The times., 1901-05-23

curity a stock which sells ordinarily be-
tween 100 and 150 but which has been
turned in at 200 This is a higher price
than 1t has ever reached before in the
most prosperous times. 1t is very difficult
to see how the Northern Pacific people
will make any money out of this transac-
ton. Especially is this true when the
Union Pacific people have made an en-
phatic protest against any discrimination
on the part of the Morgan Hill people in
favor Of the Burlington as against the
Union Pacific. 1t is easy to see how per
/ cent might be earned on Burlington, so
that the bare interest on the new bonds
could be paid if the Northern Pacific and
Great Northern could turn all their bust
ness over to the Burlington, but II is ex-
aCtly this which Mr.. Hartman objects to,
and il is Just because of this objection that
he has bought big block of Northern
/ Pacific stock, perhaps the control. Inc
position now is simply that Mr.. Hill must
provide eight million-odd dollars for the
interest on the new bonds, sum greater
than the Burlington has ever earned, ana
that he will not be allowed to jockey the
Western railway situation in order TO
give the Burlington an unfair share OF
the business. In other words, 1t is prop
able that it's share viii be about the same
that IL has been in the past. If the Bur
IngtOn cannot earn steadily every year IN
the future more than 1t has ever earned
for even one year in the past. the North
ern Pacific and Great Northern must Z"
down in their pockets 10 pay the dilier-
enCe. This certainly is not a Sood thihE
for Northern Pacific stock. II does not
make the stock look attractive at its pres
cnt level. Incidentally the Northern Pa
CitiC-Great Northern bonds VIII not. be
likely TO appeal very strongly to conserv-
ative people as investments,
The Union Pacific situation is not any
more attractive This company issues
Sl01.00GN Of bonds, and the collateral on
which the issue is based is a plg plock
OF southern Pacific stock that has never
paid any dividend, and another big block
, Cf Northern Pacific stock, bought prob
ably at an average price far above IT'S
value The Northern Pacific securities
receive per cent each in dividends. II
these dividends are kept up II Will be
seen that in order to come out whole on
the SlD0o00.N9 OF per cent bonds the
T4arrimans must have at least Sl00,009,Oo0
par value OF these securities, or leco,o0o
shares in all of the preferred and the
common. Il is not believed that they
own this amount. And moreover II Is not
an absolute certainty that the Northern
Pacific common stock can be continued
on ! per cent dividend basis with the
Burlington deal to look after. Thus the
Union Pacific securities, too. look trite
top heavy to many careful people. -
Wabash preferred was advanced from
40 a high opening, yesterday, TO AZ. and
It closed at 4114, with an excellent net
gain. 1t was said that there was good
buying of the stock by important people
1t is one of the few securities on the list
that appeal TO careful people as a reason
ably good speculation. The fact that the
Wabash Company, in the past, has been
one of the worst paying concerns in the
world has kept the price of its securities
down during the recent boom, when, as
matter of fact, conditions are already
much changed for the better, and are
capable of much further change in the
same direction. The earnings of the com
pany recently have been increasing rapid
ly. So much for the past With the ac-
qulsition of a line to Pittsburg the future
earnings are likely to be as far larger
than the present as the present showing
is better than that Of six years ago.
The stockholders of the Amalgamated
Copper Company are to have a special
meeting on June 6 to ratity the proposed
purchase of the Butte and BosteD and
the Boston and Montana, and the pro-
posed increase Of the capital stock of the
company from $75, 900 to S155 600. GOO 1t
is a pretty general feeling in the street
that the company will finally win in its
suit, and be allowed to carry out these
plans. The copper business is in an ex-
cellent condition, and for this reason there
is disposition TO take rather rosy view
of the prospects of the stock. There was
an advance of more than point in the
stock yesterday TO 115a4. and the close at
If51E showed q gain