The daily morning journal and courier., 1904-03-23
RAILROAD MERGER
 DISSOLUTION PLAN
(continued from First Page.)

(Continued from First Page) sey. require a twe-thirds vote of share holders to permit the company to re- duce it's capital stock. Such vote is the first step necessary for the division of the railway companies shares. The collection of the May and subsequent dividends on such shares being forbid den by the decree until such distribu ton has been made, the importance of promptly executing and forwarding proxies is obvious.
 ''The assets of the company remaining in it's treasury after the foregoing dis tribution is made, will consist of stocks and other property in no way involved in the suit, producing income and con- seryatively valued at an amount in ex- cess of s, 954, ,0O0, to which it is proposed to reduce the stock of the company"
 The new plan was formally adopted at a meeting of the directors which be- gan in the morning and lasted until well into the afternoon. There were present at this meeting President Hill, George F. Baker, William B. Clough, Edward H. Hartman, D. Willis James, Daniel s. Lamont, John s. Kennedy, George w. Perkins. N. Terhune and one or more other directors.
 Throughout the day. when Northern Securities shares were booming on the curb, and it's affiliated stocks, and the Pacifics, chiefly Union Pacific, were ad- vancing by leaps and bounds on the stick exchange the air was full of rumors, some of them of an alarming character.
 Dealings in Union Pacific common ag- gregated over 40 per cent. of the total outstanding issue. It was declared in various quarters that the Hill Morgan party had for some reason deemed it necessary to buy heavily into this stock.
 The belief in this rumor was height ened by the fact that brokers who often represented Morgan interests on the ex- change were heavy buyers of Union Pacific all the way up.
 Large amounts of Southern Pacific shares also changed hands. and sales of Great Northern preferred, of which the floating supply is very small, amounted to 1000 shares. In the bond division Oregon Short line As, Union Pacific convertible 4s and Burlington As were in demand at substantial ad- vances.
 After the close of the market a long conference was held at the, office of J. F. Morgan & Go. Those who attend ed included MT. Morgan, MT. Hartman, Mir. Hill, Mr. Lamont, MT. Perkins, J. P. Morgan, jr., Francis Lynde Stetson, of counsel to J. F Morgan & Co, and ex-Judge Bum, of Minnesota, MT. Hills personal legal adviser.
 Messrs. Hill and Hartman left the Morgan banking house arm in arm and apparently in the best of spirits. Both declined to make any statement beyond saying that a perfect understanding had been reached all aronud. MT. Hill denied that there had been any differ ences respecting the dissolution plan. MT. Morgan and his partners had no comment to make, but MT. Morgan seemed pleased with the days events.
 At the banking house of Kuhn, Loeb & Co, the chief packers of the Harri- man system of railroads, no statement of any sort was forthcoming. A report that the firm had, as the Hartman rep resentatives received a substantial cash bonus for agreeing to the distri- button plan, could not be verified. The street heard that Hill- Morgan interests would be given representation in inc Union Pacific road, in return for which Union Pacific interests would be asked to take a place in the Northern Pacific directory.
 Sales. of Union Pacific common aggre- gated over 100000 shares at an advance of 8 IA points. Southern Pacific was traded in to the extent of over 161, ,0O0 shares, gaining net 2 34 points. The ad- vance in the 1000 shares of Great Northern preferred was 1-2 points. All the Pacifics, in fact the general market, went higher with the boom in the Northern Securities stock.
 On the curb Northern Securities made net gain of six points on sales of about 23,000 shares The stock touched 99 7-S and closed at 99.