New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-15
Plan OF DISSOLUTION.
Wall Street Thinks 1t VIII Be Err
change Of Securities.

The decision OF the United States Circuit
Court ~ Appeals for the with Circuit which
has now been affirmed by the Supreme Court OF
she United States. enjoined the Northern Secu-
rites Company from acquiring any more Of the
shares OF the Great Northern and the Northern
Pacific and from voting its holdings Of those
shares, and allowed the company 20 return the
stocks 20 their original holders, and enjoined the
Great Northern and Northern Pacific from per
uniting the Northern Securities Company 20
exercise any control over their management or
paying 10 the Northern Securities any dividends
on their stock held by e.
Under these circumstances the early dlssolu-
fiCn OF the Northern Securities Company seems
tain. How thar dissolution VIII be effected
Gnd what measures Wll be taken Tor continuing
the Northern Pacific and the Great Northern Ia
iheir present intimate association has not yet
been intmated by the controlling interests The
best opinion in Wall Street yesterday afternoon
seemed 10 be that there would hoe an exchange
Of securities.
The Northern Securities Company owns about
~ per cent Of the Sl55OOoVgO stock OF the
Nortnerl Pacific Railway Company and about
. per cent OF the S1249o1 zoo stock Of the
Great Northern Railway Company having &C.
guircd ID ty exchange on the basis o. Sl0o for
$40 and $50. respectively in its own stock
These vast amounts OF securities OF the orig
mai companies. however, were held by a com
psrauveiy small number of persons at the time
Of the organization 81 the Northern Securities
Company, and the market trausa cti0us ia North
orn securities stock although during the two
gatcd "a large total. are not believed 10 have
been 80 great IS no make impossible the carry
ing OUT of plan FOR restoring the original con-
oitious.
II Is understood that the Union Pacific inter
ests, who. after the Northern Pacific corner %
hello ar actual majority OF the shares OF the
latter road. have never viewed with concern the
prospect OF receiving back those holdings IN
return for their Northern Securities stock The
Hl-NorEen party must sin hold nearly an OF
Their original Northern Securities stock and N
80. can readily exchange Il back for their former
holdings % Great Northern and Northern Pa
CifC.
There would remain the shares which have
heCn The subject 0f trading ia the curb market
These certificates 81 would he necessary TO trace
back perhaps through many owners 10 the
holders who acquired them iu exchange FOR
Great Northern or Nor hern Securities stool
but This task. although rreat one Il is sail
would not present an iusupcrahle difficulty
With The stocks 81 the Two Northern roads
again lI Che hands CT their old owners as ba-
fore tho formation OF the Northern Securities
C'onlnau.. the control Of the roads would i.
held by these individual interests under Some
Sort q 'gel.-lemen's agreement" which would
De followed by Ihe purchase by thn dor7,ir1ar,-
Interests OF each road u enough az the gfocl
81 The other 10 constitute Community OF fra.
iecasL' effective lE securing harmony Of on.
Grafton, although not violating the law as a
has been violated hy the formal merger OF tbr
two properties