The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-26
ARE BUYING UP
MERGER STOCK
HILL AND HARTMAN BROKERS
TAKING ALL THEY CAN GET.
Consider Northern Securities a Good
Buy Irrespective of the Supreme
Courts Decision - Considerable
Stock Has Been Bought for For
eign Account - Great Northern
Falls Behind Burlington and North
ern Pacific in the Showing Made.
Special to The Journal.

Special to The; Journal So
New York, Jan. 26.-Rumors have
recently been current of a leak.
whereby the supreme court decision
on the Northern Securities case has
become known with fair accuracy to
a limited number of persons. There
appears to be no good grounds for
believing that any surh leak Is In ex-
istence or is likely to be in existence.
The swift advance in Northern Secur-
tiles stock on Wednesday was the re-
suit Of manipulation pure and simple,
and had nothing whatever to do with
the decision in the Northern Secur-
tiles case.
In proof Of this it is only necessary
to say that BILLY" Oliver, a promi-
nent trader on the floor, offered to
bet three to one that he could tell
what the decision was going to be.
The very fact Of the traders thinking
they are in position to tell the re-
suit Of the suit is significant Of the
fact that the traders themselves are
taking an interest in the market
movement of the stock. The advance,
of three points, however, is significant
Of the fact. often noted, that there
is very little of this stock at1oat IN
the street. It has been Systematically
| cleaned up by bunch of young trad
ers acting for Kuhn loeb & Co. and
| Clark, Dodge & Co.; Kuhn, Loeb &
| Co.. represent E. II. Hartman, and
Clark, Dodge & Co., represent ]. j..
Hill. These two interests now repre-
sent the ownership of about $780,
100000 Of the stock of the Northern
| Securities company, and there Is only
about $20,000,000 Of the stock af1oat.
Buying in London.
| In the London market quite a bit
of this stock has been picked UP be-
low co.. Recently a block Of 1000
shares was taken out Of the New York
market by brokers for foreign
house, buying on orders for the es-
tate of a titled house in the south OF
England. According to authorities,
the trustees of this estate count on
decision that will lead to distribu-
ton of the stock underlying Northern
Securities, and figure that by buying
Northern Securities stock at 80 they
will get Northern Pacific at the equiv
. alent of 103A. Since this stock is
now recognized to be a Z per cent
issue-in spite of the declaration OF
IL per cent on Monday-the pur-
chase is considered to be about the
best on the list. eAs a matter of fact
/ looking at Northern Securities az
representative Of Northern Pacific a
Il 115 and Great Northern at $780,, the
, price of 90 must certainly be consld'
cred as ridiculously low One mar
Of means who is in the habit of look
, ing for investments that he consider!
/ gilt-edge recently put in an order tt
, buy 500 shares of'this stock on spec
= and he stated that his fondest hopes
} would ebes realized if. the suit was de
}, cided in sucH away that the North
ern Securities company would b.
compelled to give the Northern Pa
ctfic stock for his certificates. He fig
ured that he would be getting prac
tically 6.75 per cent on his invest
, ment, with chance in the long rul
to make Thirty or forty points on tn
J Northern Pacific stock that he Sc
cured. This is about the way tina
, the investive public in Wall stree
looks at Northern Securities at tn
present time.
"The speculative public" takes
= somewhat different view. Traders fig
ure that the stock selling at 80, i
an adverse decision comes out, vii
break between 80 and IS. If the de
cision is favorable to the company
even in part, they expect that tn
stock will rally Immediately to some
} thing over 95 and will be checked a
that price by some pretty good sell
ing. In the long run a favorable de
cision would probably result In a.
advance to something near 100. "
Recently block of Northern Pa
. cific stock was bought at private sal
for $3.50 a share. Since Norther
:, Securities is selling at 80, this pric
. is about fifteen points above the mar
-, ket 1t is understood that the stoc
; , is part of a small minority wh1c
q was owned by the parties represents
= by Wolf Brothers, in a suit to prever
= the conversion of the preferred stoc
~ into common. ~ This suit has bee
h hanging fire for about two years an
# was generally considered to be of n
n great Importance, as it was fore
# gone conclusion that the suing pal
n ties would be finally bought off b
# the controlling interest.
That N. p. Dividend.
IL The declaration of a dividend
IS III per cent on Northern Pacific WI
e, somewhat of surprise but created +
If great interest. It was merely take
" to indicate that pending the dectsie
e. in the Northern Securities case, tt
= directors do not desire to place tt
n stock permanently on a 7 per ce
Is basis It will be remembered that tt
IF modification Of the decree permittt
ct the declaration of a regular divide1
IF only.
IF earnings keep up to their prese
level, the directors will probably d
clare in April dividend of IN p