The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1902-05-16
CONTROL OF
C. & N. W.
Rival Interests are Paying Big
Premiums for Proxies.
Various Rumors as to its Future--The
Great Western Credited With a
Gulf Line Scheme Other Gossip.

From Chicago comes the following
Proxies for the Chicago & Northwes-
tern annual meeting held here June 8
are at q big premium today. A battle
royal is being waged for their posses
sion. The conIesting parties are those
now in control of the property on the
one side and the Moore Leeuds Gates
interests on the other.
Books for the transfer of stock for
the annual meeting closed last week,
80 that purchases of stock in the open
market cannot be made available un-
less they carry proxies with them, and
efforts are being made to secure the
proxies without references to pur-
chases
Those now in control of the property
have awakened to the fact that big
coup has been planned to be accom-
plished at the annual meeting, and
they are now putting forth their most
strenuous efforts to prevent it. When
the books closed last week they
thought they were safe, but they have
since been convinced by indisputable
facts that they are by no means out OF
the woods, and it they are able to
maintain the day it can only be at
the expense of Herculean efforts and
continual vigilance. Large holders of
shares are being importuned by both
sides to the contest for their proxies,
and valuable considerations are being
offered for them, with large number
of stockholders refusing to surrender
their rights to either side at this stage
of the proceedings.
Rapid and great advances in the
market price of Northwestern stock
for some time past have led watchers
of the situation to the conclusion that
there was something in the wind.
Many of the purchases were traced
directly to the Moore Leeds interests,
and as it was known that they were
already large owners of the securities,
the prediction was freely INDUCED in
that they had decided to get control of
the property, with the view of bring
ing about consolidation of it with
the Rock Island system. Official
deuials was given to all reports of this
character, but still the stock has
maintained the high price to which it
was put and confidence was not
shaken to any considerable degree in
the reliability of the report, in cir
culation. Subsequent events bave
served to substantiate them.
At the outset the Moore-Leeds inter-
ests were supposed TO be acting alone
in the matter, but today the assertion
is made that they have joined forces
with the Gates crowd, and both are
working together with a common pur-
pose. This is to carry out the consoli-
dation of the Northwestern and Rock
Island systems, as already indicated,
and extend the combination, until it
is one of the greatest in the entire
country,
Contamination of the plans as now
drafted, it is claimed, would involve
the formation of Rock Island route
from Chicago to st. Louis to connect
there with the new line recently &C
quired from that point to Kansas
City. An independent route would be
also secured from Ell Paso to the Paci-
fic coast, and control of the Mexican
Central road m ay be secured so as to
enable the combination to command
the leading route to the City of
Mexico.