New-York tribune., 1905-01-31
BONDS.
STOCK MARKET OPERATIONS.

An important development affecting stocks
for time IN yesterdays dealings the de-
oision by the Supreme Court granting the petit
ton of the Hartman interests 10 have the
Northern Securities stock distribution case
brought before the court TO be decided its
merits a suit at law. The lower court In
Philadelphia decided in favor Of the Morgan
Hill plan for the distribution Of the assets of
the Northern Securities Company. and now
that the United States Supreme Court has made
Il possible for the Hartman people to argue
their case IN the highest tribunal in the land
the assets OF the Northern Securities Company
VIII remain undistrlbuted pending a final de-
oision. As q consequence. the stockholders Of
the Great Northern Northern Pacific and North
ern Securities companies will be unable to enjoy
any OF the profits equities that have accu-
mulated from their investment in these stocks.
Il is thought that there will be no long delay
by the Supreme Court in hearing the case. and
that a decision viii be rendered at no distant
date, but the fact that this long drawn out
case has again been thrown into the courts has
created an unfavorable impression among trad
ers, a reflection Of which presented in the
morning movement OF Union Pacific and North
ern Securities stocks in yesterdays operations.
After early strength Union Pacific reacted
over . per cent, while on the curb Northern
Securities weak from the start, selling at
one time 4 points under the closing of Satur-
days market. Naturally the general list re-
sponded TO the weakness in the Union Pacific
and Northern Securities shares but there was,
nevertheless. no important liquidation, and there
was no uneasness in well informed quarters
over the markets position as regards its pros
poets for higher prices. Indeed, after brief
period OF heaviness the general list showed evil
denoe Of substantial buying and in the afternoon
early losses in most issues were recovered
Further strength in New York Central and Chi
cago and Northwestern was an encouraging
feature OF the dealings. suggesting to many
minds the probability of important DEVELOPMENTS
affecting the Eastern and Western trunk line
railway situation. In well Informed circles the
idea that the Northern Securities muddle has
practically been settled. Irrespective Of currert
court proceedings. and that the settlement IN
wolves number Of other roads. as for Instance
the New-York Central and the Chicago and
Northwestern, is becoming more pronounced. and
the ease with which values Withstand the attack
OF the trading element indorses the belief thar
stocks as rule are in the hands Of people who
are wen Informed regarding the outlook as af
'ecting the big railway companies.
In the last hour the trading element o.oi,
solo stocks, but there were no important de-
clines, while at the close net gains vrere sbo,rr
IN the greater number OF active issues Union
Pacific despite its early decline, ended the dav
at net advance Of rs, the stock selling in
me afternoon dealings at It's best price of tbA
season. The strength in New-York Central and
Northwest exerted a favora Bile effect on Canada
Southern and big Four" Reading. limited
States Steel preferred Rock Island. PennsvI-
Vania and Atchison, of the active list. closed
'ractionauy under Saturdays last figures. In
fne foreign markets prices generally were strons
ana there appeared 10 be no trace Of the recent
uneaslness ovr the Russian situation
Good buying was reported in Canadian Pa
cihc. while there an investment demand for
500" common. Accumulation Of Canadian Pa
cihc and the stocks OF the companies controlled
by the Canadian Pacific property has been =
feature Of the market for many weeks. and :,
Is natural TO assume that eventually the o,,ots
lions Of these issues viii sell at a rnateriaI II,,
higher level. In comparison with stocks of sir,t
lar intrinsic value Canadian Pacific is selling too
low for per cent ISSUE. and the same may
be said OF 800" preferred which is a : ner
cent STOCK, returning over AZ per cent COM
pared. for instance. with Chicago and North
western which returns less than 3 per cent
There is only small amount OF the 500"
shares available for market purposes as tbs
greater part OF both the common ana nreferred
IS locked up in the Canadian Pacific treasury
and the present demand for the issues doubtIees
VIII resG.t IN nucn higher quotations These Sc
cDrltles. Canadian Pacific Union Paciac G
Farl and Aew-York Central ought To prove val
Chb-e purchases. assuming that the curra,,.
progress Of affairs meets with no serious cbaci,
" looic 3sH II the Morgan-IiiiI parfv vare stin
%; ms Cnioa Pacific and well informed peonja
ro!-eNe mat control OF the property is now