The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-07-18
Both interests Will Thus Be Rep.
resented and in Close Touch
With Situation - New
Line-Notes.
REPUBLIC SPECIAL.

SellteInent WIN the ShortS, at 16O, had gone
above 200.
The restoration Of cordial relations be-
tween the conflicting interests was not eff
fected until this morning, and was accom-
pnshed through the agency Of w. K. Van
derbflt, in whom both parties had complete
confidence. He held several conferences with
each side to the controversy last evening
and this morning.
Both Interests Will BE Represented.
The terms Of the agreement include an
interchange Of representatives on the boards
OF the Northern Pacific and the Union Pa
cinc roads. Mi. Vanderbilt and Mr.. Harri-
man are to represent Kuhn. Loeb & Co.
on the Northern Pacific board, and a men,
Der OF the firm Of J. P. Morgan & Co. is to
De q director of the Union Pacific, This
means that the community Of interest will
% extended SO a. to include systems that
were not formerly classed with those under
the influence Of this scheme. It il predicted
.nat tnere Will be more intimate relations
between the different banking groups than
mad been dreamed Of in the past
Tho effect on the stock market Of the
news was to make higher prices than have
been reported for some days. 1t was the first
considerable rally that has occurred since
the heavy Liquidation set in two weeks ago.
Stocks opened irregularly with the weakness
IN London where the United Steel shares
were heavy. influencing many. It was not
long before the whole list improved. Brok-
ers who have become identified with the
different large banking houses were seen to
be buying securities freely and to be maxi
ing higher market for others.
O4ered q Million at Easy Terms,
Kuhn, Loeb & Co.. sent $1,000 90 into the
open market to be loaned at 81 per cent.
This stirred up the enthusiasm which was
beginning to be intense. when the sales Of
Northern Pacific appeared. Some advances
had then been made. Union Pacific COM
mon had sold near to par. Atchison. South.
ern Pacific. Rock Island and st. Paul had
gained several points. This evening st.
Paul had risen 81 points selling a. high as
18Th; Rock Island at 14sh; Union Pacific
common rs, at 103 and Atchison common ~
at e. These were some representative
gains.
A gentleman associated with tho Kuhn,
Loeb & Co., party, said the public Is Just
beginning to realize that the relations be-
tween that firm and J. p. Morgan & Co., are
thoroughly friendly and cordial He said
there was nothing new in this. but there
had been some doubt about It in the public
mind. and that doubt had tended to prevent
purchases Of stocks and bonds in which each
party to the dispute was Interested Tho
United States Steel shares improved with
the rest. The common sold at 405s and the
preferred ut Ssh.
J. Pierpont Morgan has nominated tho fol-
lowing as the new Board Of Directors Of
the Northern Pacific Railway Company: ].
J. Hill. q. H. Hartman. H Mckay Twom-
bly,, William Rockefeller and Samuel ReA
J. Pierpont MerEan's Letter.
This announcement was made by Mr..
Morgan In q formal letter addressed BY
him to J. p. Morgan & Co.. Kuhn, Loeb &
Co., F. II. Hartman and James J. Hill, in
which he Gays he has selected nve directors
to be elected ut tho next annual
meeting of the company. in accord
ance with q memorandum signed on
May 81, by which the composition Of the
new board was to be left in his hands. No
statement as to the nature Of the memoran-
dunn was made public, and reference in
the letter to William K Vanderbilt was
not explained.
Gentlemen: In accordance with the mem
orandum signed by you. under date OF May
81. l90l, under which the composition Of the
Board of Directors Of the Northern Pacific
Railroad Company. to be elected at the next
annual meeting, was to be left in my
hands, beg to advise you Of my conclu-
sions. as follows:
81 nominate the following gentlemen as
the new members Of the board to fill the
vacancies to ba created: James J. Hin,
president of the Great Northern: E. II.
Hartman, chairman Of the Executive Com
mittee Il the Union Pacific Railroad: w.
E.. Rockefeller, director Of the Chicago.
TWomSiey, director Of the Chicago and
Northwestern Railway Company; Mr.. SAM
| uel Rea, vice president Of the Pennsylva-
MIA ka aS Company tho ttsn,,on n, ,hs
board be called to the advisability OF ar
ranging for these gentlemen to assume
| their duties as directors of the company As
| soon as possible. without awaiting the an
nual election.
TT is my opinion that board thus con-
stituted viii contain within itself the Gle
connection with Mr.. William K. Vanderbilt.
named therein as referee.
EVERY important interest will have its
representative. who will be brought into
close touch with the situation as q whole.
and there should be no difficulty In reaching
| all concerned and tend to the establishment
| OF permanent harmony among the different
lines. TO this end l shall be glad to CO
s 5siaaed am sffa1iEsaRIPsoDk T re NSosxN
Menofandum IL Glven Oat.
Later In the day the memorandum re-
| ferred to as Of May 81 In MI. Morgan's let-
| ter was eiven out. II reads:
! can understanding has been reached be-
/ tween Northern Pacific and Union Pacific
| interests, under which the composition Of
/ the Northern Pacific board will b left In