The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-01-14
HELD UP BY "VAN
The Governors Suit Causes the.
Spectators to Hesitate.
THEY WILL WAIT TO SEE.
L WAIT TO SEE
What Happens to the Northern Sc
curittes Company in the
Courts.

The great tight between the state of
Minnesota and the northwestern railroad
combine. is being watched with anxious in
terest in Wall street. This contest has
come to be the factor Of overshadowings
Importance. The effect of victory for
the state would be far-reaching, and.
heavy traders in the New York stock
market whose interests are in no way
concerned with affairs in the northwest,
are watching the fight with an interest;
second only to that of those Immediately
in touch with theEnorthWest.
The latest rumor from the New York
Stock Exchange is one the effect that,
II the Northern Securities company loses.
the fight and is declared illegal by the
supreme court the company will be in
corporated in London.
Meanwhile the question has been asked:
why are not the securities listed on
the New York Stock Exchange?" The
answer is that the securities have but just;
been prepared. that the application for,
listing is now before the listing commit
tee, and that they will be actively traded
in on the exchange shortly. Will this be
the case? Will the committee permit the
stock to be listed while there is ques-
tion unsettled as to the legality of the.
company? "A few days will probably show.
Meanwhile there has been a:little trading
on the curb When first offered on the
curb, subject to delivery when ready
the nominal price was ITO. Thursday of
last week the curb quotation was 105. On
Saturday they were Offered at 104, with
1O3 bid. s>s $40
The general market has felt the effect
OF the antagonistic public sentiment In
december it was freely predicted that the
turn OF the year would bring an: old
fashioned bull market in stocks Condi-
tions are favorable. Money is loaning at
satisfactory rates. The general business
OF the country is good and the prospects
now are that 1902 will be the best and
biggest year the country has known, and
there was the additional fact that in the
great financial centers of the country the
disbursements on Jan. 1 in :sthe form Of
interest and dividend payments were the
largest ever known: amounting to APP
proximately $250,0O0,00O, good part of
which, it was expected, would come back
into the market for reinyestment. Yet
there has been no great gain in values.
10 start the year stocks advanced con-
s1derablY but reactions followed: and
hesitation has since been the rule. All
attention is centering on the fight between
odd Van SAINT and Jim Hill 800 y
Local stock exchange members were
closely advised of the gossip in regard to
the probable effect of a decision either
| way
Louis T. Watson had the following yes
| terday 81"
| Any decision Of the supreme court to-day
will be of course only preliminary. Rumors
| OF a decision permitting the state of Mime
sofa to bring the action were deterrent to
| trading, and the market is for the moment
governed by this matter, which has taken
precedence over other things as factor.
George Bagley had the following: -
Whatever may be the final outcome Of the
Northern Securities company fight, the effect
| OF the whole thing SO far has certainly been
| depressing to the market This cannot fail
to hold first place as an influence until it
has been settled.
G. H. F. Smith received this: %@g .1
1 Permission to2bring suit and the ability to
win the suit are two distinct propositions.
, On rumor of an adverse. decision, the traders
have been hammering the market, but with
| out material success so far In any case it
will pay to watch this matter. carefully.
| New York wired G. E. Lewis:
| The fight has only begun If Minnesota is
denied the right to bring suit in Washington,
they will probably begin in the Minnesota
| supreme court On the other hand, If the
| Hill crowd finally lose. they will probably go
| TO London and incorporate