The sun., 1901-11-19
VAN SAINT ON MERGER !
Wall Street Affected by His Attitude
to Railway Combine.
HE SAYS LAWS ARE EXPLICIT
Declares That He VIII Have Suit
Started to Prevent Consolidation
OF the Great Northern and
Northern Pacific Roads.

New York, Nov. 1S.-Wall street has
taken cognizance of the threat Of Gov
ernor Van SAINT of Minnesota to pre-
vent the combination of the Great
Northern and Northern Pacific rail-
roads through the Northern Securities
company.
The stocks of the roads in the giant
combine fell off from | to IL points,
the principal declines being in the Pa
citlcs. London spectators had also
heard OF the Van SAINT proclamation,
and the market opened low there.
Such legislation as Governor Van
SAINT says he will inaugurate against
the big $400, 100000 Northern Securi-
ties company was anticipated by the
men who drew the charter for the cor
midable array of shrewd corporation
lawyers ever worked upon document.
1t Is said that It appears to violate
the law of every state through which
the roads It intends to absorb pass, but
II Is asserted by the organizers Of the
combination that all legal points have
been evadcd.
Russell Sage sounded a warning note
the day the combine was chartered.
'Such combines" said the aged finan-
,ier, 'serve to throttle composition, and
she people don't like it, Hostile legis-
lation In the various states may be
looked for unless the men ut the head
Of this combination are very wise and
very prudent"
The laws Of the state Of Minnesota,
according to Governor Van SAINT, are
very explicit on the point at Issue. He
says he will instruct the attorney gen
cial to begin suit In the name of the
state to prevent the combination Of the
Northern Pacific and Great Northern
railroads.
what Van SAINT Says.
"If under existing laws the conseli-
dation cannot be prevented, | feel that
! | would be justified In calling an extra
session of the legislature to take the
necessary steps ITO successfully resist
| it IL ii could be accomplished by such
mcans." says the governor.
believing this to be my plain duty,
| shall leave no stone unturned to pre-
vent the contemplated consolidation.
Owing to the great Importance Of the
matter TO our state and its people, 1t
! should and will be fight to IA finish.
4 II the will of the people Of Minnesota
can be trampled upon In this manner,
the sooner the fact is ascerlaincd and
i understood the better"
President James j. Hill and Counsel
A w. +. Clough OF the Northern Securi-
ties company refused to talk of the
proposed action Of the governor of
+ Minnesota. Mr.. IIlll said that 1t was
entirely legal question and that II
WAS useless to talk about II before II
was settled
The states through which the North
crn Pacific and Great Northern rail
roads pass and which have right tC
legiSlate on the question Of consolida
tion are Minnesota, North Dakota
South Bokotn. Idaho, Montana ant
Washington.
Position of the Combine.
In spite of the fact that the stock o1
the roads interested amounts to S791,
992.2iS and the Northern Securitie,
company is capitalized at S400.00o,O0l
Just enough to control-the promot
ers Of the scheme deny that there |!
any intent to merge the two roads. i
is understood from good authority tina
tlc stand of the organizers OF til,
Northern Securities company IS this;
They are merely transferring stool
by individuals, transaction that tn
state has no right TO Interfere with
They are not destroying the legal iden
tity of the roads Interested There /
no intent TO directly control the roads.
The whole plan, it is said, has beel
cleyerly constructed with view i
legal evasion of the anticombinatiol
laws Of the various states The sam
lines are 10 be followed in the forlna
tinn Of the larger combination, whicI
is 70 hold the Burlington, Union Pa
ciic and other railroads now controlle
Z by the men in the combination
This task will be- much more diff
cult. as there are nineteen states inter
estcN
The following are the newly elected
directors of the Chicago, Burlington
and Quincy Railroad company: Jane
J. Hill, j. y. Hill. Norman b. Ream
Robert Bacon, II, II. Hartman. Jacol
II Schlff, George i. Gould. FL. Mex
Twombly. Charles f. Perkins. Franci
". Hunucwcll and J. Malcolm Forbes
The officers chosen by the new boar,
are; Chairman Francis w Hunnewell
president, George Il. Harris; first vic
president aud treasurer, james c
Peasley: secretary and clerk Of th
board. t. S. Howland.
big Warehouse Fire In Chicago.
Chicago, Nov. IL The warehouse q
the 7. W. Jones Furniture Transi
company has been burned. the loss IN
ing $4,000 with $4,000 insurance