New-York tribune., 1901-05-07
MR.. VANDERBILT ANDN. P.
REPORT THAT HE HAS SECURED THE
CONTROL
HILL WENT SHORT" 1T Is SAID, AND WAS
CAUGHT NAPPING-sENSATIO
RISE IN THE STOCK


W K Vanderbilt wrested the control of
Northern Pacific from ]. J. Hill and his friends
yesterday. At least, that is the story which
was told TO The Tribune last night. good au-
thority. in explanation of the sensational rise
of Northern Pacific shares on the Stock EX-
change. According to The Tribune's informant
Hill and few of his close friends sold 100000
shares of Northern Pacific short in the latter
part OF last week. and ]. P. Morgan. not liking
this when he learned it, aided Mr.. Vanderbilt
to catch Mr.. Hill and his friends mapping, so to
speak. and by quick work added the control of
Northern Pacific to that of Union Pacific, which
Mr.. Vanderbilt secured last week.
In support of this theory it was further de-
clared that Friday and Saturday of last week
certain large European holdings Of Northern
Pacific acquired by American interests at
a price far above even the highest quotations
in yesterdays New-York market. AS both ].
P. Morgan and ". K. Vanderbilt at present
in or near Paris. the alleged transaction was
promptly ascribed TO them.
If this explanation of yesterdays happenings
is borne out by subsequent developments. Mr.
Vanderbilt will shortly be found TO occupy an
eminently commanding position when the com
munity OF interest" plan, which has been ap-
piled TO the Eastern roads, is extended 10 the
great Western routes.
when he found that Northern Pacific had
slipped out of his hands at once made des-
perate effort buy control OF the Canadian
Pacific and this said to account for the
jump in that stock. At the same time atten-
tion was called to the fact that T. G. Shaugh-
messy president Of the Canadian Pacific. is now
in Europe. If a large amount of money here
tofore locked up in Northern Pacific has really
been let loose on the Continent, it is not beyond
&t,a Of hot IL baS bapO re-
invested in Canadian Pacific, in which case Mr.
Hill may still he a minority influence.
There were several other reasons, however.
given in Wall Street yesterday for the same
movements of stocks. The solid and un-
mistakable fact about those two stocks was
that Northern Pacific total sales Of about
10000 shares made extreme advance or
% points-the record in this booT-closing with
a net gain Of 17lz points while Canadian Pa
cihc made an extreme advance of IA points, ana
closed with a net gain Of 9la points. Street q
Norton took more than 10000 shares Of North
ern Pacific. and Halle & Stieglitz and Rodgers &
Randolph 10000 shares each, all Of which were
credited to James r. Keene for Vanderbilt ac-
count
Some tried 10 explain this remarkable move
ment Of Northern Pacific by saying that J. j.
Hnl and J. p Morgan had gained controlling
interest in the Canadian Pacific, and thus prac-
ticalIy closed all competition in the Northwest
orn Territory; hence the rise in Northern Pa
cihc. Others declared that the preferred stock
Of Northern Pacific was to be retired at no, in
which case the common would be entitled to all
the dividends Others again believed that an
agreement had been reached between Mr.. Van
derbiit Mr.. Morgan and Mt Hill 20 have a
joint management of the Northern Pacific and
Union Pacific interests.
Mr Hin. when seen In the afternoon. said ne
could give explanation at all for the rise Of
Northern Pacific and Canadian Pacific shares
Still another theory that the Northern Pa
cifc would within a short time enter Chicago on
the Terminal Transfer Company's tracks. This
was based announcement made by one or
the principal interests associated with the Chi
cago Terminal Transfer Railroad Company that
F.. n. Hartman and Kuhn, Loeb q Co and
their associates had sold their entire holdings
Of the stock but from them neither denial nor
confirmation could he obtained. At the offices
of those TWO roads in this city no light could be
had the subject either
Call loans touched 10 per cent yesterday. and
money ruled at and per cent for the greater
part Of the day. How long the bull market can
maintain its strength in the face Of such high
rates is interesting question. but Western
banks are sending their money here in large
quantities. and some Of them lending II di-
rectly on the Wall Street market This is
unique phase Of the present boom. II hts in
well, however. with the undoubted fact that
about one-half Of the buying orders coming
just from Chicago and further West
+. y. Tappen, chairman of the NeW-York
Clearing House, was quoted yesterday as say
ing:
No movement has yet been taken by the banks
with the idea of checking speculation. That mat
ter has not yet been considered. but do not
consider this tremendous speculation in stocks
safe or under present conditions Of benefit to
the financial world
Members Of the exchange are subscribing gen
erously 10 a fund to purchase testimonial for
the committee OF arra ngements which labored
so arduously in providing the present quarters
for the brokers.
These memberships the Stock Exchange are
posted for transfer f ]. Brown to Morris s.
Barnet, ]. G. Hamilton to Jacob Stern and John
6 James to Frank f. Brumley.