The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-07-19
HILL AND THE n. p. DEAL.
He Denies Its Failure Some Particu-
lars of the Negotiations.

President Hill of the Great Northern
railroad is by no means prepared to ad-
NIT that the deal by which he was to Sc
cure a controlling interest in the Northern
Pacific road has fallen through. for in
st. Paul interview published on July 10
he pronounced the stories to that effect
TO be tempest in a teapot He then
went on to saw.
1T must be patent to every one that
we can't afford TO do anything antagon-
istic to the law The company IS crea-
ton of the law, and we depend on the
law for protection. Nothing will be done
TO violate it. That London agreement
contemplates reorganization of the North
ern Pacific by its own security holders
and its operation by Its own officers.
THE plan does not in the remotest
sense contemplate consolidation of the
Great Northern and the Northern Pa
cific. So far as the statement is con-
cerned that there Is open war between
Mr.. Adams and myself on this matter,
it is the rankest nonsense. That l am
attempting to manage the reorganiza-
ton Is also untrue. have nothing what
ever to do with II, for that must be done
by the Northern Pacific security hold
ers. Our connection with the plan cover
ing the future OF the Northern Pacific
begins when reor yanixation is complete.
1.-The plan OF an Asiatic steamship line
has been under consideration with us for
many years. In order 10 carry The BUSH
ness between the United States and Asia
1t is necessary to furnish the -four made
from Pacific coast wheat In china and
Japan at low rates, so that we may sue
cessfully compete with their cheap foods.
This has made necessary a lower rate
of transportation on the Pacific .han has
prevailed up TO the present time"
The New York Tribune of July II throws
some light on the subject in the follow
Ing article:
ut was said yesterday in regard to the
recent hitch IN Northern Pacific matters
that President James J. Hill. OF the
Great Northern railroad. was invited TO
go to Europe by certain security hold
ing interests in the property, the Deutsche
bank among others. Edward D. Adams.
as the representative up TO that time Of
the Deutsche bank. and as chairman ar
the original consolidated bondhoiders'
committee, was also invited. At the meet
ing which took place In London between
Mr.. Hill, ]. p. Morgan and the Deutsche
bank representa- tives. the London agree
ment' was made. providing for guar
antee by the Great Northern of a certain
amount OF net earnings 10 the Northern
Pacific This agreement was made be-
tween Mr.. Hill, Mr.. Morgan and the Sc
curity holders represented.
"The security holders who had hither-
TO been represented by the Adams COM
mittee dealt directly with Mr.. Hill on this
occasion Mr. Adams duty was to pre-
pare a plan OF reorganization in accord
ance with the Great Northern guarantee.
and submit II for approval This was
done, and the pan failed 10 receive the
approval of security holders, end IL Is
said even OF a majority OF the Adams
committee
cas- matters now stand, certain i'm
portant BODYBUILDING interests IN North
ern Pacific are DESTROYS that the London
agreement with Mr.. Hin should be car
RED out more or less on the original lines.
Mr.. Hill says this can be done"