Courier Democrat. (Langdon, N.D.) 1891-1920, 1901-10-17
.HlLl'SBIG SChfMf
PLANS THE CONSOLIDATION OF THE
G. n, N. r.. AND BUR-
LINGTON.
new COMPANY TO MANAGE ALL
MORGAN RETURNS FROM TIL;
WEST.
NEW COMPANY TO MANAGE ALI
WILL BE OPPOSITION IN MINNESOTA
SINGLE OWNERSHIP OF THE q. y
AND \. II. WOULD BE
In. ILLEGAL.

New York, Oct. 12.-Reports that a
plan has been arranged for putting the
cor troll OF the Great Northern and the
Northern Pacific railroads in the hands
of an Independent proprietary COM
pany were circulated in Wall street
yesterday and, although lacking Of
, fetal confirmation, We're widely dis
+, cussed as within the range of probable
ity
The statement came from a usually
we'll informed source that the finan-
ciers now in control of the two great
! railways purposed turning over their
holdings Of stock to a new company
formed on the lines of the Oregon
Trancontinental company which Hen
ry Willard organized to take the stocks
of the old Northern Pacific company
and the Oregon Railway and NaviSa-
ton company. It is asserted that j. j..
Hill has practically formulated a plan
for the consideration of the owners of
the properties concerned.
Terms of the Merger.
The terms of the proposed 1nerger
provide, according to report, that the
Great Northern stock shall be trans
ferred to the new company at 200 and
the Northern Pacific at 125. There are
also rumors that the Northern Pacific
preferred stocks are to be retired.
| Although the anti-corsolidation laws
of Minnesota, Washington and the in
termediate states traversed by these
two great transcontinental railways
are comprehensive and strict, eminent
lawyers have expressed the opinion
that there is no legal reason why an
independent corporation should not
have custody of a majority of the
stock of the two roads. The railways
must be operated separately as COM
peting lines, however. Objections to
such a merger as is talked Of are likely
| to be raised under the laws of Mime
sofa at any rate, and the legality OF a
single ownership for the Great North
ern and the Northern Pacific would
probohly have to be determined in the
courts.
$4,000 Miles of Railroad.
! Should the control of these two rail-
ways be vested in one company that
company would actually control $4,000
miles of railway, for ownership of the
Great Northern and Northern Pacific
includes ownership of the Chicago,
Burlington d quincy iodu. 1leo.
Northern has mileage of 5,441, North
ern Pacific 4,S72 and the Burlington
| 1857.
The head of the new company will be
| F. D. Underwood. president of the Erie
railroad. Mr.. Underwood is now in st.
Paul, where he is going over the de-
| tails of the plan with Mr.. Hill. A full
official announcement of the details is
expected soon after Mr.. Morgans re-
| turn from San Francisco.
Great Northern railway stock was
| very active in the stock exchange fs-
| terday, ard it sold up to 1856 Sd after
opening at 1SS ga. Northern Pacific
preferred rose from 81 to 100 on light
| transa ctions. This stock is retiraole at
par.
Denied by Mr.. Hill.
st. Paul, Oct. 12.-President Hill OF
the Great Northern refused to discuss
the matter, remarking briefly:
"That is just a sensational story.
There is nothing in it-not word OF
truth in it,