The Birmingham age-herald., 1903-04-13

ness could be adopted by the great ma jority of traders.
 An interesting report is going the rounds that the combination behind Northern Pacific. Burlington and Great Northern has decided upon plan to shift the control of these properties from the Northern Securities Holding company to trustees, should the decision of the United States court be against the validity of the merger It is held that individuals cannot be deprived of the right to vote stock which may be registered in their tained in that way as through the medium of q corporate holding company, such as the Northern securities In connection with this report Is heard the rumor Chat the fnanciers who represent the control of these great railroad systems have been forewarned that the decision of the court will be against them and that they must be prepared for a new deal Information reaches Wall street that Judge Sanborn of St. Paul Is at work on the opinion and that the court will be ready to hand it down in q few weeks. If 1t be true, as gossip suggests, that arrangements have already been consummated to transfer the control to trustees. it may be after f.ll that the merger case will reach the 5u- preme court before the May adjournment dtlu tiidl OilG Ol lIle JuubeS HNlll prepare an opinion during the recess. One reason why a decision in the Keene injunction case was hung up Is supposed to be in- disposition on the part of Judge Lurton to anticipate or attempt to anticipate the de- cision of the higher courts in the North ern Securities case, where much the same issues were raised
 A feature of the money market during the last few days has been the offering of funds by the more important commission houses. The strong houses provided them selves liberaliy with time money and tremendous liquidation which has been going on for several weeks left them with large amounts on hand. This idle capital has been coming into competition with the banks money and has caused interest rates to yield. Loans on call and for time are easily obtainable at concessions from public quotations. This condition con- tradicts the impression sought to be made by the banks and leads experienced people to look for improved monetary conditions throughout the spring and summer months
 There seems to be no end to the pur- chasing capacity of the railroads nor to the necessities which confront them for increasing and bettering their facilities. Orders are on the books of the big iron and steel companies for 2.7O0OO0 tons of steel rails-an amount in exchss of their capacity for the remainder of the year by more than 100000 tons. It, therefore, be- comes apparent that much business is booked Into the year 1904. The manufaet- l ufing capacity for steel rails will be in- creased about 50000O tons next year. mak- ing the possible output in excess of 5OOO,- 900 tons.
 J. P1erpont Morgan had to postpone his departure for Europe a week or two The reason given was that his partner. MT. Perkins, was i'll and that he could not leave until that gentleman could be at his office. This circumstance gave rise to rumors that MT. Morgan was obliged to remain in New York in order to smooth out friction incident to the Rock Island Frisco deal. The story in this connection was that MT. James Campbell of St. Louis, one of the principal owners of the Frisco system, was holding out for A higher figure than had been agreed upon and that he would not come into the deal untll his terms were acceded to. As part Of this bit of gossip it was stated that the Rock Island party would not meet MT. Campbells demands and in conse- quence the deal was in danger of falling | through. There is no vertifcation for tbis story, but 1t gained general currency am, was one Of the market factors the middle of ba