New-York tribune., 1902-03-25
DENIES CONTEST FOR n. P.
CHARLES STEELE TELLS OF PROXY
TO MORGAN TO ALLAY PANIC.

nesott bs Peter Power 10 prevent the merger Of
The Northern Pacific and Great Northern rail-
roads through The medium Of the Northern Sc
'1Iii' .i'a''H me he''iiIs MAS III 'Ile tooil
.. nv. '''I'S ''Iu'' our IN 'he fo,'
'a'"" - H''lii' "edd OF 'ne
firm of Kuhn Loeb K Co. who was the first
,,-f,,,a- ,.-, .t.t, . -. -. -. :, - .
- ~ i.l q S'L'ei.,en' 'ilaI ne was Il
director Of the Chicago. Burlington and Quincy
I,@l'I''d ana a director OF the Northern Securi-
Grear Northern expired in 1901 He was one
Of the men who purchased S26o00.OO0 of the
Northern Pacific stock in 1896 al the time Of
the reorganization Of the road. He purchased
,,,-a,,+,, ,,.,,...,,s - - -, -
u nc .tle III" "e'' Dunn
- H.
stSck5 os nom mi, lid YOU act in purchasing that
Q-Df5 lol, 1-r for - r5s @I,rt H. 1,, ,r.-o..o
decline r. answer. ! decline to answer any ques-
nniess comreiied 70 90 so % num- I1'e' Co.
,,,S&i 80" m'rh northern Pac1ac common did YOU
previous 20 Nav - As faT as IAN roro,ierI
s'H'H"o worth
Mr. Schin said that all this stock was few
reeNs wee .@'eT transferred either to the Union Pa
m ~ go '"e oregon snort Line he dehieu
mar there was any connection between the puF-
Q.-You did not have any conference with Mr.
Morgan the subject? A.-No. sir.
CONFERENCE WITH HARTMAN
el a. wien is any 3s re %or(eIn ~i,i a'oGdg Pa@i9
ferel V5 ,r r1'T {rriI 4R Al haI one Su'h con-
G" 10 vas present .rsltes you and Mr. Il Harri,
1r. steele were present
q t efe you @ cognzent Of ~ the IaGt that , The
holdings? Al became cognizant Of the fact when
f G III lIIr - tie mon acme DoaFu
,S, l9 whom dia me rnirn Parife Pa dispose Of The
80 ne @ y 's'1T s,oeA'- A.-Io = +. Morgan q
0-TyiI-r - ny rer-7so Partly cash and
partly ses6riries-
Glow much cash figured in the sale 20 J. P.
MeEso4 7, d. 90. A-Aoout 10000 OF $0eHV~
e. me pc A,.5L - ".tr secLil.ltE. io , ca. -
rbe Na--tsrr ss.-f,-iI5ss ro7,,,a,,,- - ~ -
Q-D2 vou know how il happened that the Harri-
man interests. after purchasing S7S0nGoO Of the
Northern Pacific. changed their policy and dis
posed Of Ell t!etr ho.iinEs: A-.Thoy sold out be
So l,lo.3ole-7y ne non racine ana oregon
a rr7ff rr trsfr etraly ~ ' - e -s - 49,
SYNDICATE TO Buy BURLINGTON STOCK
Charles steele of 7 p MORGAN &, co who fol-
lowed AIR. Schif on the witness stand. said his
firm organized a syndicate for the purpose of
raising Sl0oOeuoD for the purchase of the Bur
Ington stock.
o-Your firm was largely interested in Northern
Pacific at tho time? A We had substartiaI hold
ings II Northern Pacific stock
Q.-How much OF the common stock did your
To35 ,-,,. e,7,7fr, ,-,- >,,r,rerr Pacific oor,
mon batv44-n lT.,y And NJ Ie,r IL Abniit
$l500poGo.
Q.-What ola YOU do with The stock? Ave
when We dlSposed Of about So ooGe Of the stock
,SIrfaT9 s,lriSe @ S Con18nv '' ~ 40 'he
yE-i+s .,.,7 .t,- ,ae,,,az .+,,- 20 49,, c,,o,,r,
IL, - l., - -, -, -, go
- - m - I,,-zr--- 49,.
- - ,on.
"-'''i ''-1 ''i0 L1''> u may - '''A'
MI Steele said:
r-,,era 17 1,a,, . e-,aat disturbance &, ,7,,a,,
fss c--ra. -r, ,,e2,-g,,e ,,ars ,,ara 491i5 ,.i+h
60 ei.---. " .,or.as,. 60 ~, r-o-,t - 5 De-
rifc STOCK and had created a Feel;nf, If earious
ar,rrebersion which we knew could nor hut
cofrence was simply for ttls the purpose Of getting
up a statement which would allay the uneasy
4egs ar vas snUtL con Ias1lns onty @
schin, Nj. Bacon Mr. .Hin and myself were
there. The Hartman interests consented to
So " I @ gan - p1s 1+; On me -ro ,i, rlisin
Etsili1 51Iu q. N ne puDlIC
-ie @ ---';z . - y - 49, 4e,Tt c. a. f @ IL ~ 80 @
-. - - :tl.,,57 -. o--l Nv -' 'e F1
PoSV IT.
Mr.. Steele furnished the expla nation
eagerly sought AT earlier stages of the hearing
= ry;-.- =. -, .,s 80
,,e,,, ,.7,,o7 ~, -ra A-or+ber,, Pacific hoard ua
80 - no.. ,,,5-s+,,5 ,ta+ NJ 1Io-,i.,,o, ,,,d
h.s friends connected with the Northern Pacific
interests felt uneasy as to the intentions of the
Northern Faclnc after the BlFllngton acquisl-
ton, and ihat- ihefefore ne mad suggested TO
MT Morgan tat II "ouIG DE wen 70 pace MT
Hartman on 'h"Sr boards MI morgan, WIZ
ness sal1, ihouEht thls Vas a good ldea' ana
that was how il came about.
>-o ~o>-T,r-cT FOR = p COMMON
Cross-exam mined by f. /. Stetson Mr.. Steele
declared that there never was any contest for
: .. 1,-...,, -,
TIE MI ---'-- ~ us
contest did not exist outside Of the newspapers.
On redirect examination Mr.. Boute!le devoted
1nucn lll-e 70 gils III s - ~, m 40, .i,gin @
1ast fsli and M steele said it was because the
directors after q conference with J P Morgan
decided THAI a just ana equitab bic ar