The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-10
IS 4 BATTLE Of GIANTS.
STRUGGLE BETWEEN ,CoNTENDING
INTERESTS FOR CONTROL OF
NORTHERN PACIFIC
FIGHT ONLY TWO WEEKS OLD
Results From Effort g.of Hartman
to Get the Upper Hand of Hill
and MorganzResuIt Is
in Doubt.

NEW YORK, MayslS.-Night closed
upon the eventful trying day without
definite settlement as tof the Northern
Pacific, the central field in the fierce
struggle. 1t was announced that there
would be an agreement for settlement
with the shorts, but it was evidently not
finally concluded. Shortly after the mar
ket closed 1t was semf-officially ANNOUNCE
ed that a basis of settlement had been
practically agreed upon and that it would
be clinched before nightfall. At five
o'clock, however, Kuhn, Loeb & Co.,
whom the street accepts as masters of
the situation announced that nothing
could or would be said as to the stock
that day. There is spirit of compro-
mise and Cancellation in the air, but I'M
less it should bear the fruit of definite
settlement, the situation in Northern
Pacific was felt to be menace to the
whole market. Kuhn, Loeb & Co, and
the men enlisted with them In the Harri-
man syndicate, seem disposed to a rea-
sonabie peace, and on the outside the
strongest influences of the financial world
are moving determinedly for financial
truce that will protect the market, avert
panic and restore confidence. In addi-
ton to an agreement with the shorts it
is believed that the settlement of the
fight will also involve the future rela-
lions of the Union Pacific, Northern Pa
citic Great Northern and Burlington
Men close to the Harriman-Kuhn, Loeb
& Co. groups insisted that the deal for
the sale Of the Burlington to the Great
Northern would be carried through
Granting that Hartman. Kuhn, Loeb &
Co and their associates are dominant in
the Northern Pacific It is assumed that
they will claim and win a voice In the
future of Burlington. 1t is believed that
the settlement with the shorts in North
ern Pacific will be made a 200 or I'M
cate the policy of the third interest In
taking enormous profits from the shorts
and their friends avow regret that out
siders suffered. A settlement with the
shorts would clear the situation material
~, but there would still remain the
greatest problem in railway politics of
the future of the road Itself. On that
point the following statement from a
member of the Hartman syndicate is
significant:
HARTMAN CLAIMS CONTROL.
Northern Pacific IS in cont -ol of
Kuhn, Loeb & Co. The only thing that
can affect this control, will b. the ros-
sible inability of cersa n p oole to deliver
the stock to them. ]. F. Morgan & Co.
are in the same position" ~
The struggle of tie. financial giants,
which broke the most remarkable move
ment that American stocks has ever had
dates back but a fortnight. E. II Har-
r.man and his asst tants, so they rel tie
the story in the st eet, dis overed that
brokers' represe Iting J. p Morgan Z
Co. were buying Union Pacific. Harrt
man at once leg increasing hi own
holdings, buying on market that ra1id-
ly advanced and when sure OF control
submitted a proposition for some basis
of agreement as to tie control OF
Burlington. ju t acquired by the Great
Northern and Northern Pa ific. That
offer was rejec ed en- Monday last
there bepan a sen at.onal movement in
Northern Pacific and the public got the
first intimation of the battle for suprem-
acy Street .& Norton took all of the
stock they could get, seemingly without
regard to price. Much of the stock sold
to them was for short account and could
not be delivered.
THREE BIDDERS FOR STOCK.
1t developed finally that there were
three large interests n the property, two
seeking it's management and the third q
speculative profit Both the Hartman
syndicate and the Morgan-Hil interests
claimed control and the p,edicament of
the shorts was made worse by tie fear
of both the Hartman and Morgan syn
dicates demanding the stock or the
shorts 1t was this fear that led Kuhn,
seek an unders' an ing 18th Moag>R &
Co., as to the lending of stocks to shorts.
TO have loaned without, an understand
ing was to court the danger of losing the
stock and possibly the dearly purchas d
opportunity to control. The shorts
learned yesterday that they were seve O.
ly cornered AMI made frantic efforts to
secure stock. The moven snt for their re-
lief began last night, but the failure Of
the leaders to agree left them in desper-
ate straits There was some consolation
in the extension of time for delivery, but
that after a was merelyrdeft ring the
reckoning. Kuhn. Laeb & Co, this morn
ing renewed their offer 10 loan the stock
they nod, but it was stated the M organs
for some reason did net care to enter the
compact. The reckoning is to come to-
morrow and des l:tc5- the PROMISING
features Ct the Il sirg no rs tod ~.
doubt fingers as to the effect # thu
Northern T a ifc situation upon the Who'll
market tomorrow. f.ta