The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-11

company are at liberty to carry out the plans
devised and agreed upon by the directors and
holders; but there may be some new loophole for |
contest which is not in the interest
of the public of the body Of stockholders Of
either company, but has for its object the con-
troll Of the Northern Pacific company. |
Harriman's Opposition.
The Hartman opposition had for its only Wis
ible motive the control Of the Northern Pacific
company, which would go with the Oregon Short
Lines holding If 1t could be Secovered IN shares
of that company only, instead Of being divided
between those and shares Of the Great Northern.
The legal ground upon which the claim to have
back all the Northern Pacific stock that was
parted with was based that this stock had
not been Sold to the Securities company and paid
for in its stock, and had not been legally owned
by the latter, which had been declared an I'm.
lawful combination, but had been held In trust
Tor its original owner, who was entitled to nave
It back intact. This Is the claim which has been
dissipated by the decision Of the supreme court
as having no founda ton in equity. This Is pre-
suned to mean that these railroad stocks are
held by the court to have been assets OF the Sc
curities company, and that the plan Tor their
distribution Is valid in law and equity and may
be executed. The contest ought to end now, and
If it Is persisted in thru some new move there
ought to be q prompt judicial way OF putting an
end to It,
The courts, it is held, should not permit
themselves to be used as means OF forcing new
combination or concessions in a fight for con-
troll Of a railroad between two such parties as
those represented by Hartman and Hill. Ex-
perienced and conservative brokers took very
seriously the idea that hnanciers in position
to see inside of the railroad world are just now
such as to render impossible any general dlstrlo.
utive movement in the stock market, on account
Of the many delicate questions OF control pena,
I ing Not alone In the west, 1t ts argued Is:
wholesale selling by insiders an 1mpossib1l1ty;
| In the east we'll rival parties are ey1ng eacn
others movements with deep interest. 1t IS
claimed that the heavy decreases In earnings on
the railroads in the south and the southwest for
the last week In February and for the month
are not significant Of conditions anecung the
| traffic situation turnout the country. In the
southern and southwestern states unusually ad-
verse weather prevailed In the last month"; IN
terfering seriously with the movement OF freight
and it is therefore not surprising tnat 1eceapts
Pacific, the Missouri, Kansas & Texas and the
Southern Railway. It is held that In view OF
the fact that compa rison Is made Win perioa
are better than they appear on the surface How
ever, decline OF $500, 600 in the earnings OF
railroad like Missouri Pacific for one month Is
last week heayiness developed in the stock mar.
ket as a result OF sales by people who wished
to convert paper profits Into cash.
&c.. ~- Leaders Conservative.
The leading men in the street, while advising
caution in buying stocks on margins at present
iprices do not hesitate to declare their conndent
belief that quotations for securities VIII move
go
the present year under the influence of the IA
vorable position Of affairs in this, country as
regards money, business and pontics. from
this, however, the small tracer VINO Is nov wen
into the market, in the confident e3pec,atlon
that purche ses made at the prevailing level VIII
be absolutely safe marginal TRANSACTIONS merely
because It is the belief Of conservative observ-
ers that quota lions will 90 higher. the Market
has reached a point In Its upward course "nere
reactions sure to occur. One 1avoraoie CIR
| Ootfo 10 that
honeycon,bed with weak accounts, inviting o1s,
aster. Some securities are selling above levei
that is warranted by their dividend yield, while
others are still under the point susgesteu W
their value as Investments -
! The United States treasury is not In az strong
a position TO help the local money market as 1t
was year ago in the event of disturbance at
} than wear ago and foreign credits are not
as strong as at this period in 1904. These facts
are worth bearing In mind. s.. s. Schsoh.
LONDON CLOSING STOCKS, London March
11.-Consols for money, Oily conso,s for a &C.
Atchison pfd, 1864; Baltimore & Ohio. 1875;
Canadian Pacific, 1921; Chesapeake 4 Ohio
5sh; Chicago Great Western, 2ah; Chicago
Milwaukee & st. Paul. 1864; De Beers, 1915
Grande pfd, OH; Erie, 4ess; Erie list pfd
s5A; Erie I'd pfd: 10; Illinois Central: 1854
Louisville & Nashville, 14eA Missouri & Texas
| s2A; New York Central, 1874; Norfolk & West
& western, 5sN; Pennsylvania, 75i5 RAND
Mines, 1oh; Reading, SON; Reading 1st pfd
seN !; southern Railway pfd; 1o1A; Southern
Pacific, 721a; Union Pacific, 1881; Union Pacific
pfd, 1902; United States Steel, 37% Unitct
States Steel pfd. 9s5s; Wabash, 2s1s; Wabasl
pfd, 47N. Bar Silver, quiet, 27d per ounce
Money, IN per cent. The rate Of discount II
the open market for Shirt Bills is 2A@2% pei
cent The rate Of discount in the open
for Three Months Bills is 2N @2A per cent.
| = = s.!
STATE GRAIN INSPECTION, MARCH 10.
!, Inspected In-Wheat-C ars-Great Northern
%; No. !, rs; rejected, 50; no grade, 8.
Milwaak .se,,: northern. 8; No. 8, 8; No
st. Louis-No. i northern, q; No. 2 northern
2; No. s. 2; No. 4, 4.
Sc L,ne.S T. n g! he,n:+1 i No. northern
; : Northern Pacinc-No: northern. 2; No.
) northern, 1; No. 8, 9; No. 4, 10; rejected, 4.
no 9a5aesn ~ 3 so heltbeln
: other Grains MIXED liked wheat, e: Testsr
grade corn, i; No. white oats, 10; No. whit
cats - No. ests g 10 GRADE S1sls oats
/ feed barley, II; No. 2 feed barley, 10; n
!. grade feed barley, 2; No northwestern flax
Cars Inspected Out-No. 1 northern wheat
~ wheat 81; rejected Wheat o 49, Nn ne grad
!. | wheat, 2; rejected winter wheat, 1; nike
: wheat. 4; No yellow corn q; No. corn: II
. \ no grade corn, 3; No white oats, SO: No.
S white oats, 4: No. 3 oats, IL; No. 4 barley, IL
4 | No. / feed barley. 8; No. 2 feed barley, 8
8 No. 2 rye, /; No. fax, z.
8 WHEN THE BLOW FELL.
2 Life.
I The New Maid-hadam, your husband is lyin
unconscious in the library, with large box bs
e side him and crushing a paper IL his hand
2 ladam-Ah. mr. new hat has come.