The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-11-16
THE GREAT RAILROAD POOL
MAY ABSORB OTHER LINES.
Chicago and Northwestern and Chicago, Mil
waukee and St Paul Mentioned in
This Connection.
(By the Associated Press.)

(By the Associated PresS.)
New York, Nov. 14-The directorate
of the Northern Securities Company, in
corporated yesterday at Trenton in con-
nection with the settlement of the North
western railway situation is composed as
follows:
John S. Kennedy, D. Willis James,
Samuel Thorne. j. j. Hill. E. T. Nichols,
Geo. +. Baker. Robert Bacon, Geo. w.
Perkins. Daniel S. Lamont. f. H. Harri-
man. Jacob Fl. Schiff, Jas. Stillman, w.
P. Clough, Geo. c. Clark and N. Terhune.
Trading in the stock of the Northern
Securities Company began in the out
side market today. All transactions
were made subject to the provision
when Issued The stock was started
at 10 bid Operations were very light
in volume and later in the day the stock
declined to 103 bid with offers at 112.
Northern Pacific Convertible per cent
bonds were 1Oa bid with no transactions.
1t was said that an application would
shortly be made to the stock exchange
for the listing of the securities of the
new proprietary company. 1t was also
said that Northern Pacific As would not
be listed. as 1t was intended to convert
them into common stock,
\. Practically no additional news was OBJ
tainable today concerning the settlement
finally effected Yesterday and those di-
rectly connected Herewith said that
there was nothing more to be divulged
at present. No details, it was said have
been worked out in connection with any
road other than those directly concern
ed in the agreement These roads were
the Union Pacific, the Northern Pacific,
Great Northern, Burlington, and the
Southern Pacific. which is controlled by
the Union Pacific.
1t was intimated. however, by one OF
the parties to the compact for peace
that other properties might be taken in
later.
The Mail and Express said of the stu
alton:
I'm some wav not yet made known it
is believed that the Chicago and North
western, and Chicago Milwaukee and St.
Paul are to be included In the present
deal, or subsequent one, whereby all
of the Western railroads viii be welded
together in harmonious community OF
interests, which shall prevent for all
time decentralization of rates and a repe-
tition of contest for control such as oc-
Cured last summer.
cit is further said that the territory
west of Chicago is to be divided in such
a way that competition will in great
measure be avoided on any except whole
some lines, and there will be large in
crease in net earnings for all concerned.
There were fanciful suggestions in re-
gard to another proprietary company TO
take in the Union Pacific and North
western and perhaps the st. Paul rail-
road but it is declared to be too. early
to give any details about these schemes,
The notion that they are to be controlled
by the Northern Securities Company was
generally discredited for the reason, If
no other. that a further increase in the
colossal aggregation of capital might
cause adverse legislation.
"The question that most interested the
financial community today in connection
with the big corporation was how much
cash would be required to put through
the great scheme, and whether the money
market would be disturbed when the sur
plus reserves of the local banks are at
low level
'Financiers who are interested in the
deal soon dispelled all doubt on this sub
ject by declaring that the underwriting
syndicate would have little to do, one
authority asserting that not more than
$6,0O0,00O to s1O,000,oO0 would be re-
CURED"