The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-26
r RAILROADS.
BUYING Up ALTON I. \
Hawley Of the Minneapolis & st,
Louis and Yoakum Of Frisco
Help Hartman Out.
Is J. J. Hill Buying Northern secu-
rites Stock Hard Luck Of
M. & St. L. Pool.
Special to The Journal.

Special to Inc JCuTriaA.
New York, Oct. 26.-EdWin HaWley'
who controls Minneapolis & st. Louis
and Iowa Central, and B. F. Yoakum,
president of st. Louis & San Fran
cisco, have been the principal buyers
of Chicago & Alton stock for the past
three weeks. Considerable import
ance has been attached to their pur-
poses owing to the fact thaC ths!l
spective railroads connect with Alton.
IT can now be stated positively, now
ever. that the buying has not been
with any intention Of obtaining con-
troll, but has been carried on under
the orders of E. H. Hartman.
Mr.. Hartman is strengthening MS
position in Alton because he intends
to better the position Of that road by
traffic alliances. He believes that the
stock will sell considerably higher in
the near future and is therefore
legitimate purchase from Market
standpoint. Hawley and ioakum are
interested in the stock in the same
way. Hawley was formerly SCUM
ern Pacific official and is still In close
touch with Hartman affairs. Yoakum
is strong personal friend Of Harr1-
man, and also has business relation
n ships with him of a somewhat init
mate nature.
Is Hill Buying n. S.?
The action of Northern Securities
stock in the market during the past
three weeks would seem 10 lnolcale
either that the security is being sup
ported for some reason or other or
that some powerful interest is accum-
ulating stock. The buying orders
have been traced to Clark, Dodge &
Co, who own one of the few private
wires between the twin cities and New
York, and who have generally acted
1,io CT n
market operations. Beyond this
there is nothing to prove that Mr.. Hill
himself is responsible for the recent
purchases of the stock in the market.
Curb specialties report that some
times the curb market is actually pare
of Northern Securities stock for hours
at a time, and that they have the
greatest difficulty in filing orders
without running the stock up them
selves. One broker who has an order
to buy 800 shares for an Amsterdam
house, took the whole day about fill
ing the order. and even at that put
the stock up two points by his pur-
chases. During the day there was a
lot of stock dealt in on the market
but he found it impossible to get 1t.
He came to the conclusion that it was
mostly what is technically called
"wash" and was all handled by the
same house. The same broker two
days later bid two points above the
market for a fractional lot without
getting the stock. He complains that
there is no profit in being specialist
in Northern Securities.
This scarcity of the stock is some
what Of a mystery in view Of the now
well-known bearish attitude of Mr.
Hill on the general market. Mr.. Hill
is, of course, a great believer IN the
future of his own company, and con-
siders the stocks. even if the North
ern Securities company is dissolved
the cheapest thing on the list, but ne
certainly expects a bad break in case
the decision goes again him. 1t is lit
tie wonder therefore that the action o.
the stock on the market is somewhat
of puzzle to the Wall street sharps.
NJ g. st. Il. Pool in Hard Luck. =
The long continued weakness of the
Hawley stocks, Minneapolis & st
Louis, Iowa Central and Colorado 6
Southern has been the basis Of
great many rumors during the pas
few months. People who did no
know Mr.. Hawley have been quick tt
jump to conclusions with regard t.
the reasons for this continued weak
ness. The real reason for the tire
mendous decline in these stocks, nota
bly, Minneapolis & st. Louis, is state'
by one Of Mr.. Hawleys closest asso
ciates to be as follows:
Some two years ago pool wa
formed in Minneapolis & st. Louis Of
the supposition that Edwin Hawle
intended to sell the road at a goo
stiff price to the Northern Securitie
company. This pool was caught a
the time of the break in Septembe
last year with nearly all its stock O.
it's hands. There were very few Wa
Street men in the pool, and conse
quently it was in close touch with tn
banking conditions in Wall Stree
which led to the bad break in Septem
Der and October, 1902.
Selling for the account of the poo
began in earnest just when sthe maj
ket was breaking away badly, an
continued turnout the past year. M
Hawley and his immediate associate
did not feel that it was in any sens
their duty to stand behind the stOc
and take what was thrown over b
this pool. Particularly was this tn
case in view of the fact that Hawle
himself was bearish on the markt
from the end of July, 1902, until ve1
recently. The rapid downward cours
of the stock was helped by the fa'
that earnings returns had been ve1