The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-05-10
FIGHT FOR GOHTOL
OF NORTHERN PACIFIC
6ceatlnued 90 - Il

i1-EnLlilAen from r axe ~
made the aggregate they had sought.
the paper contracts were in part empty.
for The shorts could not get the stock
they had agreed to deliver. Conviction
was compelled that Morgan-A{ill inter-
therefore, that the accumulation 81
Northern Pacific in the hands of Kuhn,
Loeb & Co was sstrategically valueless.
Hence, according TO a statement
this evening. the Northern Pacific
Burling- oH deal is sure and safe. This
being tTue- kuhn. Loeb e co. have no
tactical use Tor their load of Northern
Pacific, and VIII therefore let il out
tomorrow to shorts at $3.50 and dis
deliver stock they could not get on the
same basis.
The action makes logical the stated
design Of Morgan & Co. not to deliver
Northern Pacific to shorts, though
short obligations at $50.
This release by AIorgan-HiIi, and
the letting out of actual stock no long
er useful to them by the opposing in
terests- IS expected to. relieve the ten-
81 Wall street tomorrow.
I'm the light Of these facts and con
ditions it becomes apparent why Nor
gan-H Hin interests declined the propo-
TO shorts pro rata
sehif Makes Statement.
Jacob H. Schiff refused to see re-
pOrters at his residence tonight con-
cerniug the stock market but a series
OF questions were written and sent to
him with the request that he answer
as many of them as consistent with
his interests. These questions covered
the ground as to whether any perna-
ro1e Of rrsf
ment between the opposing interests in
Northern Pacific affairs had been
reached and If he anticipated any
change in the situation when the stock
exchange opens tomorrow morning. Mr.
Schiffs written answer to the questions
follow.
"As far as the stocks coming to
Kuhn, Loeb & Co, are concerned which
the parties owing delivery have de-
cared themselves unable to procure
from any other source, they have been
notified that they can close their con-
tracts 1t $3.50 per share
James J. Hill. president of the Great
Northern railway took dinner with his
son ~ the Metropolitan club tonight
When seem teoheerning the struggle in
the stock. raarl1at he said
When tlstVe- spoken at ali have
tried to fiS-kR neoDIe understand that
have had RotIlng at an to do with
this market rarlsaetion- II have been
for The road q have mot been in the
street. and i have neither bought nor
sold q share of Northern Pacific.
Russell Sage Talks.
Russell Sage. when seen tonight a.
his home and asked his opinion of the
stock market, said 81 have been aSsO-
ciated Intimately with transactions IN
Wall street for half q. century, and I
can truly say that the last two days
have been the most remarkable 4 have
ever seen. Fictitious and -fn1ated values
have prevailed and the smash that was
inevitable has come. j knew 81 would
come and predicted it. True thou-
sands win go to the wan, but that is
only ga incident in the fight
This Whole thing got its origin in
an attempt to divert traffic fiOm its
natural and central course toward the
west in Omaha to the northern rOute-
an unnatural route Yesterday Wed
nesday) was absolutely unprecedented
in the history of the financial world
However. I do not anticipate serious
results. b. tomorrow tFmday) things
viii have begun to settle. and the gen
eral common sense of people VIII put
things to rights The prosperity Of the
country is too great to permit of this
crash affecting US seriously.