New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-28
THE WEEK IN WALL STREET


H.. during the last week has been Northern Sc
cursties. on Tuesday. the day OF Thich th'
,,sr sor earring into effect the PERMISSION
practically tho commander the United SJaiei
courts for The Northern Securities Company Z
s,v.st itself % its Northern Pacific and Greai
Northern holdings received its anal revision
more than a million shares OF stock were soIc
on the exchange. OF which 100000 shares We're
%, Union Pacific. which advanced more thah
noiuts Il was more or less OF an open ssore'
&c. The plsn had been completed. a fact from
which harmony between the Hin-Morgsn group
ana the Union Pacinc interests WAS inferred, ar
inference which made Il comparatively easy &c
svsv. IN the large short interest Nowhere was
tbet Interest more extensive than IN Union Pa
ofho vet the buying o. Union Pacific was so
heavy and the advance Ia price 90 rapid as q
suggest that short covering was only ore OF the
factors OF demand The next Gay. after The
pian had been formally put out. Il was believed
that a considerable part OF Tuesdays buying o.
Union Pacific hnd been for account o. M NOT
ean. M Hin and their associates In the for
rnsr control OF Northern Pacific and Great
Northern Who might be expected 20 desire 20
secure enough OF the stock OF the Union Psciho 70
.utstle them to substantial representation in the
hoard OF the latter road. as the Union Pacific
under the plan. would hold 20 per cent OF the
S-reat Northsrn's stock AID little more than
IN. same percsntnge o. the Northern Pacifc's
stock on Wednesday the sales were more than
lS5oOOO shares. the largest in many months
and on heavy profit taking the market sold or
Then rumors OF conflict OF opinion as 10 the
rlsn between the two parties IN The Northern
Securities were heard and thereafter the mar
bet moved as this possible peril appeared threat
ening or exaggerated. That the Union Pacific
Interests would be glad to receive n exchange
--F-Ha1 eprlr HI OF a.
srn Pacific shares which they turned in 70 the
Northern Securities Company upon Its forTns-
tion. rather than the Northern Pacific and Great
Northern shares which they are TO get II the
rressnt plan shsu be approved BY the Northern
Securities shareholders Is beyond question. That
enev would be able TO get back their original
Northern Pacific stock on any ground involving
the question OF the sort OF collateral securing
the participating per cent bonds OF the Ore
Ron Short Line through which road TIE Union
Pacific purchased the bare majority OF North
am Pacific stock later exchanged for SSSOoVOO
cash and the SS2491S71 Northern Securi-
ties stock now deposited as collateral for those
bonds may be Fravely doubted That points
have been raised by the Union Pacific party, in
volving the question OF the legality OF certain
acts Of the Northern Securities Company or OF
certain features % the plan. seems TO be the
fact that a "reminiscences OF the contest or
three years ago Is TO be the outcome OF the pres
emf differences OF opinion IS altogether unlikely.
II for no other reason than that the times are
rot propitious FOR a gigantic stock market con-
test After all Il would seem though. under
the community OF interest rule which would
r,reva0 n the Union Pacific is 10 get both North
ern Pacific and Great Northern stock and the
Morgan-Hnl controlling interests in the two
latter roads shah acquire fairly large holdings
be operated tremendously. although complete
harmony among the American trsnscontInentaI
lines can hardly be attained without the inclu-
sion OF the Santa Re IN the harmony of interest
bond
The news Of the week has been on the whole
encouraging An excellent impression has been
made on market sentiment by the good report
concerning the iron and steel Industry. Pig
iron prices have advanced sharply, as a direct
result OF marked improvement Of demand, both
North and South and not as result OF any
combination OF producers. The manufacturers
OF steel report a similar Improvement. More
orders FOR steel It IS said. were booked In the
first two weeks OF March than for any preoed-
ing two weeks since 1902. Steel rails are IN
good demand. several OF the large railways be-
ing reported 10 be making inquiries and orders
aggregating many thousand tons having been
placed There were forty-four more furnaces
reported IN blast on March than on December
81. and there has been an addition in March 20
the number Of active furnaces. while few Ia
vorably located rolling mills or steel plants are
now :dle. Prices have not as yet. correspond
ingly advanced but an upward movement be-
gan IN February. which has continued 10 the
present time and promises TO be more pro-
nOunoed as the season proceeds
Railroad earnings stil show the effect OF the
NAL 1x vrF- no-r
suffered both great additional expense for opera
t1on and repair and loss OF revenue resulting
from inability to handle traffic Offering. The
Southern roads. however. which have not been
under this handicap continue 10 show weekly
net Increases IN gross earnings. The grain rate
war IN the West has been ended. thus cutting
OF 4 certain loss and preventing the much more
serious loss which would have come II the
rivalry among the warning roads had been per
mitted extend 70 other traffic. Conflicting
reports come 10 the Western crop prospects.
From parts OF the winter wheat territory come
advices OF beneficial rains and from others OF
dangerously cold weather. imperiuiug the grow
ing grain. The probability is that the harvest
viii be OF fair average size
The classified statement of the country's for
eign trade for February. Just issued. has some
interesting features. Exports OF agriculture
decreased S12.930633 as compared with the
returns Cor February. 1908. The largest part
OF this stem is represented by the falling or IN
the expectation OF cotton. due 20 the high mar
ket price Of the staple. This shrinkage amounted
10 S6S5S255. but the fact should be noted
that The decrease In value OF the total cot
ton exported last month. es compared with 8
year ago. was only - per cent. while the de
crease IN number o. bales shipped amounted e
about At per cent Exports Of manufacturer
ID - clr r.s7-- ~