The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1901-05-09
Control of Northern Pacific in Doubt, but
Hartman Can Prevent or Modify
Burlington Deal.
Peace Likely to Be Restored With Loss of
Prestige for Messrs. Morgan
and Hill.

source that up to IL o'clock no compromise
had been agreed upon, but that the situa-
tion was more hopeful than it had been.
Peace Is in Sight.
Efforts to arrange conferences between
the conflicting interests were resumed
this morning, and while no definite steps
have been taken, it seems certain that
there will be a meeting and with 1T peace
Kuhn, Loeb & Co., who openly declare
that they have a majority of the Northern
Pacific stock, say to-day that their policy
is conciliatory one and that they have
reached out with all the siren of their
position and influence in an CT TO pro-
tect instead of crush.
The offer to loan Northern Pacific stocks
to the shorts made to j. P. Morgan q Co.
yesterday was renewed by Kuhn, Loeb &
Co. to-day and a readiness indicated to
lend in proportion to the respective hold
ings. The latter feature Of the offer
would, it is known, force Kuhn, Loeb &
Co. to advance the greater number OF
shares. A man high in authority in the
street and close to the Hartman Kuhn,
Lock & Co. group Of financiers, said:
1--WE will continue to seek settlement
upon a reasonable basis We do not wish
to see innocent men suffer and have no
disposition to dictate unfair terms. The
offer Of Kuhn, Loeb & Co. to loan stock
to the shorts is still open. The firms
policy is conciliatory. 1t would protect
rather than destroy. There are efforts
afoot to get the conflicting interests to-
gether and we are hopeful as to the i'm
mediate future"
The Burlington Deal.
1t is positively stated that the Burling-
ton deal will go through, but it is felt
that the condition Of its new ownership
will vary materially from those in view
when the Great Northern first submitted
it's offer.
Trading in Northern Pacific became SO
wild and excited toward IL o'clock that
prices changed rapidly, 25 and 80 points
at a time sale of $50 was recorded,
and almost Immediately another one came
out on the tape of 700. This was for to-
morrow's delivery, and not a cash sale,
as some of the earlier ones had been,
thereby indicating belief on the part or
the purchaser that the short commitments
were so large that the stock to come from
Europe would afford little or no relief
The great excitement in the stock this
morning and the frantic efforts to buy
would seem to show that the short sales
were much larger than were supposed on
yesterday.
At 11:40 the statement was made that
J. P. Morgan & Co, and Kuhn, Loeb & Co.
had just agreed not to enforce deliveries
on Northern Pacific stock to-day. With
this announcement there came rally in
prices throughout the general list, Atcha-
son common selling up to 6112, the pre-
ferred to 80, Manhattan to 100 and others
in smaller proportion.
Just before IL o'clock there was
rapid and sensational rise in United States
Steel to As, Manhattan got up to 105,
70 oil 1ya q fad
Copper to 1O7, Atchison preferred to 80
and others rising point or two at
time.
At noon the assignment of Charles r.
Sickels, a broker. was announced.
Hill Makes a Statement.
President J. j. Hill OF the Great North
ern road made this statement to-day:
never bought or sold a share of North
ern Pacific stock on the floor, and what is
more in six months have neither acquired
nor gotten rid of Northern Pacific stock or
any other stock. When the fog of battle lifts
and the air becomes clearer, as l believe
it soon will, people will see many things
in much clearer light than they do now.
We never have had control of the North
ern Pacific road: we don't want control;
we are not trying to get control, and under
the law we could not retain control If ever
we got it
There has been apprehension that large
funds of money might be called from New
York by the country banks, but so far
there has been no evidence in support Of
this theory On the other hand money is
being forwarded to New York largely by
bargain hunters from all over the country
who wish to secure cheap stock.
At the stock exchange clearing house 1t
was said the balance of Northern Pacific
common to be delivered was $4,000 shares,