The Savannah morning news., 1901-11-15
DIRECTORATE ANNOUNCED.
The Great Combine Fairly Launched
in the Financial World.


New York Nov. 1.-THE directorate
of the Northern Securities Company,
incorporated yesterday at Trenton in
connection with the settlement in the
Northwestern Railway situation. was
announced to-day. 1t is composed as
follows:
John S. Kennedy D. Willis James.
Samuel Thorne, j. ]. Hill, e. T. Mich
OILS, George F. Baker Robert Bacon,
George w. Perkins. Daniel S. Lamont.
E. Fl. Hartman. Jacob H. Schiff.
James Stillman, w. P. Clough, George
C. Clark and N. Terhune.
Trading in the stock of the Northern
Securities Company began in the out
side market to-day. All transactions
were made subject to the provision,
when issued" The stock was started
at 110 bid. Operations were very light
in volume and later in the day the
stock fell to 103 bid, with offers at 112.
Northern Pacific convertible per cent.
bonds were 104 bid, with no transac-
tions. 1t was said that an application
would shortly be made to the Stock
Exchange for the listing of the securi-
ties of the new proprietary company.
1t was also said that Northern Pacific
As would not be listed, as it was in
tended to convert them into common
stocks.
Practically no additional Jews was
ohtainable to-day concerning the set
tlement finally effected yesterday and
those connected Herewith SAID that
there was nothing more to be given
out at present. No details, it was said,
have been worked out in connection
with any road other than those direct
ly concerned in the agreement. These
roads were the Union Pacific, the
Nortehrn Pacific, Great Northern, the
Burlington and the Southern Pacific,
which is controlled by the Union Pa
ciflc.
1t was intimated. however. by one
of the parties to the compact for peace,
that other properties might be taken
in later.
The Mail and Express said of the sit
uation:
I'm some way not yet made known
it is believed that the Chicago and
Northwestern and Chicago. Milwaukee
and st. Paul Railroads are to be in
cluded in the present deal, or a subse-
quent one, whereby all of the We@tern
railroads will be welded together in a
harmonious community of interest
which shall prevent for all time de-
moralization of rates and a repetition
of contest for control such as occurred
last summer.
1T is further said that the territory
west of Chicago is to be divided in
such a way that competition will in a
great measure be avoided on any ex-
cept wholesome lines, and there will
be a large increase in net earnings for
| all concerned.
There were fanciful suggestions in
| regard to another proprietary COM
| pany to take in. the Union Pacific. and
| Northwestern, and perhaps the St.
| Paul Railroad, but ii is stated to be too
| early to give any details about these
| schemes. The notion that they are to
| be controlled by the Northern Securi-
| ties Company was generally discred-
| itcd for the reason, if no other, that
a further increase in the colossal ag-
adverse legislation.
THE question that most interested
the financial centers in connection with
the big combination was how much
cash would be required to put through
the scheme, and whether the money
market would be disturbed at a time
when the surplus reserves of the local
banks are at a low level
"Financiers who are interested in
the deal soon dispelled all doubt on this
subject by declaring that sthe under
writing syndicate would have little to
do, one authority asserting that not
more than $6,000,000 to SO, 200 900
would be required" 1"