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Show , m: wmm op vim or sw Gets Revenge for Being Thrown Out of Northern Pacific, and Pays His Enemy Ene-my Back With Interest; lieviyal of Old-Time Bitterness. r ' ,CHIOAGO, Dec. 18. The Chronicle today says that Edward H. Harriman has repaid James J. Hill in his own coin,: by wresting victory from him-in the shadow -of de- . feat through one of the most effective coups ever executed in financial battles. , The control of the Chicago, Milwaukee Milwau-kee & St. Paul railroad, which Morgan and Hill confidently confident-ly believed to be theirs yesterday morning, is still lodged with, the Harriman-Standard Oil interests, ( and will be strengthened.' 19, and the Brat installment of 10 per cent must be paid on Friday, December 21. In other words, subscribers who own the stock or who buy today must exercise their right-bv 3 o'clock Friday, Fri-day, at the place ef registration in New York. Beverta to Syndicate. All stock not taken at that time reverts re-verts to a syndicate which has been formed, and this syndicate consists of friends of the present management or of Harriman and the Rockefellers. Owing to the short notice, not half the- shareholders outaide the warring factions will be able to avail themselves of the opportunity to subscribe. It is reported thaf the Morgan-Hill interests hold $45,000,000 of the common stock. i. : .v. u : il . k. : l i A Hill- threw Harriman out of own-. own-. erh!j of Northern Pacific in thi JL Chrixtmai season of 1901, so Harriman 'VsJ oust Hill from an ownership in 8t. - -Tfpil ezecaied hie Hank movement by T typing the preferred stock of North-- North-- era Pacific, In which Ms opponent 'f control centered; Mr. Harriman and bis friends maintain St.v Panl by Issuing f two-tMrds of a $100,000,000 stock ln-creaseAto ln-creaseAto the holders of the preferred. While Hill's control of Northern Pacific Pa-cific was a golden apple, his control of St.. Panl Is but ashes, Fdr a jnonth there has been a titanic strnggle'for the ownership of St. Paul in the open market. - Quietly and almost al-most nnsuspectedly the - Morgan-Hill - people have been' buying St. Paul in nuica.wiruiu kitv inrui inc jjriviirR-v vi taking $33,750,000 of the fW.51 1.000 new securities and make, their total holdings $78,750,000. The Standard' Oil people own $30,000,000 of the preferred pre-ferred . Issue and $30,000,000 of the common. Theis proportion of the sew stock weald inereaae their holdings te 95,000.000.' Through the short notice, thswilLpr6fit--bsnriB$i25,000.000 moM . of, the new twk7"w;hich-rWOld give thm $120,000,000, or a clear majority, ma-jority, of the $230,349,000 of stock as imrreesed.- ; . . me nope oi gemng control ana turning the Pacific coast extension southward into- the Harriman territory. ' In the last -week' this battle for stock has . reeifcut and a disturbing feature to - --Wil trevt -and The money market. Old-Time Bitterness. :M.uh of the old bitterness had been aroused. The ' attack ef Jacob H.. Schiff 'upont banks charging exeessive monev rates for stock loans was directed di-rected against Morgan institutions. For some days the Morgan banks 'were calling loans, as the money was needed to buy St. Panl stock, the high rates and the calling of loans forcing out large blocks of this security and seeping seep-ing down the price, and to some extent deceiving the trained speculators as to the real purpose. t Crucial Point Beached. Ycsterdav the, crucial point waa reached. The Morgan-Hill interests were within safe --grounds. They could eount on enough stock to swing the management of the road, and they reached for a good margin over actual control. To their surprise, stock came from quarters kripun to be friendly to St. Paul interests. There was a hesitation hesi-tation in the purchases, a searching in-guiry, in-guiry, and the information from friends in the enemy's camp that there would be a coup in the announcement . of stock issue of $100,000,000, which was $25,000,000 more than was ex-expected ex-expected at this time. Then the contest con-test was given up, and the stock broke and weakened the market. Cunning of Harriman. , The official announcement betrayed t ,the cunning of the Harriman people to make safe their agreement to make f sure the extension of St. Paul into 'V- Hill terrrtorv. Of the $99,511,000 new -toek, the preferred is $(56,3 2 7,000, or 135 per cent of the present issue of $49,654,000. There is to be $33,184,000 mw common, or 40 per cent of the present issue of $S3,1?3,000. Subscriptions to this new stock at the rate of present holdings of preferred pre-ferred and common are givfu to shareholders share-holders of record tomorrow, December |
