The Topeka state journal., 1905-04-18
FIGHT FOR STOCKS
Speculation in Regard to Who
Controls Union Pacific.
Majority of Stock Sold 8 Times
Over Since Jan. 1.
ANNUAL MEETING MAYS
Contest Between Morgan, Hill
and Hartman, Rockefeller.
Gossip and Matters of Interest
in Railway Circles.
ANNUAL MEETING MAY5
New York dispatch says:

New York dispatch says:
Many of those interested are at a loss
to know in whose hands control of the
Union Pacific road now lies. The re-
ports circulated recently that it had
passed from z. H. Hartman seem to
have had at least an appearance OF
authority. An examination of transac-
tions in the roads securities show that
a majority OF it's stock has been sold
eight times over since January L last
Twice during the three months the
sales exceeded 1,000,O 900 shares week.
For the week ending February "a the
sales were 1,254,27O shares and for the
week ending March , they were 7,021,-
200 shares.
Either J. P. Morgan. James J. Hill
and their allies or E. H Hartman and
of the Union Pacific after May 5.
On that date the stockholders of the
Union Pacific company will vote upon
the new issue of S100 600, 900 preferred
stock which has been approved by the
board. OF directors, and one of the most
bitter battles in the history of the war
for the control Of railroads, which has
been going on for three years between
the two factions, will be decided.
Morgan Men Maintain Control.
The Morgan men declare that they
now own control of this system, and
that Harriman's purpose in asking that
$100, 900 in new preferred stock be
issued is to give him a chance to get
hold Of enough of this new stock to get
back the control which Morgan has
bought unknown to him.
When the stockholders meet in Salt
Lake City every. share of Union Pa
cific stock which the Morgan-Hill COM
bination owns will be voted against
Hartman, and it is said the force viii
be sufficient to defeat the new stock
issue.
Wall Streets Greatest Fight.
Hartman two weeks ago discovered
that his control was in danger and he
called a meeting of the board Of direc-
tors, and, after a stormy meeting, the
S10O, 600, 900 stock issue was decided up
on He hoped to get hold of this stock
and retain control of the road.
The true strength of the Morgan
crowd was not made known to Har-
riman until last Friday when a GER
tificate of transfer of 100000 shares
to William K. Vanderbilt was made.
One big Wall street operator, in
talking of this fight, said:
There is no doubt that this contest
is the greatest which has ever taken
place in Wall street. The Importance
of the victory to either side cannot
be overestimated.
There is a possibility that this
trouble can be patched up but John
D. Rockefeller is the only man who
to compromise. Experience of for
mer years has taught him that fight
in Wall street such as this viii be is
disastrous even to the winner"
Struggle for Millions.
No sooner was the scheme for the
consolidation of the Union Pacific and
the New York Central systems per-
fected than there began a struggle for
a majority of the Union Pacific stock.
It has been the wonder of all the
world how Union Pacific has risen
from SIS to 1877. only to be battered
down to 127 and to rise again to 1874.
There has been competitive buying
of the 1ercest character at times in
Union Pacific, but the great Northern
Pacific panic taught the opposing
sides not to force a corner.
The war in the Equitable grew out
Of the proposed merger. It became
known to the Morgan Hill party that
Hartman was buying heavily with
money they fancied they traced to the
Fquitab bic and presently Gage T. Tar
bell was at the head of faction
fighting Hartman and making it i'm
possible for him to get any more
money from the life insurance COM
pany, if indeed, he was getting any.
This phase of the battle for control
of Union Pacific caused Hartman to
call meeting of directors about a
week ago, and have the issue of
more stock authorized.
Many doubt whether he can control
the property, but if he does he will
have the stockholders vote in favor of
the issue at the meeting in Salt Lake
City on May 5. If he is found in con-
troll it is expected the official an
of the merger will be
made soon after.
Morgan-Hill partisans evidently
supposed the Hartman party intend
ed to use the Equitable millions to
buy up the new bonds But that PLAN
if ever formulated, has been destroy
ed by the attack ON James Hazen
Hyde. There is nothing now to do
with the bonds but sell them in the
open market
Trains Running ON Salt Lake Line.
Los Angeles, Cal, April 1S.-The
first train over the new Salt Lake
road bearing regular passenger traf-
dc arrived in Los Angeles from Salt
Lake Monday morning at 9:45