The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1904-04-22

torney general of the United States to
declare the merger an outlaw, Rocke-
Teller interests aided the government in
every way with legal advice and evil
dence. This was done secretly, Of
course.
RocscfeIlers Begin Bear Raid.
Believing they would win the fight In
the supreme court of the United States,
the Rockefellers began the greatest
bear raid on the stock exchange values
that the world has eve seen, the ulti-
mate object of 1t being to force out
Northern Securities stock in q long
panic. This stock was snatched up as
Iast as 1t came out. and the Rockefel-
lers believe they have enough of 1t so
that when 1t is resolved back into its
original elements of Northern Pacific
and Great Northern stock 1T will leave
them in undisputed control OF the
Northern Pacific.
The Burlington road Is also in tho
balance. 1t is held through bonds
guaranteed Jointly by the Northern
Pacific and Great Northern. Default
by either of these companies In pay
ment OF its share OF the interest of these
bonds throws the road into permanent
control of the company which pays.
Thus Hill and Morgan. IL they won in
reducing Rockefeller to a minority in
both roads, might let Northern Pacific
default and thus capture Burlington
absolutely for the Great Northern.
Cause of tho Panic in 1901.
II was because Morgan refused to let
Union Pacific share in the purchase of
Burlington that Rockefeller ordered the
capture of Northern Pacific in 1901,
thus causing the panic and the merger.
For each 500 of Northern Pacific
stock that was taken into the merger
after the panic started on May / Sis
or Northern Securities stock vas issued.
For each 500 of the Great Northern
there was Issued $3.50 OF Northern Sc
curities.
Morgan and Fill want to cancel all
Northern Securities stock, returning
both Northern Pacific and Great North
ern in those propositions for each share.
Rockefeller insists that one of his
friends want any great Northern stock.
He wants each share of Northern Sc
curities stock traced back to its original
elements.
Hartman. acting for all the Rookie
Teller interests, held when the merger
was formed $37,O23,000 Northern Pa
c1fic common stock and $41.0S5.000 pre-
ferred. ~Morgan-Hiu interests had S42,-
100000 ommon stock. The balance Of
the $50. 900. 900 Of common stock was so
widely scattered that even the panic
price Of $1,000 a share on May 9, 1901,
failed to bring it out. Much of this was
later obtained by Rockefeller. Some
was converted into Northern Securities
shares. BY retirement of the Northern
Pacific preferred and sale of new COM
mo the Rockefeller was left with $751;
$4,000 OF the Northern Securities stock.
Rockefellers in the Minority.
This. converted according to the Nor
gan-Hill plan. would return to Harri-
man only s34.794.000 Northern Pacific
common out Of a total of s155, 900. 900.
1t would give them also S24,8S7,0OO
par of the Great Northern stock, which
they do not want. 1t would leave the
Rockefellers in a hopeless minority III
both the great properties for which they
have kept the stock market in contin-
ual panic since May, 1901. IL the Har-
riman contention prevails the $50, 49l,-
600 Northern Securities will yield ST.
731.000 Northern Pacific.
That the legal fight will be a long
n is shown in j. P. Morgan's plan
to sail for Europe this week. lie would
not dare cross the ocean with a big
fight about to be begun in the stock
~ arkat