The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1901-05-10
But the Public Refuses to Buy, and Securities
Actually Go Begging.
Morgan and Hill Control Northern Pacific, but
Pierponts Eye Is BIackened.
Speculation Killed for Months to Come---To-
days Prices Are Steady.

railroads give this as part OF the plan.
and the Hartman buying was started on
the theory that 1t was effective. Nor
gan now says absolutely that the pro-
vision was cut out and that majority
only is necessary to vote approval of the
Burlington deal and authorize a bond
issue. Kuhn, Loeb C Co. say they are
familiar with this provision and they
were buying to obtain majority of stock
Wall street believes the first purchases
were on the theory that one-third only
was required to block the deal and that
the buying which followed the discovery
that the majority rules was responsible
for the corner. In the terms of settle
ment agreed upon between Morgan, Hill
and Hartman, the Union Pacific is to be
taken care of. No obstacles are to be
thrown in the way of the completion Of
the Burlington lease to the Great Northern
and Northern Pacific
"Keep Cool" Says Sage.
Russell Sage said to-day:
repeat to you the advice which I gave to
the public before in a period of excite
iAASA%, IAdI 4S1 ASSp COOi. OOu tOS0 yOuT
head. Keep cool. The end Of the world isn't
coming yet.
Still in the Dark.
The Commercial Advertiser says:
Kuhn, Loeb & Co. were settling with the
Northern Pacific shorts to-day. ]. P Morgan
& Co. were not. There seemed to be some
hitch, so far as the Morgans were concerned.
about the agreement made yesterday to settle
ing about short contracts; we are interested
in Northern Pacific stock Kuhn, Loeb & Co.
have the shorts; we have the Northern Pa
cihc stocks
That was the point but no one can tell
who has the control till the shorts have been
settled with and the contract parties find out
how much of their holdings are stock and
how much short contracts. Some people
here think only the showdown at the meet
ing of Northern Pacific stockholders can an
swer that question.
The injunction granted yesterday by Justice
Cildersleeye of the supreme court in behalf Of
person who has remained unnamed, re-
straining Hartman and his brokers, ]. P
Morgan 6. Co., Hill and his representatives,
Kuhn Loeb & Co., and the New York Stock
Exchange, from making any transaction
whatever In Northern Pacific, does not appear
to have been the direct cause of adjustment
settle at $3.50 a share. Kuhn, Loeb & Co.
were settling on that basis with the shorts
to-day, but they denied that they were
brought to it by the threat to serve the order.
No statement could be obtained from J. P.
Morgan & Co. to what they were doing or
whether they would settle in the same way as
Kuhn. Loeb Co. A representative of the
house said that the granting of the order was
news to him.
Herbert D. Limburger, Of counsel for the
mysterious plaintiff, said this forenoon that
he had the order Of Justice Gildersleeve in
his desk but that he had been instructed by
his client, inasmuch as a settlement had been
arranged, not to say anything about the pro-
ceedings Ed Lauterbach, also of counsel for
the plaintiff said when asked If he would
state the legal grounds on which the order
was sustained:
ANY contract that is impossible OF fulfill
ment at the time it is made or becomes SO
after it is made through actions of the
promise is null and void.
''Who is ihe PLAINTIFF"
THAT you will never know"
Northern Pacific shares sold $50. then 160.
then 200 eacn The stock has unlimited value
still, though the short contracts are worth
cnly 150 Stocks generally recovered. Union
Pacific, which was down yesterday from ia
to rs, rose to 112 by o'clock to-day.
Effect of Judge Gi1dersIeeve's Order.
There was a further clearing of the
financial atmosphere when it was an
nounced that an order to show cause OBJ
tained in the supreme court directing GER
tain persons to show cause why they
should not be restrained from trading in
Northern Pacific would not be served, the
agreement to settle at $50 having been ac-
oapfad &c Satisfaptorv
Arthur R. Linburger, who obtained the
order, said that in the light of the settle
ment made with the shorts the order
would not be served and that the matter
would be allowed to drop.
Most of the buying this morning was
believed to be for investment account as
commission houses deprecated trading on
margins for the present
Elbert Thomas Jackson and Samuel G.
jackson, doing business as stock brokers,
to-day assigned for the benefit Of their
creditors.