The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-11-28
THAT COMBINE
Commissioner Becker of Mime
sofa Speaks.
IMPOSSIBLE TO PREVENT HILL
From Buying Stock in the Northern
Pacific Sufficient to Gain a Con-
trolling Interest.

In the light of recent Developments and
the changes going on in the railroad map
of the West and the connection Astoria
will have with the transcontinental lines,
the following from an interview with
George r. Becker the railroad commits
sioner of Minnesota, on the proposed
Great Northern-Northern Pacific conscli-
dation, published in the Pioneer Press,
will be found of general interest;
"As an observer the Hill scheme of re-
organization seems about the same and
to be developing in about the same way
as the reorganization of the st. Paul and
Pacific. 1 was president of the st. Paul
and Pacific and represented the stock
when Mr.. Hill introduced his plan to
secure 1t. He had the bondholders all
right, but the stockholders fought tho
deal bitterly Finally a compromise was
reached and Mr.. Hill got possession. The
Northern Pacific property seems to be un-
dergoing the same process. Mr.. Hill has
the bondholders There is as little doubt
apparently regarding his agreement with
the Dutch bondholders in this case as in
the case of the st. Paul and Pacific just
prior to the reorganization of that prop
erty. And we know how many of the
stockholders oppose his present scheme.
They do not care particularly whether Mr.
Hill ir some other man gets control of
the property so long as they get what
they consider their dues. 1t looks now as
though compromise will be reached be-
tween the various interests of the stock
holders and the bondholders, and that Mr..
Hills plan will be accepted.
'Hill, Adams and Morgan constitute
powerful syndicate AS president of the
company Brayton Ives represents the
stock, but he would be willing to sell out
If he could get what he considers suffi-
cient. The situation, as I said before
seems to be about the same as existed
on the st. Paul & Pacific shortly before
reorganization, the principal difference
being that this is a much more gigantic
and complicated deal. The question of
legality of consolidation did not enter
into the st. Paul &c Pacific situation, but
fail to see how this question can pre-
vent the consummation of Mr. Hills
plan If he has the means wherewith to
purchase a majority of the interests. If
he has not the means available he has
good parties on whom to rely for it, and
If they have not got 1t they can secure
1t. AT least it would seem to be So In
such case Mr.. Hill would secure control
of the property as an Individual. Where
is the law in this country or anywhere
else to prevent him from securing that
control?
Il regard Judge Kelly's decision as very
powerful. 1t is clearly argued and clev-
erly expressed, and his friends appreciate
1t very much But it does not neces-
sarily prove that Mr.. Hill can be pro-
hibited from buying stock in the Northern
Pacific sufficient to be the controlling fac
tor. do not believe that he can be pre-
vented from so doing
rs the principle of consolidation right
or wrong, legal or illegal? We have
passed laws tending to restrain or prevent
the operation CT consolidated plans I'm
the cases OF competing railroads, but
have we succeeded in prohibiting a man
from Investing his money in what prop
erty he pleases? Is 1t possible to do so?
We know the inevitable tendency
among railroads is to consolidate. AS
to whether this tendency is good or bad
there is much to be said on both sides.
In the case of the Great Northern and
Northern Pacific cannot see how it can
be worse for public interests to have tie
Northern Pacific controlled by the Great
Northern than 1t would be to have IL
controlled by the Northwestern or the
Burlington or some other railroad TIC
two transcontinental lines are subject to
public restraint, and their consolidation
could not be much of menace to public
liberties. We compel roads by law to
have cross sections, rates to points on
one another's lines, ETC., which is simply
The question is whether
consolidation is not beneficial to railroads,
railroad systems and the public by means
of reduced expenses. In this friendly
exchange Of cars alone much benefit is
often derived.
"As far as the Great Northern and
Northern Pacific are concerned it would
seem that according to law there will
have to be distinct arrangements, each
being operated as now as separate or
ganizations. But that does not imply
that one man cannot dictate the policy
of both. These are merely my opinions
as an observer on the situation"