Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1901-11-21

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New York, Nov. 10. The frat stems
in the greatest raj road combination the
world has ever known we're taken today
and the largest corporation, with the
exception of the United States Steel
Corporation, was Incorporated in New
Jersey. The differences between the
90 called Morgan-Hil AMI Hartman.
Kuhn Loeb syndioates have been set
| tied.
Permanent peace has been declared
between the greatest financial powers
in America A community OF interests
has been established between railroad
systems of largest mileage 10 the
United States. The Union and Southern
Pacific systems have been brought into
closest relations with the Northern
Pacific, the Great Northern and the
Chicago, Burlington and Quincy, under
conditions that undoubtedly safeguard
the interests of the Northwestern and
St Paul roads.
What wac accomplished today was:
First. The incorporation at Trenton
OF the Northern Securities Co., with a
cap utilization of s400, 900, 600; and,
Second. The action OF the Northern
Pacific directors in providing for the
retirement of the preferred stock at par
on the lst of January, the necessary
funds for which shall be provided by
the sale of S75, 600. 600 Of A per cant
bonds, convertible into common stock,
In addition to this, an extra dividend
OF pei. cent on the preferred stock is
declared
What is coming ia action by the di.
re tors OF the Chicago, Burlington and
Quincy promising, it IS understood, for
the future Joint control of that system
by the Union Pacific as well as North.
ern Pacific interests. The Northern
Securities Go. is formed undoubtedly
to take over the stock of the Great
Northern and Northern Pacific Com.
panies in accordance with n plan on
which James j. Hill has been working
for long time. Another holding com,
pahy was incorporated some months ago
IN burlington, Ia, evidently for the
purpose of taking over the seour ties of
the Burlington road, and it is Thought
that this may be employed to bring
about joint ownership OF that system
by the two synd oates. In the future,
as possibility, is the merging of the
two new proprietary companies, and
possibly also of the st. Paul, North
west and Rock Island roads.
That complete community Of ipter
ests has now been brought about by all
the transcontinental railroads, except
the Atcheson, there appears to be little
or no doubt. Seven great railroads.
operating nearly so, 900 miles OF track.
and Represented by nearly 2,OUO, 600, OO0 |
OF stocks and bonds, and controlled by |
such giants in the financial world as |
John u. Rockefeller, W. K. Vanderbilt, |
J. Piernont Morgan, Jacob II. Schif, |
James }. Hill, Z. Ii. Hartman, George |
j. Gould and James Fl. Smith, are |
brought practically into ons immense
with an actual amalpa.
nation of the Union and Southern |
Pacific aud Of the Great Northern and
Northern Pacific, and these two systems
controlling the Chicago, Burlington and
Quincy. ~
The only official statement in relation
to the matter is. however, the brief nm.
nouncement given out after the North |
srn Pacific meet ng this afternoon, This
had been preceded by conferences of the
leading men in the two syndicates held |
last night and this morn ng, the master
MIND In these conferences evidently !
being that Of J. Pierront Morgan. The
directors meeting lasted about 40 min.
ltes, and was attended by George f.
baker, 4. ii. Hartman, j. j. Till,
braxton Ives, ID. W. James, j. S. Ken.
11edy, ID. s. Lamont, Charles S. Mellen,
samuel Rea, William Rockefeller,
1harle Steel. James Stillman, hben
>. Thomas and II. MoK. TwombIy, n /
Us conclusion the following statement
was issued
Samuel Spencer was elected mem.
per OF the board in place of Robert
Bacon, resigned. The present officers
u the company were re. elected for the
snsuing year, as follows:
Charles S. Mellen, President: Daniel
! Lamont, Vice. President; Henry A.
aray, Comptroller; Charles A. Clark,
treasurer; George II. Earl, SECRETARY
md Assistant Treasurer; Richard ID.
telf, Assistant Secretary; Francis
-ynoe Stetson and q. W. Bum, gem
,ral counsel; Executive COMMITTEES,
resident Mellen Tor in his absence
noe President LamontI, George f.
5aker, u. ii. Hartman, James j. Hill,
Ohm .. Kennedy, Samuel Spencer.
The news OF the Incorporation Of the
NORTHERN Securities 90. came from
,,'enton, The three incorporators are
'eorge y. baker, Jr, Richard TrimbIe
nd Abraham Nj. hyatt. Mr.. Baker ia
son OF George +. Baker. the president ,
I the First National Bank. lie Il
ssistant cashier of that bank. Mr..
'rimble is secretary of the United |
tates Steel Corporation. While no
iention is made of the purpose of talk,
ng over the securities OF the Great
'orthern and Northern Pacific Com.
anies, that is the object of the new 6
orpotation, and 1t is unde stood in |
VAL street that Great No thefn stock .
nv be taken In at $50 and Northe. IN
acitio at ll5, though Great Northern .
Did today as high as 200ls, and it was 6
imposed that u would go in:o the hold.
ng company at 200.
Great satisfaction was felt IN Wall
treet over the settlement of the North c
Faoinc controversy, although 1t has l
cen known for seye.al days that a I
asis Oh agreement had been arrived ar.
ut the interests at stake ware so i'm. q
tense, chat as long as there was the
ightest danger oil another outbreak az
between the two sypdioates.
10 street felt that the situation was
,rious. ""'s
Tho settlement is clearly a comn,,o.
Use. Mr.. Hill achieves his steadfast
urpose to consolidate the Great Moth
n and No. thern Pacific roads, The
ofthe n Secul ities Co. IL only Iound.
1out way OF effeoting consolidation.
he'wlse impossible unde the laws az |
me OF the States through which the
20 roads run. The holding company
30 makes it easier and cheaper 10
Try the actual majority OF the stocks
the two roads. But while Mr.. Hill ,
'nieves this object of his ambition, he
Obliged to surrender the exclusive
ntrol OF the Chicago, Burlington and