The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-07
STOCK MARKET FEATURES
NORTHERN SECURITIES DE-
CIsIoN THE EXCITEMENT.

NORTHERN SECURITIES DE-
oIsIoN THE EXCITEMENT.
The Market Dominated by the Decision
what it is and How 1t Affecteo
stocks-,The Pro-Rata Distribution
Mexican Central-Mo. P.-Mees De-
flcit-Copper, Etc.
wall street was wide awake carry
Yesterday over the forthcoming Vi tne
Northern Securities decision py tle su
nreme court. In expectation mat 1t
would he against the u F., drive
was made against the latte stock, car
rying it down to 1872 7-S' put Wneii INC
decision came out U. P. rallied up "
1856. 1t closed at 1874 IL. Northern pc
curities attained its highest price, 1o0
Ia The supreme court decision up
holds the decision Of the lower court
DENYING the petition of e. I'll. Hartman
far an Injunction to restrain the dis
tribution of the company's assets.
The decision of the court was an
nounced by Chief Justice Fuller. ne
delivered no written opinion, but saia
that one would be filed later. There
was no dissenting opinion. .... ..'v
The decree of the circuit court Of ap-
peals, which was affirmed, merely re-
versed the decree of the circuit court
for the district Of New Jersey. Inc
latter court issued an injunction re-
straining the Securities company from
transferring or, distributing 7l7,S0o
shares of the common stock OF the
Northern Pacific Railway company ac'
ouired by the Northern Securities com
pany in the merger of the Northern
Pacific and the Great Northern roads.
This decree was overruled by the cir
cult court of appeals sitting in Phila-
delphia, and yesterdays verdict sus,
tains the reversing decision. s
The court Of appeals held in effect
that the Securities company had be-
come the absolute legal and equitable
owner of the stock of the railroad COM
pany, and that the question of owner
ship had not been involved or even in,
cidentally passed upon by the supreme
court Of the United States in the gov
eminent case for the dissolution of the
merger.
The supreme courts decision is in
favor of the pro rata distribution of
the Northern Pacific assets. Even now
it is uncertain who owns the Northern
Pacific to-day. It would appear to rest
with the old Northern Pacific-Great
Northern party, as out of the $395,0OO,-
600 stock Of the Northern Securities
company the U. P. owns but $50, 100000.
But no one knows what Northern Sc
curities shares the U. p. interests hold
over and above what is held in the
company's trust funds. The decision
opens the way for the release of the
long tied UP Northern Pacific and Great
Northern stocks, The immediate re-
suit will be redistribution on the pro
rata plan as recommended by Mr.. Hill
and his associates-that is, each side
will get its equivalent of Northern Sc
curities company stock holdings part
in Northern Pacific and part in Great
Northern shares. And it would seem
certain now that the long sanguinary
fight is over.
Great interest centered in the market
yesterday as to what effect the an
nouncement of the decision would have
on the market. But the effect was not
exciting, as stated above. The argu-
ment that Union Pacific should rise
because the accumulated dividends ON
Northern Securities-amounting to IL
per cent.-Would now be released, and
III crixra TTr1inf1 Do aifo
So, ,000--appealed somewhat less to
Wall street because of the sharp rise
this stock has already had. The most
interesting phase of the situation was
declared to be the future course which
is likely to be followed in continuing
the community of interest in the north.
west. 1t was generally assumed that
there would not be any serious rivalry.
The strength of the Canadian Pacific
and the 500 line shares was said by
specialists to be due to buying by peo-
pie very close to inside interests.
Indications that a new pool had been
formed in Southern railway common
were given in the character of the buy.
ing.
1t looks as though the plan for con-
SOlludllIls5 Inc DOuIuefu IRON companies
would be in a somewhat quiescent state
for several weeks at least.
The street had a strong point that
Atchison would rise on the short inter.
est.
The sentiment of the uptown pro.
fessional party" is optimistic and a
pretty active and higher market is
looked for this week. Men who have
been big factors in the present move.
ment, and who have been in the south
and elsewhere out Of town are Begin
ming to return.
One Wall street gossip says: Louis.
vile is sort of Lake Shore of the
South, and, anyway, I firmly believe
it will become a per cent. dividend
payer and sell at IT'S. If you sell out,
you'll only pay more to get the stock
back" - d,
Mexican Central was active and strong
The street believes that certain finan-
- -