The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-03-23


For the purpose OF this meeting the
stock transfer books Will be closed on
April Is.
The assets Of the company remain
ing in its treasury after the foregoing
distribution is made viii consist Of
stocks and other property in no way in
voived in tire suit. producing income
and cOnservatiyely valued at an
amount in excess of IS, 954, 900. 10 which
il is proposed to reduce the stock Of
the COMPANY"
New Plan Adopted.
The new plan was formally adopted
at a meeting of the directors which be-
gan in the morning and lasted until
well into the afternoon. There were
present at this meeting President Hill,
George r. Baker, William p. Ciough,
Edward II. Hartman. d. Willis James.
Daniel s. Lamont. John :. Kennedy.
George V. Perkins. n Terhune and one
or more other directors.
Throughout the day, when Northern
Securities shares were booming on the
curb and its affiliated stocks and the
Pacifics, chiefly Union Pacific. were ad-
vancing by leaps and bounds on the
stock exchange, the air was full of ru-
mOrs, some of them of an alarming
character.
Dealings in Union Pacific common
aggregated over 40 per cent of the total
outstanding issue. 1t was declared in
various quarters that the Hill Morgan
party had for some reason deemed it
necessary to buy heavily into this
stock.
The belief in this rumor was height
ened by the fact that brokers who often
represent Morgan interest in this ex-
change were heavy buyers Of Union
Pacific all the way up
Large amounts of Southern Pacific
shares Also changed hands. and sales of
Great Northern preferred, of which the
floating supply is very small, amounted
to l eco shares IN the bond division,
Oregon Short Line A., Union Pacific
convertible As and Burlington As were
in demand at substantial advances
Financiers Confer.
After the close of the market a long
conference was held at the Offices of j.
=. Morgan q Co. Those who attended
included Mr.. Morgan, Mr.. Hartman,
Mr.. Hill. Mr.. Lamont Mr.. Perkins, j.
p. Morgan, jr, Francis Linde Stetson
Of counsel to j. z. Morgan & Co, and
ex-Judge Bum of Minnesota, Mr. Hilrs
personal. legal adviser.
Messrs. Hill and Hartman left the
Morgan bs king house arm in arm and
apparently in the best of spirits. Both
saying that a perfect understanding
had been reached all around. Mr.. Hill
denied that there had been any differ
ences respecting the dissolution plan.
Mr.. Morgan and his partners had no
comment to make, but Nh. Morgan
seemed pleased With the days events.
At the banking house of Kuhn. Loeb
& Co.. the chief financial hackers of
che Hartman system Of railroads, no
statement OF any sort was forthcoming
A report that the firm had. as the Har-
riman Representatives received a sub
Stantial cash bonus cor agreeing to the
distribution plan could not be verified
The street heard that Hill-Morgan in
terests would be given representation
in the Union Pacific road. in return for
which Union Pacific interests would be
asked To take a place in the Northern
Pacific directory.
Sales of Union Pacific common ag-
gregated over 10000 shares at a net
advance of Sh points. Southern Pacific
was traded in TO the extent of over 161.-
600 shares. gaining 294 points. The adj
vance in the LOCO shares of Great
Northern preferred was ~ points. All
the Pacifics, in fact the general mar
ket, went higher with the boom in
the Northern Securities stock.
On the curb Northern Securities made
net gain of points on sales Of about
%, 600 shares. The stock touched 1895
and closed at 80.