New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-21
rrr WEEK IN Wall STREET.

she failure OF the house OF which the bun ies-ri
in the cotton speculation IS the head. Win me
had nevvs out however. on Northern SeeuTl-
ties. an advance IN prices began which gam
ing momentum with the Increasing volume or
covering bv The shorts who had mistakenly be-
lieved that decision against the Northwestern
merger must further weaken values, had be-
come bv Friday TOO strong 20 be more than
ternnorarilv checked by the cotton crash. and
which continued 10 the end. the market closing
Saturday strong and at virtually the highest
figures OF the week.
Although II had Tor many weeks been gen
orally believed that the Supreme Court would
decide the merger OF the Great Northern and
the Northern Pacific 10 have been Illegal II was
by no means certain that the decision had been
fully discounted by the stock market. Perhaps
n prices had been ruling 20 to 30 points above
the actual level OF week ago there might
have occurred a serious break. for with the
banding down az the opinions speculation he
gan as 70 the likelihood OF prosecutions being
Instituted against other railway combinations.
under the Northern Securities precedent. and
the posi- hlity o. extension OF the Attorney Cen
erals activities 10 include the beginning 81 PRO-
ceedinEs against the so-caIled '1ndustrials.''
those gigantic combinations which within the
last five or six years have been formed by tho
consolidation or companies and firms in one or
another Of The several fields OF manufacturing
enterprise. all OF which trusts" are engaged
81 commerce between the states.
a further menace was presented IN the posi-
hnity that with the dissolution OF the Northern
Securities Company the warfare between the
Union Pacific and Hiu-No-rau interests, from
which resulted the panic OF May .. 1901. might
uca!n break out ID has not vet been demon
Etrated thar these perils are Nlusory- The mar
ket was reassurez however. by unofficial ad-
vices from washington shat Attorney General
Knox had no purpose Of running auuck." by
the Limitations and qualification OF The opinion
in which Justice Brewer whose vote decided the
fate OF the merger. set forth the grounds OF his
action. and boy the conviction which soon he
came general that the various great interests
making ND the control 90 the Northern Securi-
ties Company would think long and seriously be-
fore settling on a method Of complying with
the courts decree which would open The door
10 "a recurrence Of The disaster which three years
ego caused such tremendous losses TO the whole
body OF investors and occasiOned so long con-
tinued paralysis of stock market activities.
A way win be found, although II must he
sought through a maze OF complexities. for
omicably dissoving the Northern Securities
Company and that plan. when perfected, II is
believed in the best quarters, VIII safeguard the
Union Pacific against the Burlington COMPETE
ton. which the Union Pacific in 1901 sought TO
stop by purchasing control OF one OF the two
systems jointly controlling the Burlington.
The Sully failure was Of primary Importance
in the cotton market, for the firm had no out
standing contracts on the Stock Exchange.
There Is in the downtown district wide
- - - -, ol--'-'--s 'e7'i ing 1Ne
-. - 80 - e''ee- 'le pony
,,rdo,,t,.,--l,. - 80 10y -
g. = - ~ 80 d"
-. - -. p l'11 --'a' jug
= -. ...--l-.- % --'v ---a' i7's
- - a. II -, t1s7- .---ee OF
-. ~, s.-. -. -'7 81
- - - .-- - 0-7
-, =, 49,. go Az '-
-. - '''--,- al ,i'7 'e-
- '-.'- ---' - '7-s large me COT
- - ' o. -'a--l'+ "a
t-+,....7 81 - 90. '--i '1-7-'
- 49,. go - .. -1''1 i-'-''
- ..,..-t- Il
- -. ,,..-.- ~. - 7''''7
.., " " EN- '.-. CEMENT
-. ''-'-. l'o. t'--'S' --e "+7l
-ls -.,-- go -'- ~ 's-l-s COM
- II - ii, 49, ~ --'-
=, -.,1.l.- ~ .-- -."
- .--.. ---
-. - n, .''.' -.'s-S-
- ,--,- = -'-.-e a'''s me
's-S 90 .'' 'a's D. l- lneI contention
---.l-.. '- 's '''= -.t s'-
..,--s.--.-- 80 $50. -I - ~ ga ~
-'-. -' '-i1 'o1N-
- --, e
-. s..,,.-... F,
~ o''' -' '7 '.- ana --'7 name WIZ
o--'s on ''''-1 I'd d p-oi'seI VINO
,---z,.--- .,. .s..,--
-. -, .5 q, -, - .,
800 -', = an 'S '-e
- - -..-..-..-- -