New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-20
Financial.
The Financial World.

soIate-trylng, even, TO be utterly homeless 49,,
dreadful calamity upon which eve-y s--..- -
sion was fixed came to pass last lfo7l-, 81
termination by the U1itel States Supreme Co..
that the Northern Securities corporation. -
not conform 20 the laws requirements W.
all their direct prophecies 50 verified the -
host Of bear specU-atl.s fell upon the 49,.
market and with loud hurrahs pro-a..,.,
pound everything everywhere. And opo.,.,.-l
fell-ou an average as much as t5ros--,,,-.--'
OF one per cent Then the record pro,as,..
70 a list OF MARKET value advances not pa~sr-,.-
IN recent StOcsl Exchange history.
Significant is this Development One a.. .,
all professional Wall Street now realizes he 49,.
there was ample basis for the Statement -
In this column last week, that tachnfc7r. -
security market had been Illuidated into 5s,,.,,
fulEess.
New intrinsic conditions have bea7 c-,-.-,
by the extraordinary movement which Ia, ~
pressed values through a year and rnrra ii.
market readjustueut. What was f1~ua~rv .-,
fashion Of outcry against overcaul-a1iza.,,
water" and the Ike, is eztingulshed By 49,
ket declines. The IevelIlng process has t...
terrific in many OF its results. as is made H.
by even casual scrutiny Of any ra-. NJ .-,
market whatsoever-whether Of the utrq-,,,-
servativs railway list or in the group Of newest.
AAitAun-l4etlS SUN
to millions Of dollars but TO tens. and even "a,
hundreds OF millions Last year f5r axa0-r-,
United States Steel common stock had a crr--.--
market value higher than S2OOG9OO1a NON h.
sells below SGOOUdO00 It is an exrlbl- rl.
this that dispOses Of the "ovar-c7p'-aliz7-.-v,.
Indictment, and Steel Is not exceptional In the
TranscoutiueutaI Railway list. for Convenient
illustration. stands Southern Pacific. shrrl-k-a
IN sixteen months over SIJ0u0OJ3, anl. as req
resentative OF Eastern investment railways take
New-York Central. from whose market value
within the year there has been cut more than
100000. Truth Is. the American Security
market has for a long time past been uIuida-sI
beyond ready comprehension.
Corresponding Importance attends the money
market situation. Last year 6 per cent money
was cheap money. Our greatest corporations
were paying harsh commissions FOR a temporary
Accommodate. Lake Shores peerless credit
commanded fu1ds-at per cent. The Virginia.
Carolina Chemical Company embarrassed
merely 20 finance crovdI1s prosperty-vas sad
20 Be tlded over at three times The legal inter-
est rate. The money lender was then n many
a conspicuous quarter the actua. master. HEd
class investment securities could not b. carried
az a pr0dt-dividead returns falling below uLa.
was the current money rate on purchase price.
Money on collateral security was worth per
cent then. with stocks returning 81 per cent
Good stocks Yield from . 20 g per cent now, VITA
time money at 3ta per cent. The difference IS
betwixt what is tempting and what was Pro-
hibitive and threatening Meanwhile the cor
poraro1 record IS one OF mounting prosperity.
or course the pessiDis-s all grew c'9mo-ous
on Friday when came the unexpected sensation
ratEIrE crew proclaimed trouble for the security
market The net result IN the stock market was
a temporary fractional setback succeeded ry
Intelligent Indifference yester9ay-l78I qvo.1-
tons being the highest for the week What
sans and experienced observers recognizes IS
that elimination OF reckless commodity sperl-
lation p-ovi5es better conditions for tho stock
market.
Il IS undoubtedly true that natural facts war
ranted a substantial rise n cotton values and
IN so sar as that normal rise oc-grs the e@cct
upon the financial world IS beneficial But
when carried beyond that point ~ crazy s1ec-
uIat.o1 under the leadership OF a bold operator
pitting himself against the world, che resultant
imitation becomes a r-o-ace % serious lhoroc-
ter. Wall Street car sympathize with The mis-
fortune OF an Individual b-s --uzc rejoice az
the fading Of On haIIlct-at.01.
OHe Nsls'=ea''' i---'' F''.''-'-' '.'lls IS
s''d lll'' l'77.-.F Una s..-N "-'IA'- He-7s'-
/ t-es' Of q Att' -To-2 OF o,n'r alFa" 'l7ol7
/ SPECTATORS who for months past saa Intimate
/ re.a,i''S''P wiz" N-I' S.-5 -- -'7' anu l'
| stocks as ven as -' COTTON "-e1---'s' Iol'
some quarters comes ,-.7 --t'-''
/ was 7--F -'L-"l-.'.e -- HIS ----7
/ Irrespective ID. '.---. ,--' --- --'-
/ iSt.'' cotton Fa..-S Oh .-- ~--' .a~ S'l
/ out tho colossal l..- ,--.- ---7 S.'-' LIS SUI
/ rs cotton crop l.t ~ -
/ S.-'r"1''f' 10 >f'''' .'.p over ana s.o,'
I average high yearly F-.N.L-- l-.- Isl -ll--.,---