The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-07
ENDS LITIGATION: MIL WINS
Apparently In Control OF " p, Great
Northern and Huntington.


The decision in the Northern Securities
case is admitted to be the termination OF
the long struggle by the Hartman interests
to get back intact the SIS 900 900 Of Northern
( Pacific stock. carrying control Of the
Northern Pacific. which they turned over
to the Northern Securities Company. The
distribution Of Northern Securities assets
under the pro rata plan proposed by James
j. Hill will now be carried out.
Under this plan the Union Pacific interests
will secure about S32 966 400 Of Northern
Pacific stock out Of some sl55. 600 900, and
s2i. 7I7, 800 Of Great Northern stock out Of
sl23 .oo3. 900 outstanding, while 60 per cent.
in other words majority, of the stock Of
both roads will remain with the Hill in
terests The other 70 per cent, is held by
the public here and abroad and may event
rally come into the market, but without
disturbing the Hill control.
Unless there has been such buying Of
Northern Securities stock in the open
market, or unless by secret negotiations
with holders of large blocks OF Northern
Securities the Union Pacific interests have
been able to acquire enough Northern
Securities stock TO change the proportion,
Mr.. Hill remains in control OF the properties
which constitute the NorssS.r Securities
Company.
representative OF the Union Pacific
interest made this statement yesterday
regarding the situation created by the
courts decision;
1T may safely be taken for granted that
the decision as given to-day by the Supreme
Court will terminate the Union Pacific
efforts to get back its Northern Pacific
stock or course we have received no CODY
az the opinion which follows to-day's de-
cision and il is just possible that in this
there NAV be disclosed some fact which
would warrant us IN carrying the matter
further: but that is very slender chance
and practically we admit that we have been
defeated.
Col W. P. Clough. counsel TO the North
ern Securities Company said that without
a copy Of the opinion he could of course.
make no absolute statement regarding
the scope of the decision. but that from
the dispatches from Washington regarding
i, he Judged that the decision ended the
litigation, and that the company could now
10 ahead and distribute it's assets as pro-
posed bv Mr.. Hill. Mr.. Hill Ia at Jeltyl
Island.
There was some curiosity in Wall Street
resterdnv az 10 the position in which the
dissolution Of the Northern Securities Com
panv will leave the Burlington. which is
controlled lOlnlN pN Tue NOIIHtTU fbClDC
and Great Northern. II is known definitely.
however that among the assets Of the re-
duced Northern Securities Company there
will be enough Burlington stock 10 control
that road and the reduced Northern Securi-
ties Company will in turn he easily within
the control Of Mr. Hill and his friends
The Hill plan provided for the reduction
of Northern Securities stock from $685.
400 900 10 s. o5t, 900, and the return for each
100 shares Of Northern Securities stock
of 81, ss7. 10 in Northern Pacific stock. 81,
qsG ns3 in Great Northern preferred stock
and 500 in Northern Securities stock
this being the stub representing the I'M
distributed assets 81 the company outside
of the railroad stocks. Great Northern is
quoted at 10000 and Northern Pacific at
l75-is5. whereas these stocks we're taken
over at the time Of the formation OF the
company at 1870 for Great Northern and
IFS for Northern Pacific. The advance in
these stocks following their increased
values since the formation Of the Northern
Securities Company makes the Hill-Harri-
man worries a matter Of small moment
TO the ordinary holder Of Northern Securi-
ties stock.