The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-06
The Merger Group.

Au0 4NOIGu0Iu OoCulALl0S RIOups IL
Guiding Union Pacific, had a wonderful
rise in values. This has been based upon
the distribution Of the assets Of the
Northern Securities company. For two
years, while this company was on trial
for it's life, J.. J. Hill used to take every
reporter he met by the arm and whis-
per condolences to him about the won
derful concealed wealth of this COM
pany. The burden of all these conf
dences was that the Northern Securi-
ties assets made the stock worth $50
whether the decision went against the
company or not. Then came the deci-
sion. It knocked the c%ompany,s stocks
into a cooked hat. They dropped like
a p,lummet to 80; Then they came
From that point they mounted slowly
up until, in the very recent past, they
crossed the figure named by MI. Hill
the greatest wizard that ever pro-
pounded puzzles to the Wall street
sharps: i
Hill has proved, apparently, that his
pet company in liquidation is worth
5000, 100000, tho capitalized at only
$400, 100000.
The concealed values in Great North
ern probably outweigh the concealed as
sets of all the others put together. They
center on the ore beds owned by the
company, which were bought at a. nom
inal value some years ago. 1t is these
hidden resources that account for the
wonderful price Of Great Northern pre-:
ferred, which enjoys the distinction of
granger railroad stock in the world.
There is no Northern Pacific in the
market. It has Jagged behind the
other stocks Of the group because few
traders will take chances on buying, OF
more particularly in selling, a stock
that may not be deliverable for many
months. It is not as tho the actual
willing to sell short against this stock
under any conditions. The great ma.
iority Of the stockholders of Northern
Securities do not know today that they
can 90 into the market and sell North.
ern Pacific, In. a certain proportion
against their Northern Securities
stocks. The whole business is so in.
yolved thru the suits and counter suits
that nine out Of ten stockholders are
to sell out in any one of the three OF
four ways at their disposal.
The great speculation in the North
Western stocks began with the Omaha
dividend. This appeared to be the sci
signal for a food of rumors and for 8
food of buying orders. It had nearly
reached it's climax before the story was
puC dTOuuu IudC Cu6 NOrGH- w 6SC6rn wa
TO be bought by Union Pacific for col
lateral trust bonds at 800. This story
was taken as gospel by a great many
people, but 1t still lacks authenticity
The time is not opportune. It is quite
conceivable that the ambition Of E
i H. Hartman will ride rough shod owe
the northwest 8 animosity to merge.
schemes, and that he will make his sys
tenn a tran%scontinental in spite Of clam
or; but the story is only floor gossil
from the New York exchange.
The 500 Advance.
The rise in 500 line and the spectac
ular jump in Wisconsin Central pre-
ferred are the latest incidents. TIL
former is legitimate. The latter wa
engineered by j. w. Gates and Edwi1
Hawley for the benefit Of j. w. Gate
and Edwin Hawley. The former o
these two gentlemen was hung up abou
eighteen months ago with a nice littl
block Of Wisconsin Central, the sam
being a heritage from the operation
of a speculative pool formed to max
a little turn in that issue. The order
on Wednesday last were put into tn
Wall street market thru a house O
some prominence with a Milwaukee of
fee. This was done to make it loo]