New-York tribune., 1901-05-11
THE CONTROL OF n. P.
OUTCOME OF CONTEST SEEMS STILL IN
DOUBT-TRANSACTIO LESS THAN
TEN THOUSAND SHARES.

While there was no recurrence yesterday or
Thursdays panic conditions in Northern Pacific.
the common stock at no time selling above 2io
snd the transactions aggregating less than ten
thousand shares the outcome of the contest
for control seems still in doubt. The Morgan
Hill interests declare that they have enough
of the stock Of both classes-there is outstand-
ing SsO00000O of the common and $I3.oco0n
of the preferred-to give them absolute control.
while on the other hand the Harriman-kuhn-
Loeb party are understood TO be confident that
their side has the great fight The pre-
vaing opinion in Wall Street yesterday was
that Mr. Morgan and Mr. Hill would be found
be in command Of the situation. although
information Of a character explicit enough TO
enable the outside public TO form a safe 5udg-
ment on the subject is still lacking. One thing
appears to be established-that much bitterness
exists between the contendng interests feel
ing which may have serious results In the
future
The question Of which side has a majority OF
the Northern Pacific stock. it is said. may not
be finally settled before the books close next
week for the annual meeting.
There were further conferences yesterday. but
with the exception OF the formal announcement
os Kuhn Loeb & Co. regarding the terms OF set
tIement with the Northern Pacific shorts that
"the settlement price in Northern Pacific, in so
far it may relate TO contracts with us, VIII be
$40" no statement OF an official character
came out For some reason j. P. Morgan & Co.
issued no formal statement on the subject. but
every body knew that they were prepared TO deal
with the shorts the same terms as those
granted by Kuhn. Loeb & Co.
y banker who is closely associated with Kuhn.
Loeb & Co. said: Kuhn Loeb & Co. hope for
peace and harmony. and bending every
effort 20 effect a settlement. and II is generally
believed that such settlement will be effected
speedily They rapidly settling with the
short interests here. but cannot make settle
ment with the London interests until May 10
I do not believe that the Burlington deal will be
affected by the transactions Of yesterday. 1t
will go through all right.
At the office Of Kuhn. Loeb & Co. yesterday
afternoon published report that Jacob Fl.
Schin had admitted that his firm had been
worsted In the contest for control Of the North
ern Pacific was declared to be without founda-
tOn.
One of the Wall Street news bureaus made
this statement in the afternoon: 1t is authori-
/ tatively stated that the principal matters in
dispute regarding the affairs and policy of the
Northern Pacific Railway Company are at a
deadlock. from which change is hardly TO be
! expected before the arrival here of j. p. Morgan
The agreement of last night appears TO have
been prompted wholly 10 relieve the actual short
interest unwittingly and unwilingly cornered
From unauthOritative sources claims OF control
have been heard In favor Of both sides Parties
who frequently speak matters concerning
j. p Morgan & Co. insist with vehemence that
the control Of the road rests absolutely with
| them"
When Mr.. Morgan sailed for Europe several
weeks ago IL was understood that he intended TO
return about June l.
Robert Bacon. of ]. P. Morgan & Co, when
seen at his home No. l Park-aver last night.
said that he had nothing TO add to what had al
ready been made public. He declined TO say
! whether his firm held controlling interest IN
/ the Northern Pacific
II do not really know about the control of
Northern Pacific" Russell Sage said last night
in his home. in Fifth-ave.. replying TO an in
quiry by Tribune reporter. but from what l
and his associates will have the control / am
little surprised that Mr. Morgan went into the
/ fight for control of the road Just what
rumpus the fight stirred up. and don't believe
the road is worth all the trouble the fight ere
ated. Why. was making large loans yesterday
at 40 per cent To-day money was being lent
at per cent. What difference within twenty
four hours and all on account of fight for
control of a railroad! 1 have not bought any
Northern Pacific stock in several years. / sold
what / had at 15. and had bought IT at 5. That
was years ago. / had been interested in the
| building of some of those northern roads. and
thought lucky TO get my money back
made up my mind then to keep away from rail-
roads far north.
A prominent Produce Exchange house which
became a member of the New-York Stock Ex-
have been the purchaser of the three hundred
shares of Northern Pacific on Thursday at IOoo
for Chicago house.