81
the preceding year. The surplus is nearly equal
10 the fun Per cent for the entire year on the
preferred stock.
The country's foreign trade still presents ir-
regularity. Exports OF breadstuffs show nota-
BILE decrease from 1903. while imports Of general
:, merchandise are larger than many people would
M pike TO see. owing TO the possible effect on the
Vforeign exchange market at a time when high
prices for commodities restricts exports and
when Europe is not buying our securities For
the month OF February exports OF food prod
ucts showed falling Off from the same month
in the preceding year IN value Of over $1,000
600. while shipments OF cotton declined IN value
nearly 100000. The fun statement of the
months foreign commerce viii be issued early
in the current week and Il viii not make q
favorable exhibit unless there has been & large
gain In the exports OF manufactures. Money
market rates al this centre remain easy. and
there is no prospect OF an immediate change
The demand for loans. outside corporation Dor
rowing. is exceedingly light Owing 10 the alb
sence OF a speculative demand for stocks there
Sc practically no business IN the loan market for
stock Exchange account while general rner-
camille borrowing Is not an important factor IN
the situation. Commercial paper Is in light sup
ply and the demand is not heavy. The future OF
the money market depends 10 a great extent on
the amount of corporation borrowing that will
he done this year on the method employed IN
making the Panama Canal payment and on the
course ~ affairs abroad. As long al the war IN
the Far East lasts there is the possibility OF
monetary disturbance IN European circles. the
influence OF which win OF necessity be reflect
90 i'm our own market. but The best informed
men. both az home and abroad appear 10 be
satisfied that no untoward development affect
ing the worlds money markets VIII arise as a
result OF She war between Russia and Japan.
Tncertainty over the Northern Securities de-
cision. the Far Eastern war. the approach OF
an active political campaign. railroad rate cut
ting. the uufavOra be reports OF weather condi-
tions affecting the winter wheat crop and heavy
borrowing by the railroads are factors which
Wall Street. that IS the speculative part OF the
Street. believes cannot be offset by she favora-
ble features ga the situation. a careful con-
s.deratiou % the so-cal'ed unfavorabie factors
reveals no cause Tor uneasiness among investors
ia American securities. There Is however. rea-
son for holders o. Door securities 20 convert
their possessions OF this kind into sound issues