The sun., 1901-05-11

The bankers ana DrOkerS ndu Ieuu III '''
newspapers on their way downtown hat
an arrangement would probably be made
at the opening Of business yesterday MORN
ing by which the Northern Pacific shorts
in arrears 10 Kuhn, Loeb Co. and j. L.
Morgan 4 Co might liquidate at $50. that
price having been agreed upon. 1t had been
reported, between the two great banking
houses. What Wall Street wanted to Know
particularly when il got down to business
was whether an agreement actually hau
been made between the two houses, ana
il it had, whether there would be any hltch
in carving II out 1t should be stated.
on the authority Of a member OF one OF
tho two firms, that there was no absolute
ard definite understanding as to the terms
upon which the shorts might settle. what
was done was this. Kuhn. Loeb GO.
let il be known late on Thursday afternoon
that they would be willing to settle with
their shorts at l50 j. r. Morgan a. Co.
let IL be known that they would make as
favorable terms with the unfortunates
who owed them stock ~ Kuhn. Loeb & Co.
That was the situation when business
opened yesterday morning. What hap
nened TO the Kuhn. Loeb shorts is best told
in the language Of Otto Kahn. a member
OF the firm. To a Sun man Mr. Kahn made
the following statement shortly after 3
o'clock yesterday afternoon.
at is true that we agreed 10 settle with
our shorts at $50, and am glad to say that
all settlements were made before noon.
About 9j per cent. Of the stock owing to
rs was delivered. Those who couldn't
deliver paid us $50 n share in lieu Of the
stock we had bought
AS a result Of this settlement. are you
able TO tell Just who is incontrol Of the
stock of the Northern Pacific Railroad"
Mn Kahn was asked.
we are not" WIS the answer I'VE
hone that we are in control and believe
that we are but no definite statement can
be made at present ana | don't believe
we will he able TO tell who Is in control
until after Mr.. Morgan returns from Europe.
That may not bo for some time. I'm fact.
! hardly think anybody Will know who is in
control OF the Northern Pacific for several
months. Had We been able 70 get stock
from all Of those from whom We purchased
we would undoubtedly be- in control at
this moment AZ It Is now, We must wait
until We can all get around table and
have a show of hands.
Now that am speaking Of the Northern
Pacific matter, | want to make this state
ment: We have been accused of bringing
about this corner and Nlr. Morgan has
been accused Of the same Thing. We had
nothing to do with Corncring the stock;
or, rather, any blame for the corner must
not be laid at our door.
After II became known that Mr.. Hill
was arranging q annex the burlington,
we saw at once that the interests Of the
Union Pacific were Threatened, Mr. Harri-
man then went 10 MIR Ilil-NIr. Morgan
had nothing whatever 10 do with it--and
asked him to make such concessions as
would enable the officers of the Union
Pacific to 20 before their stockholders
and tell them that, while the Burlington
deal had been put through, the interests
of the owners Of the Union Pacific had been
safemardcd
Mr.. Hin replied. in substance. that he
would attend To hiS own affairs and Mr..
Hartman could look out for his. ThPre-
upon Mr.. Hartman told Mr.. IIill that II
would be necessary for the Union Pacific
to take whatever measures il saw IN 10
safeguard its interests. lie added that
he saw no other way than for the Union
Pacific to acquire controlling interest
in Northern Pacific. This i the first time
that the real cause Of this unfortunate
situation has been told in detail
None Of MS expected that that which
did happen would happen, and | have not
any doubt that We are all a little ashamed
of ourselves / fceI -prn that the Ianner,
ings nf YESTERDAY would never boye been
recorded Ind Mr. MORGAN Leen in town
and I fool s,Irr that rnnd feeling viii Ln
soon restored all around
tbn event oC tbe contrnl nf NortLarn poIiar
nossing to tho nion pnriGr tLe Ruriinr-
t"p dc,l vyn,,Id hn ipierf"rad yri,b or 70
made imnoss,ine In answer Nr Kobn
sajd.
"Tbe orr,p,,cr,oDts FOR ocoririr,, ho
purIington v,ill hn carriod tLrn,,,,6 no
,nn,tnr iiI ,,,,,,, trl. i,aois i 80, ,i '
"S no Enr,brru pa,irr stn,k az c,g,r.n
~ If i. f,,iuI that Mr. NI,rron ord AIR iIui
arn in rontroI il fnlIoWs nm tb,ir rIant
ro,,,rJin, tln RrrIin,,ton win bn nn,,
,Ict,j E. Wo L,rn i,,trJ n,.or ,ho s;,,o,ar
u y I'd ,,o b,yn Lo,o,,n cnryintoJ ,bo, IL ,,
"h,oir cmrtr,l ~ tio rnnL - ,rili Lo m,i,,
ne ,,,,,,h 70 nnr o,v,rta,,a ~ L,,o' ,ho
Rnrii,ctnp 'TErrcfnrr II i os.,,rrd tLnt
40 dc1i win On tlrorch
Al ,%r nGion ~ ! p NIorg,p G 20 +, r,os
soiI D,,t yylotnycr sbort intrrc,ts tI'",.
XII 60 sc,tIc ,,itb boI L,an scttlnd ,,.i,i,
nn tcrr,. .,tisr,,to", to tIn.n tnn.t "on
ce-nad Tho rnpG6aure win wbirb 10
Eorthorp ,,ign si,r,tion yro, .,,ol.,,
81 ot NJ N,r,,an,s nNi,r lei ~ lie ,nn''rn'
sio' I'm, no firm h,J hcrnTo os.r,od
,j,nt tI"ro ,,,. aI,,i"t,,n, ro d,upt ,t,,
t%hey % cnrtroII"J Tho .irra,ion Nr KAHN
in s,cosirg for tho ,thrr camn did MOI
cynrnss himself win surh rCnfiJanro
paF',,n ,ha d., ,,.1, n,.or tho Strcnt ,,,ss
in.Nncd tn t,l.o II for ,,r,rtnd tL,t lance
! IIuI bna,,. u.,'ot lao ,ras t,l,in, ah',,,