The San Juan islander. [volume] (Friday Harbor, Wash.) 1898-1914, 1904-04-09
WANTSBACK STOCK
HARTMAN FILES PETITION IN
FEDERAL COURT.
Asks TO BE Allowed TO Intervene In
the Merger Suit-.Latest Step in
the Fight for the Control of the
Northern Pacific Railway Com.
pany.

OF. Idul, april TT. II. 11aITlmau
as trustee for the Oregon Short Line,
has filed petition in the federal cir
| cult court asking to be allowed to in
/ tervene in the case of the United States
against the Northern Securities Com
pany, with the object of compelling
the Northern Securities Company to
turn over to him the Northern Pacific
stock originally exchanged for North
ern Securities stock.
This action is taken as the beginning
Of the contest for the control of the
Northern Pacific railway between the
Hilt-Morgaan faction of the Northern
Securities Company and E. II. Harri-
man. This suit, it is said, is to COM
pei the Securities company to return to
the original holders the Northern Pa
cicfi shares exchanged for Northern Sc
curities stock instead of the proposed
division of Northern Pacific and Great
Northern stock. The Hartman inter-
ests, prior to the formation of the Sc
curities company, held a controlling
interest in the Northern Pacific stock,
the struggle for which eliminated in
the panic of May ON the New York
stock exchange.
The papers in the case were drawn
late Saturday afternoon and the filing
did not transpire until late Saturday
| night.
Will Make Fight.
Mr.. Hartman has informed business
associates that in case of adverse dcei-
sion he will carry the appeal to the
court of last resort for what he believes
is the right of the Union Pacific stock
holders to receive Northern Pacific
stock in return for the Northern Secu-
rites stock held by the Union Pacific
system.
The Hill-Morgan party claims that
the Union Pacific people have no cause
for complaint, for the reason that E.
h. Hartman sold the Union Pacific
holdings of Northern Pacific stock to
j. p Morgan & Co. personally and not
to the Northern Securities Company,
and therefore Mr.. Morgan is the only
man who has right to object to the
distribution Of the assets. The Union
Pacific people, however, claim that the
transfer to j. p. Morgan & Co. was
merely technical one, and will insist
upon the courts passing upon the dis
tribution of assets unless meantime
there should be change in the plan
which would meet with their approval
One of the puzzles Of the day was
the way in which these interests con-
tinue to talk of friendly relations. 1t
is known that the Hill Morgan inter-
ests are we'll satisfied with the position
and say that Hartman is fighting in
hopeless cause. The last conferences
on the matter have been held, and it
was known Saturday morning that no
concession would be made to the Har-
riman interests, and that the holdings
of the Northern Securities Company
will be distributed pro rata. This dis
tributiion may be delayed for a time
by injunctions, but the longer it is de-
layed the greater will be the burden
of the Union Pacific, as it will then
have to finance the payment Of the in
terest on the bonds based on its North.
ern Securities holdings, and for which
no return will be received as long as
the Northern Securities holdings re-
main undistri buted.