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THE MINNEAPOLIS JOURNAL^
PRICE TWO CENTS.
DON'T WANT CEAPPELLE
Filipino Petition Against Him Is Forwarded to
the Pope—They Want Archbishop
Manila. May 11.—A petition is on its way to the pope, isigned. practically, by all
the native priests, agaiast the return here of Archbishop Phappelle as administrator
and favoring the return of Archbishop Nozaleda, who, although in Rome, is still
archbishop of Manila, his resignation never having been accepted. The opposition
to Archbishop Chappelle is chiefly n account of his expressed intention to encour
age the establishment of American priests in the.Philippines. The petition cites an
American military order prohibiting the placing o* ecclesiastics over people who are
opposed to them. There is no probability of ArohbUhop Chappelle's return or his
transposition from the archbishopric of New Orleans.
The petition indicates a change of sentiment with reference to Archbishop No
taleda. The question is whether the people will approve of it. The friar issue is
dwindling. If the friars return to the few localities where they are wanted, it is
believed this will not concern the government, unless unlawful acts are committed.
The question o f t"he ownership of the friar's lands will be settled through suits
brought by the complaining towns, rather than on the government's initiative.
Aguinaldo's life is quiet. He seldom goes out and is always accompanied by a
guard, (as there is some apprehension of his assassination by friends of General Luna
or persona! enemies.
Symptom of the Passing of
the "Competitive Age."
GREAT GROUND SWELL
The Cause Sought in the General
IFTER THE WORLD'S TRADE
Tie AefT American Giants—
Gaeu at Their Titanic
Special to The Journal. j
New York, May 11.— rise in one
stock this week finds no parallel in stock
market history. In 1895 Northern Pacific
Common sold at 2% and up to January 1
of the present year its highest price was
77&. All Wall street watched the fluctu
ations in open-eyed wonder end is quot
ing James R. Keene's famous saying:
"Wall street is full of wooden men."
'Tig a strange game and a merry one
while it lasts, this Wall street game. All
night long clerks and bookkeepers have
been hard at work balancing the books
and making the records of the - transfers
of stocks. Pass through certain sections
of Wall street at midnight and the officers
are as briliantly lighted as the Tenderloin.
Of course this sort of thing cannot be kept
up indefinitely for not only the brokers
but the clerks and the bookkeepers must
inevitably go down under the strain. So
to-day baa been made a holiday.
The Banks at a Check.
In times of great excitement over stocks
the banks generally put up the rate of
money, not so much for the purpose of
getting the "slice" of the profits that are
made in speculation as to prevent the
market from running wild. Sometimes
this action of the banks does have an
excellent influence on cheeking the wild
ness of the speculation, but at other
times the market appaars to break away
from banks and bankers, brokers and
money lenders and no matter how high
the rate of interest forced by those who
let the coin of the realm on securities,
borrowers flock from all directions and
the demand for money seems to exceed the
supply, the rate of interest makiDg not a
farthing's difference. Of course in the
long run and the end, the high rate at
tflacts considerable capital from the west
ern and southern banks and a steady
stream of money may be expected to flow
to the Metropolis for a few days longer.
Expanaiun aa a Cause.
Those who are accustomed to analyze
the stock market iv the light of cause
and effect are of the opinion that the
high prices paid for railway shares in
dicate a tremendous forward advance in
the markets of the world. The slight
falling off in exports for the past month
or two is not regarded with any degree
of anxiety. The fact that England has
placed an export duty upon coal is taken
as an Indication of tbe condition of af
faira in the future, despite the fact that
it is claimed the duty is so small that it
will not allow American coal to enter into
very many coal markets in Central and
South America, Europe and the Orient,
where th« British coal is now handled
at a profit. It is not the tax of a shilling
a ton that makes the difference, argue the
students of finance and political economy
in this city. It is the fact that it has
been found necessary to institute any tax
whatever. The vast taxes now necessary
to carry on the Boer war; the large ex
penditures required to keep up the Brit
ish army and navy; the fact that the
old world's supremacy in steel and iron
and cotton and a thousand and one things,
is. being threatened, finds nowhere a surer
reflex than in that barometer men call
Wall street. Argued from the standpoint
of International commerce, there is noth
ing surprising in the recent industrial
and railway boom which is now attract
ing the attention of tens of thousands of
persons who have invested and are in
vesting in stocks.
Invasion of the World's Market*.
Taking a broad view of the situation it
is apparent, therefore, to the conserva
tives here that the men who control the
money of America have determined upon
an invaelon of the "markets of the world"
in a fashion heretofore undreamed of in
the world's history. Up to wUhin the past
few yean, roughly speaking, Americans
concerned themselves only with American
investments. And vast blocks of securities
like the American railroad stocks and
bonds; American brewery and other shares
were held in England and on continental
Europe. This meant the sending abroad
of hundreds of millions of money as in
terest charges annually. Within the past
few years the balance of power has ap
parently shifted, most of the American
debts have been liquidated and the Euro
pean statesmen and financiers who gave
the matter any thought undoubtedly sup
posed that the trade of the United-States
•would be confined to the new .world. The
rapid formation of the United* Steel Cor
poration, the pooling of the issues of the
coal producers, and the passing of the
control of the American railways into the
hands of half a dozen men, has undoubted
ly surprised the financiers on both sides
of the water. Even Wall street, which is
supposed to discount everything, has been
caught napping by this unexpected rise
in values. The conversion of a man like
James R. Keene, who was, for years, the
great bear of the country, is a case in
point. Up to within a month or two of
the recent election he was a decided anti
bull, predicting all sorts of dire disasters
provided the upward and onward move
ment of prices was not checked. So pro
nounced a bear did he become, that he
was even credited with being an anti
administration man, and It is said that
he made wagers at long odds, and that he
even put up considerable money to help
the cause of Bryan. To-day he appears
as the king of the bull market.
Th© only great operator who has been
on the bear side of the market in senti
ment at least, Is Russell Sage, and he is
regarded as being practically out of busi
ness to-day. His great wealth is unques
tioned, but his influence In almost all of
the important stocks is believed to have
passed never to return. Of course his
great age has something to do with that.
He is regarded as being too old to learn
new things—as belonging to the old age
of the competitive past rather than to the
times of the combination present. Of
course, with his hundred millions in
money, he could make his power felt in
any stock that he cares to touch, but he
seems to prefer to make money by loaning
on a cent-per-cent basis rather than
plunging on any stock, or taking any
great chances in a speculative sea where
everything appears unfamiliar to him.
The .\ev» Americans.
Now th&t'tbe last "connecting link" be
tween the old world and the new has been
welded by these "new Americans" of the
type of Morgan, Rockefeller, Vanderbllt
and Gould, it seems reasonable to suppose
that the trans-continental railroads would
have a decided boom. Of course it waß not
to be expected that Northern Pacific would
jump hundreds of points in two days, but
with the trarte developing with the Orient
and the Philippine islands; with the form
ation of combinations with new ideas of
production and new Heats of economics in
things like oil, coal, iron and steel, ready
to invade the whole world, it is no wonder
the great trunk lines like Northern Pa
cific, Central Pacific, Union Pacific, South
ern Pacific, Great Northern and Atchison,
in the west, and Pensylvania, New York
Central, Erie and other properties, in the
east, experience a decided rise. The won
der would be if no rise in value had oc
curred. Of course, questions such as
"corners" and struggles for control com
plicate the situation, but it is evident
that if the railroads of America; the steel
mills of the United States; the coal mines
of the country; the oil wells of the land
arc to work together in a "gigantic com
munity of interest baßis" that the ocean
steamship carrying companies which do
not get into the reported Leyland Line-
Atlantic Transport-Red Star group will be
badry handicapped. For if coal and iron
and steel and eventually wheat and cotton
are shipped via certain through trunk
lines, placed on certain wharves and load
ed on certain steamboats and transports,
it is evident to all that stocks in these
shipping and railroad lines must be of
the nature of a "good thing." Upon no
other basis, upon no other theory, say the
conservatives, ' can the doubling of the
value of railroad stocks since election,
and, in some cases since the first of the
year, be explained.
He Issues a Note That Par
tially Severs Relations
Constantinople, Friday, May 10.—A
third note, evidently emanating direct
from the sultan, was delivered to-day to
the ambassadors, demanding in peremp
tory language the immediate suppression
of the foreign postoffices and reiterating
the charges of smuggling against foreign
The ambassadors immediately returned
the note to the porte, thus creating a
partial cessation ol relations between the
embassies and the Turkish government.
The human voice is produced by the
assistance of eight pairs of muscles.
FALSE TO HIS TRUST
Stenographer of Insular Bureau Would Sell Con
fidential Communications—He Is Caught
in the Act.
Washington, May 11. —An attempt to sell the confidential communications be
tween the attorney general and the secretary of war in the Neely case was unearthed
to-day by Chief Wilkie of the secret srvice. Information had been obtained from
Judge John D. Lindsay, counsel for Neely in New York, who had received a letter
signed John B. Dickenson, offering him copies of the correspondence. Judge Lind
say turned over the matter to the attorney general. The latter called in Chief Wilkie
and placed the matter in his hands.
An officer was sent to the general delivery window of the local postoffice and when
a man presented himself and asked for mail for John B. Dickenson he was followed.
He went direct to the insular division of the war department. Shortly afterward a
conference between the secrtary of war. Solicitor General Richards of the department
of jußtiee, Colonel Edwards, chief of the insular bureau, and Chief Wilkie was held
and it was discovered that the man representing himself as John B. Dickenson was
William Davis Williams, who has been the stenographer of Colonel Edwards for a
year past. He formerly was private secretary to a Pennsylvania congressman.
Williams volunteered to turn the correspondence that he had endeavored to sell
to Judge Lindsay over to the authorities here. As the sale had yet been completed,
no charge was made against Williams, but he was summarily dismissed by the sec
retary of war.
Williams was formerly private secretary to ex-Congressman Brumm of Pennsyl
vania and came here from Mlnersville, Pa. '
SATURDAY EVENING, "MAY 11, 1901.
UNCLE LORES CALM
Or*. Ames' Talk of Running for Con
gress Doesn't Alarm Him.
MR. EDDY AND SIMON MICHELET
Former Has Heard Nothing: of the
Latter Being Named Indian
Agent at Leech Lake.
F+om- The Journal Bureau, Room AS, Port
Building; Washington. J
Washington, May ~ 11. —Congressman
Fletcher was visibly amused when the
substance of an Interview with Mayor
Ames in a Minneapolis morning paper
was told him to-day. The mayor was
represented as having "joshed" the con
gressman when the latter called to learn
his intentions as to running for congress.
The chief executive of the city, according
to the outline 'of the interview • tele
graphed here, finally declared to Mr.
Fletcher that he would run for congress
next year if he wanted to. Mr. Fletcher
"I don't know of anything in the con
tsitution that would prohibit any citizen
from running for congress . if he : desires
to do so. But I don'tbelieve Dr. Ames
has any such purpose In view."
Mr, Fletcher left this afternoon for
New York, whence he sails for Europe
It is regarded as rather strange that the
resignatlonof Indian Agent Sutherland
has not reached Washingtonand stranger
still that arangements to appoint his suc
cessor should have been put under way
without consulting Congressman Eddy,
who is one of the best informed men in
congress on Indian affairs, and within
whose district the White Earth . reserva
tion is situated. . Mr. Eddy routed out the
Indian office to-day and says there is no
application on file for the appointment of
Simon; Michelet of Minneapolis as agent.
Continuing, Mr. Eddy said:
"The reservation is entirely within •my
district. I have made its needs a careful
study, for years and am satisfied that
neither Senators Nelson nor Clapp would
recommend anybody for successor to
Sutherland, who Is soon to resign, with
out first conferring with me about it."
Mr. Eddy is the ranking member of the
house committee on mines and mining,
and is slated to be made chairman next
December. The former chairman was
Congressman Crump of Michigan, recent
After all, Dr. W. A. Croffut'3 applica
tion for the position of consul at Pre
toria was a joke; that is. the good doctor
intended it as such, and no doubt the
state department was not slow to see the
point of it. Not having access to the
original application, the newspaper cor
respondents, without exception, treated
the matter selrously, and gave out the
word that Dr. Croffut was really and truly
an applicant for the vacant post; and now
comes the doctor and says that it was all
meant in a strictly Pickwickian sense.
Selecting the New York Sun as the med
ium through which to announce the joke
to the country, Dr. Croffut says:
Your Washington correspondent represents
me as.having "applied for the Pretoria con
sulship" in order to demonstrate that the
salary will cover expenses. If the state de
partment nil been more candid it would have
informed your correspondent that I had mere
ly offered to "extricate the administration
from its embarrassment" by offering myself
for the undesirable post. In my letter to the
secretary of stale I said: "I do not voluriteet
to accept an office universally rejected, ex
cept upon the understand!' ..itli^' it Is a favor
to the administration, but tea^ons will occur
to you why the presence of an anti-imperialist
at the capital of the South African republic
might be of public utility." I have never
applied for an office in my life, and would
not accept one now except in the hope of
being of some service to the South African
farmers in their terrible struggle. I feel
sure that you will do me the Justice to print
—W. W. Jermane.
Wn.shiiiKtun Small Talk.
A man who Is trying to persuade the ad
ministration to give hhn a job puts the finish
ing touch on a hard luck story. He says he
has been treated bo badly that his own case
reminds him of the dog who never saw a can
that he did not back up to it. presuming that
it belonged on his tail and that somebody had
Philander Knox is thinking of putting up a
new home for the department of Justice.
There is $1,000,000 in the treasury set apart
for this purpose; but the attorney general
doubts if it is enough, and does not want 10
begin unless he can see It through.
It hae been decided to tear down the White
House stables and use the site for the new
$250,000 Grant memorial. So Mr. McKlnley
will have to look around for a new place to
put his horses and trans.
The Chinese orange trees which flourished
under the windows of Secretary Wilson' 3
office have been cut down to make room for
his new evergreen garden. The head farmer
says this new botanical exhibit will contain
samples of every perennial on earth.
President McKinley is having a new coat
of white paint put ou his front porch. While
William and his wife are visiting friends in
the south nad west, his housekeeper is doing
the spring cleaning. T* front stairway is to
have a new carpet and the basement has been
whitewashed inside and out.
Mrs. Lyman Gage, who has had a touch of
malaria, is gradually improving. She is able
to go out riding occasionally now. Secretary
Gage has given up his plans for going away,
and expects to put in the warm days riding ou
the Chevy Chase electric cars.
Changes in salaries of presidential postmas
ters in the northwest effective July 1, were
announced to-day as follows: Minnesota-
Increases, Biwabik, $1,100 to $1.21)0; Elbow
Lake, $1,000 to $1,100; Hector, $1,100 to $1,200;
Hibbing, $1,600 to $1,700; Jackson, $1,500 to
$1,600; Janesville, $1,200 to $1,300; Lake Park,
$1,000 to $1,100; Marshall, $1,700 to $1,800; Mel
rose, $1,200 to $1,300; Monticello, $1,100 to
$1,200; New Prague, $1,200 to $1,300: New Ulm,
$2,000 to $2,100; Northfleld, $2,000 to $2,100;
Olivia, $1,100 to $1,200; Osakis, $1,100 to $1,200;
decreased, Frazee, $1,000, to fourth class.
lowa—lncreased, Earham. $1,000 to $1,100.
The controller of the currency approves the
application to convert the Steele County bank,
Hope, N. D., to the First National bank of
Hope, with a capital of $25,000.
The controller has aprpoved the First Na
tional bank of Minneapolis, the First Nation
al bank of St. Paul and the Chase National
bank of New York as reserve agents for the
First National bank of Cando, N. D.
Congressman Eddy has recommended George
M. Young for postmaster at Perham and J.
A. Wilson for postmaster at Correll, Big
Representative Fletcher was at the post
office department to-day to arrange for sum
mer rural free delivery service at Lake Min
netonka. The service ia to originate at Ex
celsior and Wayzata so as to supply resi
dents on both sides of the lake. The service
will begin June 1 If petitions and maps reach
here In time and will continue to Oct 31.
This will be in addition to the regular star
Minnesota postmasters were appointed to
day as follows: Libby, Aitkin county, E. P.
Wakefleld; Paddock, Otter Tail county, Rich
ard Hille; Surgeon Lake, Pine county,
Among the graduates of the Spencerian
Business college in this city last Wednesday
were Ellis tSewart Halley, of South Dakota;
James Alvin Hopper of Wisconsin, and Leroy
Salisbury and George A. Sedgwick of lowa.
A civil service examination will be held
at rGeat Falls, Mont., June 5, to fill the posi
tions of postofflce clerk and carrier at that
The controller of the currency has author
ized the Commercial National bank of Essex,
lowa, to begin business with a capital of $50,
--000. R. A. Sanderson is named as president
and T. K. Elliott as cashier. The controller
has approved the Bankers' Xational bank of
Chicago as a reserve agent for the McCart
ney National bank of Fort Howard, of Green
HERRICK NOT A CANDIDATE.
Cleveland, May 11. —Colonel Myron T.
Herrick to-day denied the report that he
would be a republican candidate for gov
WAS NO TENDERFOOT.
Special to The Journal.
Baraboo, Wis., May 11. —Samuel Rug
gles, Sr., who came to Wisconsin sixty
ago, died here last night, aged 80.
DEMAND A RE-SCALE
White Earth Indians Will Insist
Upon This Point.
CONGREGATE AT ROUND LAKE
Merchant Front Pine Point Telia of
the Situation—Detroit* View
Special to The Journal.
Park Kapidß, Mian., May 11.—Trais, a
merchant of Pine Point, on the White
Earth Indian reservation, was here last
night and confirmed the report that the
Indians are congregating at Round lake,
where millions of feet of logs have been
banked. The Indians are excited, but no
feeling is shown against resident whites,
and the settlers are not likely to be
troubled, whatever happens. Their quar
rel is with the logging company and with
the government which has permitted such
extensive operations under the "dead and
down" law. They feel they have been un
justly treated, and It is significant that
public sentiment is largely with them,
and is giving them encouragement.
The Indians, says Mr. Trais, do not
purpose to accept the estimate of Captain
Mercer's inspectors, and demand that all
logs be re-scaled. If the government meets
the demand there will be no trouble. If,
on the other hand, the logging company
of Frazee attempts to take the logs from
the reservation without a new scale or
estimate, Mr. Trais says there will be
serious trouble, as the Indians are deter
mined upon this point, and to this extent
are in an ugly mood. They have had sev
eral war dances and are preparing feath
Some of the logs are moving and the sit
uation is fast reaching a critical stage.
Captain Mercer had not arrived from
Leech Lake when Mr. Traia left Pine
Point, and it is impossible to say what he
will be able to do to ameliorate present
It is known that some of the Indians are
armed and that their preparations to re
sist the removal of the logs under con
ditions now existing have been systematic.
Detroit Advices Say There Will Be
Special to The Journal.
Detroit, Minn., May 11.—Nothing can be
learned In Detroit regarding the uprising
that is advertised to take place at Round
lake on Sunday. Telephone messages
from White Earth agency say that there
is not the least danger of anything of the
kind. Some of the Indians are dissatis
fied and talk ugly, but there will be no
armed resistance to the removal of the
A report reached here two weeks ago
that the dam at Big Rice lake had been
cut and that the logs .belonging to the
Wild Rice Lumber company of Ada, were
tied up. To-day a message from the same
source says that there was no*truth in the
original report, and that the logs have
started and that two-thirds of the drivers
are Indians. It will probably turn out
the same way at Round lake.
INDIANS,WILL. GET DUES
They Are Promised a Thorough Re
scale of Loss.
One of the Indians at Round lake has
sent The Journal word that the logs
will certainly be held until there is a re
scale. It now seems likely that the In
dians will have their demand granted. On
May 6 Special Agent McComas promised
them a re-scale and Jospeh Farr, who re
scaled the cut at other places, is now on
his way to White Earth to check up Su
perintendent Sullivan's estimate. Mc-
Comas' letter to the Indians is as follows:
United States Indian Service, White Earth
Indian Agency, Minnesota, May 6, 1901.—
Skip-in-the-day and Other Indians —You are
notified that I have this day listened to all
that has been said by you In regard to the
fact that you are not satisfied with the- scale
of the logs that have been cut from your
reservation this last season, and that I have
this day sent to the honorable commissioner
of Indian affairs in Washington a telegraphic
message asking him to send here at once an
expert government timber sealer to go over
the entire ground of the logging camps with
a man selected by you to determine whether
or not they have been properly scaled and
paid for. You will be notified when this
nan. comes- —Eugene McComas,
Special Indian Agent.
28 PAGES-FIVE O'CLOCK.
IN MY SHROUD"
James J. Hill Pronounces the Wall Street Whirl
"Terrible Work"~Men Must Settle With
Thirty Millions of Northern Pacific Stock Pos
sessed by Mr, Hill and His Associates
—Burlington Deal Described.
Special to The Journal.
New York, May 11.—James J. Hill gave
the following interview to The Jour
nal representative on the Northern Pa
This has been terrible work. I cannot find
words to express my opinion. There are some
men in this country to-night who must set
tle with their consciences and they are wel
come to what they will get. I want no money
taken as money was taken Thursday. Thure
will be no pocket in my shroud. There are
men who have come to believe that money
can do anything in this country. If we have
reached that point, then money must be
shorn by law of its power to do harm. I am
willing to see money shorn of such power.
I have no wish to have that kind of power.
And in my opinion the events of this week
will do much, to bring about legislation that
will make them impossible in the future. I
am sorry for the victims in Wall street, but
after all it :uust not be forgotten that a man
who Bells what he does not possess acts on
his own responsibility and voluntarily places
himself in peril. •
A Mutter of Principle.
As for myself, I have not bought or sold
one share of Northern Pacific stock since
October. I have simply stood with my friends
in defense uf that property and refused to
sell the control of the Northern Pacific to
its rival, the Union Pacific. No matter how
high the price of the stock rose no price
tempted us. It was not a matter of price.
It was a matter of ordinary principle. In
Mr. Morgan's absence we would not allow
the railroad he reorganized to be seized by
I and my friends had $30,000,000 of Northern
Pacific stock Thursday and not one man
parted with a share. The control of the
Northern Pacific road is safely in the hands
of Mr. Morgan. That is the clear result
of the struggle. The attempt of the Union
Pacific people to secure possession, of their
great rival has completely failed.
Now, this Is briefly a description of the
situation. The Northern Pacific road was re
organized by J. Pierppnt Morgan anfi brought
up to be a good, dividend-paying, substantial
property. The reorganization committee got
a large block of stock-about $30,000,000. I
and my friends, took this stock from them.
Slnca then some of us'have sold and some
have kept what they had, and some have
added to their hcldirgs. We did not have
control of the road, but we had a large part
of the sto^k.
The Bnrllngrton Deal.
Then came the Burlington deal. The Bur
lington road -was a peculiar property. Its
ownership has descended in New England
mainly from father to son. It had 15,000
shareholders, and the average stock owned
by one person amounted to about seventy
five shares. Nobody could acquire posses
sion of the road through its directors In any
open, straightforwrd manner. It became evi
dent that the ownership of the Burlington
system was necessary to the Northern Pa
cific and Great Northern roads. This was
a perfectly natural development, a growth
that did not Invalidate the construction of
any more railways, and simply Involved a
change In the ownership of the Burlington.
All this talk about a transcontlnentl rail
way is nonsense. It is an absolute impossi
bility. There are a hundred reasons against
it. The products of the northwest are nearly
all sold at Chicago, Duluth, Minneapolis and
St. Paul. At these points the freight changes
and the new owners ship over any line they
please. The business that would naturally
go through from coast to coast would amount
to less than 5 per cent of the whole traffic.
Why an Absurdity.
Besides, the conditions under whioh rail
road traffic Is carried on east and west of
Chicago, the necessarily different freight rates
depending on the differences In the density
of traffic, make the Idea of a transcontinen
tal railroad an absurdity. No one seriously
thinks of such a thing. The necessity for an
extension of the Northern Pacific and Great
Northern roads by the joint purchase of the
Burlington was obvious. The growth of our
trade with Asia and the immense prospects
of a still greater growth, the demand for
transportation for cotton and corn, flour and
meats and provisions of all sorts from the
field covered by the Burlington to the fields
of the Pacific coast, and in Asia, fed by the
Northern Pacific and Great Northern, and
the immense traffic in timber from the far
western forests to the treeless country fed
by the Burlington, these facts brought about
the deal between the Burlington and the
Northern Pacific and Great Northern. With
the Burlington road joined to the Northern
Pacific, the Union Pacific found Itself par
alleled by a vigorous and growing competitor.
Canse of the Raid.
That brought on the raid. The Union Pa
cific men waited until Mr. Morgan had gone
abroad. They did not dare to attack the
road he had reorganized and brought to
prosperity wMle he was here. They knew
that he would defend it They knew him
aa the head of a great and honored house,
as a man whese life has been spent in sav
ing properties and putting them upon honest
footings. They knew that he would protect
every man who had invested a dollar in
Northern Pacific stock on the strength of
bis reputation. The road had just emerged
from his hands. Its stockholders had barely
resumed the power of voting on their stock.
The property was still under Mr. Morgan's
protection—under the protection of his reputa
tion and under the protection of his brains
Now, what happened? The Union Pacific
Interests, led by Mr. Harrlman, Mr. Stlllman,
Kuhn, Loeb & Co., and others, made an at
tempt to buy control of the Northern Pacific.
If I and my friends had sold our stock they
would have succeeded. But how could we
sell? How could we sell at any price? We
were investors. We were not speculators. Did
the Union Pacific management want to get
the Northern Pacific to impair it or to improve
it? Did the man who tried to buy control
of a competitive system, whose main lines
were five hundred miles apart from theirs,
for the purpose of giving better service to
the country or for the benefit of the minority
stockholders? Or did they want to get that
splendid property for the purpose of restrain
ing and restricting a rival?
We acted in Belf-defense. We refused to
sell. I see what ruin and misery have been
wrought, but I never bought or sold a share
of stock for gambling purposes in my life,
and I don't want to own money wrung from
poor people by a corner.
OFF DAY IN WALL STREET
But • Interest \: Is On ■ Nevertheless-^
Brokers Catching; Up.
New ; York, May 11.—With ; both , the
stock' exchange and the Consolidated ex
change closed to-day; and with practically
nothing doing on the curb. Wail street
was very quiet. Although the exchanges
were not ogeii for business, all of the
larger brokerage houses had their clerks
at work straightening out the accounts
of speculators and putting their books in
order. In the rush days from Monday
to Friday none of the usual making out
of customers' statements was done, and
it probably will be late to-morrow night
before the balancing of accounts will be
Many speculators went down town to
await the bank statement and to get the
London quotations for American securi
ties. At 2p. m. London's prices general
ly showed advances as compared with the
close at New York yesterday, the ex
treme rise being IS points in Northern
Pacific. Other stocks generally were up,
but United States Steel common was 38
and the preferred % lower. Illinois Cen
tral showed a decline of 1%.
All interest in the financial world re
mains absorbed in the great contest for
the control of Northern Pacific and the
rivalries that have been caused by that
battle. The heavy buying in Union Pa
cific yet provoked much comment and to
day the "street" was wondering whether
the fight of the railway giants was to be
transferred to that stock again. The high
price for Northern Pacific in London to
day was taken by many as indication that
buying for control of the property was
still going on wherever the seller had the
stock to deliver it. It was learned to-day
also that at the time Kuhn, Loeb & Co.
were settling with shorts yesterday at
$150 a share, they were paying the
same price over the counter to all who
offered the securities for instant delivery.
Impression That the Harriman Syn-
dlcate Is In Control.
Veto York Sun Special Sovria*
Chicago, May 11. —Chicago railway offi
cials still' are "of the opinion that the
Harriman syndicate, • which ; includes '-■ the *;
Rockefellers, George Gould, i James - Still- ;
man and Kuhn, Loeb & Co., has secured
a: controlling interest in Northern Paciflo •'
stocks, and that in consequence the J. J.
Hill deal \ either- will jbe • abrogated or ma* T ; ;
terially modified. The reason that is given
for Harriman's desperate efforts to wrest
control 3of the Northern j Pacific from Hill
was to protect the Union Pacific interests,
which undoubtedly: would ' have suffered
had Hill been permitted to carry out his
original intentions. The leading Chi
cago-Missouri river'lines were altogether ■"
with Harriman, as none of them has ; any
great | liking for Mr. Hill, who has spoiled
many of - their schemes for the increase
of revenues and the maintenance of high
rates.' ,„ :
Mr. Hill for years has been a consistent
opponent of railroad pools or rate com
binations, though he has lately expressed ' ■
himself as in favor of a community of
ownership. The object of the community:
•of ownership plan, < however, ■ is '• to : bring -.:'
about a•• condition of affairs that was to '
have ; been brought i about by a • general
pooling agreement, but was prevented by
congress * refusing .to legalize pooling— -
namely, the absolute '•■ maintenance of
agreed 1 tariffs. There is not a road in
the west' that does not feel the necessity „
of ■■ maintaining as high rates as possible
if a serious decrease .in earnings is to be.
prevented and' the payment of ' dividend* ." ■
on enormously watered •' stocks is to .be '
continued. The general' opinion is. that.
Harriman, 'Morgan, Hill, Gould and the
other big magnates will now come to
gether and amicably : adjust : their differ
ences and make provisions for 3 the pro
tection of the various railroad '. Interests.'
It Is- stated that whoever finally gets the
Burlington will be-obliged' to sgive strong -
assurances that the St. Paul; the Rock
Island and the 'North-Western will ■■ be
fairly treated. .
" IRON AND STEEL
This Industry Not to Be Affected bj»
Special to The Journal. •
New York,* May 11.—When Judge Gary,
chairman of the executive committee of
the .United States Steel corporation, was
asked by a' Journal reporter to-day what
effect the recent flurry, in the stock mar-
ket would have in the iron and steel in
dustry of the country, the replied:
"In ;my opinion • It • will < have no effect _
whatever. The manufacturers havev'
booked orders at fair, prices sufficient to
keep the mills busy about eight months.".
■ '■r : .: HARRIMAN CLAIMS
Positive Assertion That Ivuliu, I#oel»
. «t Co. Control N. P.
New York, May. —A , representative
of • the Harriman ' syndicate made the ' fol
lowing statement to-day: ; v
In.spite of all that may be said to the con
trary, we stand on our assertion that we be
lieve possession of i Northern Pacific : railroad
is now held, by Kuhn, Loeb & Co. It may
take some time to prove this and it is even
possible that £ some ' legal trick may be :
devised; to .: wrest • control '• from - us. At ' this *
time, -however, there Is no doubt In our minds
that.we are in power. As far as the Bur
lington deal goes, that is V only Indirectly
involved:in, the Northern Pacific controversy
and we believe It will go through in due time.
LONDON'S WORRY . .
Stock Exchange Committee Will Tr?
to Remedy Affairs. . -
'. London, May 11.—A \ special meeting ,of •_
the stock ; exchange committee ; has v been
summoned for Monday morning "in'; the .
hope of reaching ,a V solution ;of ; the - dim- -
culty in which operators and brokers who ;
have ■ given ; calls for ■ Northern Pacific for :
the end of May and July find themselves.
It developed . to-day 'that every. share • held;
here ' is' held •; by; the 5 Morgans I and - Kuhn, f
Loeb & Co., and therefore theibrokers are
unable to secure 'a ? single ;. share 5 for de- •
livery. The situation has a depressing ef- ,
feet. Owing to the closing :j of the New ;_
York stock exchange Americans were ab- r
solutely stagnant," - waiting, developments.
J. Plerpont Morgan will be in London thia
afternoon, and a .' conference will be held.
It Is hoped be and Kuhn, Loeb& Co. will
•do something to '• relieve the situation. :.; In •
the meanwhile there' is• considerable anx
iety. '"■"-'' - * . , ■
' • Though i the closing :of i the stock ex
change here was ; easier, "; quotation* \ most
ly ; showed }a ' marked i advance. ■ Northern -
Pacific common "was quoted at an advance