The Birmingham age-herald., 1903-04-19

and unofficial suggestions. He is more likely, however, to keep out and let the attorneys decide for themselves what had best be done They have not heretofore deemed it necessary to go to him for ad- vice. Out of this projected pilgrimage to Washington sprang the rumor full grown that the Northern Securities party would ask the attorney general to make a com promise with them on behalf of the gov ernment which would give them what they wanted without taking an appeal to the Supreme court. The absurdity of this report did not dawn on Wall street until after a full day, and It remained for the principals of the securities com pany themselves to stamp it untruthful and without the slightest foundation. There is little the bosses would not think of, or attempt to do in the way of gain ing official sanction for their plans but they have not yet risen to the dizzy height of asking the -ssnment to com promise, modify or re struct court decision to suit their wishes.
 Endless litigation may grow out of the attempt to resolve back to it's constitu- ent clements the property held by the Northern Securities company. The com pany has an authorized capitalization of $40O O00,000 of which 1854, ,000. 900 has been issued in exchange for D per cent of the stock of the Great Northern railway and practically all of the stock of the North ern Pacific. Back of this stock, however, were immense issues of bonds incident to the purchase and transfer of the Chi cago, Burlington and Quincy to the Northern Pacific and Union Pacific. Bur lington is owned jointly by these two roads. The Union Pacific is therefore as directly interested in the decision al- most as MT. Hills combination. For that reason the Union Pacific is being select al I,Is rtn fa.. l4n, r.fH It has been thus c.: well supported but a strong bear campaign against the prop erty has already organized and is active ly at work. One of the leading specua- tors in the stock market is going about telling his fellows that in his opinion Union Pacific would sell at GO within the year and the per cent collateral trust bonds nearly as low. The same specua- tor was an extravagant bull on Union Pacific when it was selling above 115 last summer. He explains his shift by say ing that conditions then and now are entirely different and that the Union Paci- fic is in danger of becoming involved in litigation from which it may never ex- tricate itself and which must have an injurious effect upon the property. This is mentioned simply a Wall street theory and as one of the incidents grow ing out of the Northern securities de- cision
 
 It is more than probable that the litiga- tion begun by James R. Keene against the Hartman interests for control of Southern Pacific will be dropped At first blush 1t would appear that the decision foreshadowed a victory for Mir. Keene in the higher courts, but inasmuch as a victory there would be a boomerang against himself he is quite likely to draw out, although nothing positive is known. The Southern Pacific company Is itself a holding corporation and has been subject to attack for years by the authorities of Texas and other states for alleged viola ton of the state and federal laws pro- hibiting buying competing lines. MT. Keene is still heavy owner of the stock of the Southern Pacific company and if he carries his litigation to a successful end he might be destroying his own cor poration. MT. Keene will go a long way to win a campaign, but he has never yet been accused of pursuing a course injurious to his own pocketbook. MT. Keene by the way, will soon sail for Europe to be gone most of the summer. He has leased an estate a short dis tance from London and proposes to enjoy a season of complete rest from business cares. He has a stable in England and will take an active interest in the races there. MT. Keene hurt his knee thirteen weeks ago and his leg may be stiff for the remainder of his life in consequence. MT. Keene is now GA years old. His gen. eral health is good-better in fact than 1t has been for years.
 Mir J. Pierpont Morgan has twice de- ferred his departure for Europe. He now expects to sail on Wednesday the 22nd instant, although he may conclude to re- main here a while longer He has been invited to a dinner to Count Spec Won Sternberg, the German ambassador, on the evening of the 22nd and has given a half promise to attend. MT. Morgan has important social as well as business con- nections in Germany and as he is a per- sonal friend of the kaiser he will strain a point to show courtesy to his repre- sentative in this country. MT. Morgan has been under terrific strain for six months, greater than at any time during his life. and he shows the effect of 1t. His step is not as elastic as formerly and his habby cheeks denote a loss of physical vigor. His eyes have the same glare as ever and his manner is more brusque. if possible. If he gets away he expects to remain in Europe for at least three months.
 The principal parties to the negotia tions for the purchase of the Frisco sys- tenn by ROCK lSldnu nave Sledully ue- clned to explain why the deal fell through. They have been extremely care- ful to avoid personalities and to all ap- pearances they will continue to be friends and operate the two systems amicably. It is by no means certain even that the e' deal is off permanently although the owners have thus far failed to reach an agreement as to the exact terms of the sale. There is room for both roads oper- ating independently and without inter ference one with the other. although in conjunction they would make a powerful and compact combination. There are per- sistent reports of close relationship be- tween Rock Island and Atchson. Officials of both roads deny point blank, how ever, that there is union of ownership or the remotest probability of such a deal.
 The last break in the stock market in- creased the total shrinkage in securi- ties by at least $3O0. 900. This is a big price to call upon the market to stand in payment for the mistakes of single group of finaneers determined upon bend ing the law to suit their own purposes regardless of consequences. The aver age of prices now is only slightly higher than that reached at the depth of the panic caused by the Northern Pacific corner just two years ago. The actual value of transportation properties has enormously increased during the last three years and with enlarged facilities 25 per cent more tonnage can be carried now than then. The reports from the west and south where the surplus crops of the country are produced indicate