The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-13
THE WEEK in WALL STREET
DEADLOCK IN STOCK MARKET
CONTINUES UNBROkEN.
Impending Decision in Northern Sc
curities Case Is still the Most
Depressing influence.
Special to the indianapolis Journal.

Special to the indianapolis Journal.
NEW YORK. March 12-The stock market
deadlock continues. a majority Of the traders on
the Exchange and In the street seem to be deter
mined 20 await a decision IN the Northern Sc
curities case before resuming active operations or
taking sides. The weekly recurring disappoint-
ments over the nonactlon Of the Supreme Court
in this case have wrought the street into a state
Of nervous excitement.
The street had the strongest kind Of a tip that
the Supreme Court was 10 act last Monday. Not
only that. but statemens were made with great
positiveness that the decision would be adverse
and that IL would uphold the findings Of the
lower court in every essential point. with a
single exception. and that relating 10 a minor
detail involving a matter Of interest only TO the
state Of Minnesota. 1t is not improbable that
the decision was withheld by the Supreme Court
On account OF the widespread circulation Of ad-
vance as to the purport Of the docu-
ment.
1t would not be the first time this has been
done. In one conspicuous instance, the Laclede
Gas Company's case Of st. Louis. a decision
was kept back for a year, and when handed
down II was directly contrary to the original ad-
vanced tip. During the interval the court seems
to have reversed itself. On other occasions
where interests have taken the trouble to ac-
quIre advance knowledge of a decision and let
the be generally known, decisions
have been hung up for months.
The Supreme Court Is exceedingly touchy on
the matter of leaks" Betrayal of its secrets is.
in the minds Of the august justices, an I'M
pardonable ofense. Not only that. but 1t would
constitute contempt of court. and any person or
persons thus engaged would make themselves
liable TO severe punishment. There could be
no appeal from the DEGREES of the Supreme Court
In a matter OF this kind, a fact well known to
those who obtain and sell tips as to what the
court Is going TO do. Thus far they have eS-
capped discipline, but one of these days an awful
example Will be made. which will discourage en-
The statement has been made that there is no
instance on record of an authenticated leak by
which the public gained advance information
Of Supreme Court decisions. This is a mis-
take. The full text OF the famous Lake Front
case OF Chicago was printed in the Chicago
Tribune some time before it was handed down.
This case settled for all time the rights of
me State OF Illinois, the city Of Chicago and the
Illinois Central Railroad to land and harbor
rights OF very great value. The advance publica-
ton OF the decision created tremendous excite
ment and was a great scandal. Time and again
the tips which have been hawked about New
York and Washington have proved remarkably
IcGuIae9 NatuFIny more or less guesswork is
appear to be strangely inspired along correct
There is one thing. however, the tipsters can
never be sure about. and that is the date upon
OF the justices is to meet Saturday afternoons
and decide what decisions will be announced the
day another consultation is held, and il very
often happens that on motion or suggestion Of
for reading is pulled down for some cause II
may be that a justice is not satisfied with the
paragraph. or he may want to give the decision
another perusal in its entirety. Any one Of a
tnouSand reasons. or no reason at all, sufHces
for this action. OF that there can be no advance
waTning; ana consequently, while the guesser
VIII De a disappointment over the unforeseen de-
the Northern Securities case. 1t may be rendered
next Monday or the Monday following, or it
may be hung up for a year. The latter contin-
gency, however, is very improbable.
The street again hears that Mr.. Jim Hill
and his associates have a plan fully matured for
continuing the Northern Securities holding COM
pany under a new guise in the event Of an adj
verse decision. The device supposed to be hit
upon is that of a voting trust similar in MANY
respects TO that which has been in operation in
Erie and Southern Railway for several years.
Presumably such a voting trust would be en-
dowed with authority to distribute the stocks
and bonds now held by the Northern Securities
Company: Just how this can be done is not now
clear. The job will be full OF complications and
embarrassments, and it will affect not only the
but the Union Pacific as well. The iast-nasmed
CORPORATION is a-large holder OF the underlying
securities which enter into the Hill combination.
and will be involved to a very considerable ex-
An ad W astaa nd,u ana IT'S consequences.
would be of far-reaching Importance beyond the
question OF a doubt. II would not affect combi-
nations OF noncompeting railroads. but it might
play hob with existing arrangements by which
FER 1syivania controls Baltimore & Ohio, Ches-
an II OF m whtcn ai ARE more or or less competitive
Southern Pacific is controlled by Union Pacific.
The existing control Of Louisville & Nashville
the mergers OF recent years would not come under
the ban, as the properties consolidated are not
ture of railroad extension and expansion. " ma
This is conspicuously the case with the Rock
of lines gridironing a vast area, but i'm no in.
stance taking in competitive roads.
Financiers and leaders in the stock market are
extremely sensitive these days on gossip touching
on the methods and campaigns of the Standard
OIL crowd. Miss Anna Tarbell. in her inside his
tory Of the Standard Oil Company. made IT plain
that from almost the first it was Mr.. John D..
Rockefeller's habit to maintain a close espionage
on competitors and rivals in the oil business.
He was openly accused Of employing a corps of
spies to keep him informed Of everything that
was. done by his opponents.
There is an uneasy feeling in the street that
snese same methods are being employed in the
undertaken to dominate there. Through its own
would be possible for il to obtain intimate knowl-
edge Of the operations and resources of thousands
Of men who buy and sell stocks and bonds.
There is no proof that this is being done. but
II would be in direct line with what was done
for many years in developing the Standard Oil
monopoly. With larger and better facilities for
acquiring the same kind OF information as to Sc
curities II is not a very wild flight of Imagination
10 conceive that the practice is being apnlied
wherever such information might be desired.
Spectators and traders have a sense of IN
easiness and insecurity in consequence of the
growing fear OF Standard Oil espionage of the
private affairs of those who have relations with
financial institutions under Rockefeller control
This is a curious condition Of things and in
tensiheS the growing terror with which the Rock
efeller party has inspired the financial district
People are asking themselves where il Is going
to end and when the Standard Oil crowd will be
satisfied and cease its aggressions and be CON
career the founder Of Standard Oil has proceeded
on the theory that business is war and that
annihiiation of competition and competitors was
justihable and an incidental means to success
We have the authority Of the late w. T Sbar-
man that War is hell" and IL is the conviction
OF men who have tried unsuccessfully TO opDose
the plans Of Mr.. Rockefeller that the business
methods Of the great hnancier and merchant are
hell"
The Standard oil appears TO have at last in
vaded the Eastern newspaper field. The control
Of an important financial and commercial Nov,
York newspaper has been secured. and its COL
umns are daily filed with violent personal abpsa
OF Augustus Heinze. VINO has for years antag-
gamated Copper in Montana and elsewhere
There is small sympathy for Mr.. Heinze. but
considerable speculation is being INDUCED in as
TO how far this species OF newspaper bucca nee
ing may go. II Heinze is 10 be attacked througb
the columns OF a Standard oil newspapers becauss
he opposes Standard Oil plans. why not others9
Are the kings OF high finance and the captains
nf industry going hack into the al .---