The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-06-03
J.P MORGAN AS TRUSTEE.
viii Name the Northern Pacific's
Board Of Directors.
THAT'S THE BASIS OF THE SETTLEMENT
u 7. interests and Hill Reach an Aoree-
ment--Most Of the Old Names viii
Remain on the New Board.

New York June 1.-The ESSENCE OF tho
agreement to settle the Northern Paciec
strife 1t was said today on authority
Is that j. Plerpont Morgan has been
agreed upon by the Union Pacific interests
and Mr.. Hill to act as a trustee Of their
Interests in the Northern Pacific railway
Under the agreement, which is virtually
between Mr.. Hin and the Union Pacific
railroad Mr. Morgan will name n board Of
directors Of the Northern Pacific which
viii he satisfactory to those two interests
whose disagreement over the Burlipcton
contract brought about the Northern paeinc
contest The agreement does NOT as
stated this morning, provide for an inter.
change of directors between the Northern
Pacific and Union Pacific. Union Pacific
directors Will not 30 into the Northern
racine board. The fact that this would
arouse antagonlsm in the West, as in
dicatlng practical consolidation OF the
two railways, is sufficient reason against
Its adoption.
Northern Paclnc pooled stock is not likely
to come upon the market The Hill and
Morgan interests win hold their shares
some Of which cost them very hien prices
the Onion Pacific interests will also retain
their heavy holdings, which constitute d
majority Of the whole outstanding Northern
Pacific stock. The agreement. however
as now arrived at does not include any
provisions regarding the disposition of the
Northern Pacific shareholdings o. either
party In interest. The contract provides
lof an impartial administration of Northern
racine 70 tnat its ownership of Bu.nng.
ton can not be used In aggressive spirit
haa tfNf asns 80 ..F l. ~ fs
or OF the Great Northern railways
A man in thorough touch with the Sit.
uqtlon here and abroad said today,
Ihere VIII be no radical reconstruction
of the Northern Pacific board There arc
one or two vacancies in the board al
ready, ana while the aim viii be- 10 get
broad-miuded men Tor these places con-
nectlon with Union Pacific interests viii
VIII name the new directors. Others may
oner suggestions, but To him belongs the
privilege of final choice Whatever is
necessary to preserve the community OF
Interest idea, or TO harmonize differences
/ along any lines whatever. he will do
Ihefe VIII be harmony hut II VIII he
| on broader lines than division of dlrcc-
| torshiDs or the give ana take principle.
| With the exception Of one Northern Pa
rlhc director. WhuSe speculative proclivi.
ties have rendered him ineligible for re-
election. most of the old names will re
main, 1t Is most happy outcome OF a
very trying situation
Persons chlehy interested in the North
ern Pacific settlement said today thar the
details of the arrangement entered Into by
the Morgan-l Hill interest on the one side
and the Hartman Kuhn Loeb interest on
the other side would not be made public
until Mr., MorGans return from Europe the
latter part oil this month A member OF
the Arm of Kuhn, Loeb x Co. said that
the peace agreement had the fullest ap-
proval of that firm, as well as Of j p
Morgan & Co. The composition of n new
r1 of TOR. mr. hp fhurp ~
railroad, which is left to j PIerpont Nor
gan, viii include representatives of all OF
the railroads operating in the Northwest
The interests OF the Chicago and North
western and of the Chicago, Milwaukee
and ST Paul will be as fully protected, It
is asserted, as the interests of the Bur
llngton. The main purpose Of the North
| ern Pacldc agreement is authoritatively de-
scrbed as designed to insure perfect mar
mony among the railroads west of the
Mississippi and Missouri rivers.