The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-29
TALES OF MERGER
CLASH UNFOUNDED
Hill and Hartman Agree to Pre-
serve Harmony in North
west.
Neither Will Do Anything to
Jeopardize Interest Of the
Other.
Stories to Contrary Originate in
Wall Street and Lack
Foundation.
New York. March 29,-rhe sensa.

New York, March 29.-The sensa-
tional break between the Hill and
Hartman interests has been the cause.
of a great deal Of unnecessary I'M.
easiness and has caused the Wall
street public to shy off from the mar
,, ket at the moment when, for the
first time in many months, there were
real signs of a returning interest in
the market.
The entire matter has been the re-
suit of the stock jobbing methods OF
certain powerful banking interests IN
New York, who, for their own pur-
poses have distributed information
relative to the so-called "crisis" that,
so said the bankers aforesaid, arose
between the two big interests in the
northwest.
The Wall street bankers understand
that few words judiciously dropped
can turn the market up or down. They
are turning it both ways, alternately
When it is at the top they sell and
then put out another story OF war.
! When it is at the bottom they buy'
and still talk bearish to get the stock
cheap.
Clauses of Agreement.
The facts may be briefly outlined
as follows, being put in the order OF
their impOrtance:
| First-There exists between Messrs.
Hill and Hartman thoro understanding
with regard to the administration Of the
properties In question. Both interests VIII
do all in their power to preserve IN the
northwest a perfect harmony between al
the lines. Mr.. Hill will grant to Mr.. Ear-
riman a right of way into Seattle over
the Northern Pacific.
Second-Both interests agreed to the
pro rata distribution of the assets of the
Northern Securities, in spite Of all wild
stories to the contrary. It was mutually
agreed that this was the most equitable
and fair means and the only means thai
could be given to all the stockholders
without discrimination.
| Third-A certain doubt arose in Harri
man circles as to the possibility. tina
some stockholder of the Union Pacific
!, might bring suit against that company OF
4 the ground that the money spent to pur'
, chase Northern Pacific would now be rep
, resented in Northern Pacific and Grea
Northern stocks. Hartman lawyers asked
Mr.. Hill whether he would consent tt
II have the method Of distribution sreferet
q to- a court to see if it was legal. He con
, sented,@s s:lgs = .s,a.s n fS&
- Will Accept Stocks.
: Fourth-The Oregon Short Line bon.
: indenture makes it certain and specifl
! beyond a doubt that the trustee will &C
. cept in place of Northern Securities stool
Whatever stocks are distributed, provides
such distribution will be accepted by owe
so per cent of the stockholders.
Fifth-On April 81 the stockholders wi
meet in Jersey City and will decide t
! distribute the stocks by the plan an
\ Enounced by Mr.. Hill as president las
J Tuesday. There Is no doubt at all on thi
point.
SIXTH. J. Hill will obtain representa-
J.. Ftion on the Union Pacific board. This wi
happen in good time, but not right away
In the meantime the directors Of tn
Union Pacific will do nothing that ca
be construed as inimical to J. J. Hill {
his interests.
There will doubtless be other ru
mors of trouble. These rumors be
% long to the stock market, and the