The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-21
Purpose Of Merger to Be Con.
tinued in Agreement Between
Factions.
Voting Trust to 5e Formed by
Distribution of Securities
Stock.
Hill Interests to Hold Sixty Per
Cent and Hartman Clique
Twenty.
Special to The Journal,

Special to The Journal.
New York, March 21.-"When the
distribution of the Northern Securities
assets is completed, there will be in
the northwest such a community Of
interests as has not been dreamed Of
by the legislators and politicians Of
those states
This statement comes from head
quarters. 1t may be taken as abso-
lutte truth It's meaning is that the
Hill and Hartman interests are going
to be so bound together by the method
OF distribution Of the stocks in the
treasury that so far as the northwest
is concerned they will be one interest.
Every holder of share of North
ern Securities will get his pro rata
share of Northern Pacific, his pro rata
share of the securities representing
coal lands, etc., and his pro rata share
Of cash.
The result will be about as follows:
J. J. Hill and his clique, including
Willis d. James, Dan Lamont, J. p.
Morgan, George F. Baker, Robert
Bacon, etc., will get about so per
cent of Great Northern, 60 per cent
Of Northern Pacific, and so per cent
of the other assets.
E. H. Hartman and his clique, in
Guiding James Stillman, Jacob Schiff,
etc., will get about 20 per cent of
Great Northern, 20 per cent of North
ern Pacific, and 20 per cent of the
other assets.
The remaining 20 per cent of each
will go to the scattered stockholders
Of Northern Securities, and most of
the stock will vote with the Hill
Morgan management Of each road.
Result of Distribution.
From such a distribution, there can
be but one result. The Oregon Short
line, as a 20 per cent stakeholder of
Great Northern and Northern Pacific,
will get representation on each board
and there will be practical merger
of all interests. All the roads will act
together, in all questions Of common
| interest, such as rates, the building OF
new lines in new territory, etc.
To all intents and purposes, the
original object Of the merger will be
douhly assured, and the only new fac
tor In the situation is that the Harrt-
man roads, instead of being shut out,
will be Of strong and vital interest in
! the northwest. T."
The law will be obeyed very liter
ally. There will be no question at all
| Of the, legality of the distribution, au-
thor,zed as it is by the precedent OF
| the sugar company, the oldnOdrO VII
| trust and other disbanded companies
1t is, in fact. the only lawful method
! Of distributing these securities. .
If the control Of Northern Pacific
were handed over to the Hartman
interests. as it stood on the day after
the panic of May 8, 1901, a suit would
immediately be brought by the attor'
ney general against the Union Pacific
as holder of the stocks of a parable
and competing road.
Mr.. Hartman does not desire any
such contingency. He has consented
to the other and more reasonable
method, and Mr.. Hill and Mr.. Morgan
also desire it. 1t will be put in effec
after the attorneys have fully digestet
the decision, found the ways ant
means at their disposal. and are prac
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