The Kalispell bee. [volume] (Kalispell, Mont.) 1901-1901, 1901-05-21
K. l.. G.
FLOUR.
COMMUNITY OF INTERESTS.
Effect Of Fight for the Control of the
Northern Pacific,

Effect of Fight for the Control Of the
Northern Pacific.
The New York Journal of Commerce
says: It seems to be generally ack.
nowledged that the truce between the
Morgan and the Kuhn, Loeb & Co. in.
terests in their contest for the control
of the Northern Pacific has assumed
the dignity of definite settlement of
future policy, and that attempts will
be made to reconstruct so far as is
necessary the community of inter-
ests" plan of railroad management on
a new basis. This means that the
northwestern roads are to be brought
more thoroughly and directly into
the fold than has heretofore been con-
templated. The Kuhn-Loeb interests
are already heavy holders in the Great
Northern, and their recent purchases
of Northern Pacific make that road
a distinctly Hartman road, notwith-
standing that the nominal control
shall still remain with J. P. Morgan &
Co., which, according to best informa-
ton, is the present plan. The Harri-
man people will be adequately repre-
sented in the board of directors of the
Northern Pacific, and will be fully
able to protect the Union Pacific from
any encroachments in it's territory by
the Northern Pacific. On the other
hand, there have been active purchas-
es of the Union Pacific stock by in
terests coming very close to J. P.
Morgan & Co., so that the practical
effect of the recent corner and the
purchases responsible for it have been
the exchange of Union Pacific stock
for Northern Pacific stock.
1t is, of course, now a question
what financial arrangements will be
made by the Hartman interests for
financing their purchases of Northern
Pacific, as it is taken for granted they
uAu AOC ludhC ouCu pun CudoCS Oll dly
private account, but with the sole OBJ
ject of protecting the Union Pacific
interests, and it is therefore supposed
that the recent heavy purchases of
the Northern Pacific securities are to
be turned over at their cost price to
the Union Pacific, which will issue
convertible 4 per cent bonds in pay
ment. There are $10o,0OO,OOO of these
convertible bonds already authorized
and only $40,OO0,OOO have thus far
been issued. 1t may be stated on ar-
thority that the matter of thus financ-
ing the Northern Pacific stock has not
yet been officially considered by the
Union Pacific board.
There is no doubt, however, that
the matter will be taken up at very
early opportunity. 1t is expected that
Mr.. Morgan will secure representa-
ton in the Union Pacific board Much
interest is shown in the report that
the preferred stock of the Northern
Pacific stock is to be retired at par
No official statement on this matter
is obtainable, but there seems sub
stantial ground for the statement that
no action having this in view for next
January has yet been taken. To Sc
cure the cash it would be necessary to
issue entirely new securities, as the
company has at the moment no re-
sources available for retiring the pre-
ferred, except, perhaps, something
less than $4,000 3 per cent bonds in
the treasury. which are not now re-
served for any specific purpose. and
except, also guarantee fund of 49,
100000 cash for preferred dividends.
which becomes on January next
available for any purpose the North
ern Pacific directors may elect. No
mortgage may be issued, however,
which will have preference over the
present per cents, but there is NO
reason why additional common stock
should not be issued; providing, OF
course, that it receives the assent of
the proper proportion of the present
stockholders, both preferred and COM
mon.
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