The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-10-27

both sides of the market, leaving the
uniformed public confused as to
whether those interests are committed
to the long or short side of the mar
ket.
Doubt and uncertainty. in fact. are
still the prevailing sentiment in specu-
lative circles. Some of the buying has
been attributed 10 progress towards
settlement OF the Northern Pacific
controversy. # insiders have bought
stocks for that reason. it is on infor-
nation of which the public is kept in
ignorance The actual developments
show condition of that controversy
so far from settlement as TO promise
a prolonged period of negotiation even
With the best intentions for final peace
of the parties in interest.
That negotiations are in actual pro-
gress is clear, but it is also clear that
these negotiations are now first under
/ taken on a subject which Wall street
assumed WIS definitely settled when
} Mr.. Morgan announced the members he
( had chosen to balance the Northern
/ Pacific board OF directors. The various
statements given out on authority of
President Hill of the Great Northern
and of the Harriman-Kuhn-Lo Loeb in
/ terests clearly show divergent views
and the holding to them with deter
minatiOn.
I AS contrasted with Mr.. Morgan's ex-
Z pressed conviction that the Northern
I Pacific board contains within itself all
/ the elements to assure a settlement fair
and satisfactory to oil interests. comes
president Hills suggestive assertions
& that Great Northern, as joint grantOr
Of the Burlington purchase bonds, is
4 TO be a factor in the settlement as well
/ as the contending, interests among the
actual stockholders in Northern Pacific
itself
/ The Hill interests have insisted upon
/ their contention that Northern Pacific
I preferred is TO be retired in accordance
I with the power vested in the company
ulder the reorganization plan. The
| effect of this would be to Dust the
( Hartman Loeb Kuhn interests from
/ their control. which is through pre-
ferred stock holdings, and leave the
/ Morgan-Hfll majority of the common
stock in control of the company.
The Union Pacific party is equally
/ insistent that their control of the dis
puted property is not to be relin-
pushed. The recent buying of North
ern Pacific preferred is supposed to be
by this party. 1t is admitted that nu-
merous legal and technical obstacles
exist to the adjustment of OWHeTship
of railroad company by competing
on parallel lines. on it's bare outlines
it seems clear. therefore, that many
difficulties still exist in this puzzline
problem. Until they are definitely
cleared up depressing factor viii
overhang the stock market
Importance is attached to the money
disturbance in foreign markets as
bearing on the large foreign credit:
/ which have been used to carry the
( large holdings OF Northern Pacific ever
since the lookup in May Repayment.
Of these credits have continued to sus
tain the foreign exchange market thi:
week as for some time past. The
course of the loan account of the New
York banks shows that this burden il
shifted upon domestic credit institu
= tions. waiting upon the Northern Pa
cific settlement for relief.
The usual fall inflow of gold int
, this country is thereby interrupted, eX
, Cept rs the Australian Temittances cal
, be substituted. The calling home o
French credits seems to be for III
purpose of meeting heavy losses in
) CURED by French capital by over
| investment in Russian industrials. TIL
- Economists Francois estimates tina
I | the shrinkage in valuation of Russian
2 enterprises in two years is not les
; I than 90 per cent. which would repre-
2 | sent losses to French investors an
= spectators Of S2O0, 600 600.
e The long process of liquidation il
1 Germany also continues, following tn