New-York tribune., 1905-04-15
BIG STOCK ISSUES Talk.
Reports About n. J. Central and
Great Northern in the Street"

That important and far reaching plans Of
adjustment OF railway relations have been pre-
pared which VIII be made public following the
distribution by the Northern Securities Com
psny OF its Northern Pacific and Great Ssrth-
ern stock holdings. Wall Street is fully per-
suaded. belief which finds fits apparent justin
cation IN the current movement of the stocks OF
the rsilwsy companies likely to be included
But authoritative information as to the nature
of those plans cannot yet be obtained.
The most inclusive merger story-which was
also ''eEclusive'-was published yesterday morn
ing Il informed the financial world that the
Sew-York Central and the Chicago and North
western were each 90 increase their capital stock
by rs per cent and that the total stock OF both
reads is then 20 be purchased by the Union Pa
cifio with bonds" Central stock at 200 in per
cent bond and Northwestern at 300 in 31a per
cent bond. To make these purchases, the Union
Pscihc would issue sT9OOOOOOO bonds. It was
graVely said, OF which the underwriting has
been completed several weeks" The succinct
comment on this tale fn we'll informed quarters
was 'RubbishF'
New-York Central, IN yesterdays strong mar
l1st. made a net advance of IL points. ST. Paul
and Illinois Central-which, according 10 COM
mon report. are likely figure in the plans OF
the Onion Pacific for safeguarding its strategic
position after the control OF the Northern Pacific
and the Great Northern rs separate, but inti-
ula6ely related. properties shall have reverted 10
the interests who dominated them when the
Northern Securities Company was formed
gained yesterday respectively. 5S and 343 points.
Union Pacific itself on total sales Of more than
10000 shares. advanced Ia points: while
Northern Securities. heavily traded in on the
curb, rose to the new high level Of lSO The
strength Of the latter stock and 70 some extent
that OF Union Pacific also the Street attributed
70 the well defined rumor OF coming increase
sn the stock Of the Great Northern Railway
Company by at least 30 per cent, the new stock
70 be offered at par 10 shareholders.
According 10 q new story, the Great North
erns stock is not 20 be increased, but the share
holders OF that road 10 receive a bonus OF
100 per cent in stock of a new company, which
VIII purchase with this stock from the Great
NoFtheFn's shareholders their equity in the
vast iron ore lands owned by the Great North
ern, and perhaps lease the lands 10 the United
States Steel Corporation. The purchasing cor
poration. Il Is suggested. may be the stub
Northern Securities Company, with capital in
creased from S4O0000O 70 about S125 100000.
The bonus Is expected 20 be worth at least 500
a share TO stockholders Of Great Northern. On
this basis Il would be worth about S29 a share
20 stockholders OF Northern Securities and about
1S per cent 10 stockholders Of Union Pacific
A quarterly dividend OF ia per cent was de-
clared yesterday the stock OF the Northern
Pacific Railway Company. This compares with
1ik per cent and 4 per cent extra declared three
months ago, and Ia per cent quarterly and L
pPr cent extra, declared year ago.