The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-07-25
DIVIDEND DELAY
CAUSES NO LOSS.
NORTHERN SECURITIES COM
PANIEs WON'T SUFFER.
Individual Stockholders Who Need
the Money Can Get It-Plan for
Loans Likely to Be Made. j..
Hill Free from Worry and Full of
Fight q
Special to The journal.

Special to The Journal.
New York, July 25.-One of the
directors of the Northern Securities
company says:
"All this talk about the absolute
necessity Of paying the dividends on
Northern Securities in one way or
another, and the alarnist talk about
the hardship entailed on various COM
panies thru the delay in paying divi-s.
dends is more or less nonsense. None
Of the companies concerned is going
to lose any money as a result Of the
delay. The only parties inconveni-
enced are the private stockholders,
and if any one of them actually needs
the money there are two or three
ways III which he can get it.
Suppose, for instance, one of Mr..
Hills stockholders came to him and
said: Mr.. Hill, I have been living for
the pass two years on my dividends
from 500 shares of Northern Securi-
ties. will either have to get the
the stock is worth more than it Is
selling for, and I don't want to SELL
What do you think would be the re-
suit? Do you suppose the stockhold-
err would have to wait very long for
his dividend? Why, he could go to
almost any bank in New York and
borrow money today on his stock or
even on the accrued dividends Of
Northern Pacific and Great Northern,
which are piling up at interest each
quarter.
IT suppose some plan for making
these loans on an equal basis will be.
formulated and put in operation.
stockholders together and would pre-
vent some scattered selling for trus-
| tees Of estates, etc., people who want
| the income to come in without any
| trouble in going after it. For that
reason I think a plan will be devised
| It will not be very difficult task to
| get such a PLAN"
This statement, from an authorita- :.
tive source, should go far toward set
Ting the numerous rumors that are
| current with regard to these divl-
| dends. 1t appears that there is no.
hardship entailed on any of the COM
panies concerned. Neither Union Pa
ciflc nor Oregon Short Line is suffer-
| ing for need of the dividends which
| are accruing.
There has been some talk about
the bondholders of the Oregon bonds
not receiving more than per cent
during the litigation. AS a matter OF
fact they will get Az per cent just as
tho the regular dividends of rs per
Securities. The funds to pay them
will come out of the cash account OF
Oregon Short Line or Union Pacific,
which owns Oregon Short Line. i
There will be no Inconvenience, be-
cause within two months Union Pa
cific is going to receive s40,000,000 in
hard cold cash for the new preferred
stock. Holders of the common of
record next Thursday will supply
this $40,00O,O00. Of it S10,000,OO0
will pay off similar amount of notes
due Of the remainder s15,O0O,000
will make an Improvement fund and
the rest, SIS, 100000, will go into the
cash account, making the company
strong senough0to1 supply itself and al
it's subsidiaries with cash for any pur-
pose whatever. :
Meantime, people say J. j. Hill is
| not worrying at all. 1t is a fact that
he has seldom been in better humor,
J and has not looked SO we'll in years,
) He came back from Canada brown
: as a berry, full of fight and energy.
He will not admit defeat. He is not
so radical a bear as he was a few
, months ago, but he is not an optimist
; vet. He will not join the chorus OF
2 hope and joy that is made up OF many
: western railroad men who see noth-
5 ing ahead but high prosperity