The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-21

ton. The only way to retain the
power of proprietary interests, to
insure legitimate credit or control
money itself is by some definite law
restricting such Wholesale bargain
the street"
CAUSES OF THE PANIC.
''Is there no law governing the right of
| sale in stocks?"
II am not sure that existing laws have
not been disregarded. The men who actu-
ally own the stocks are not the people
caught in this thing"
What do you think brought about this
unusual state of affairs in Wall street,"
THE whole thing, in my opinion, grew
out of a misapprehension. I prefer to
hold to that opinion, because otherwise I
| should nave to come to conclusions
don't want to come to-"
1t was clever way of marking a
stronger feeling in the matter than Mr.
Hill wished to display He walked over
to his desk. picked up some papers, hand
ed them to his secretary, and as he came
over to me said
This sort Of thing can only occur
when people hear that somebody else
wants to buy something they have not
got. 1t becomes merely a traffic in the
price of a bit of paper when the stock
value f1uctuates as it has been doing re-
| Gently"
What is the effect upon a property
after it's stock has been doomed beyond
its true valued"
at has generally occurred that proper
ties that have been squeezed are left
severely alone for a long time, because,
after all. the great public is permanent
~ interested in the railroad end of a
| railroad, and not the Wall street end of
it."
1.-THE relations of the people to great
| enterprises are not Influenced by Wall
| street prices?"
! 1.-The peoples interest. I think, requires
| a principle upon which to calculate
| profits and losses on any stock they pur-
chase. Stock values are not governed by
! Wall street quotations"
IF the railroads recognize the neces-
| sity for a law to govern Wall street O2-
! GRAFTON. why couldn't they urge 1t with
! their unanimous in1uence?'
sUAVE AND CUNNING.
1.-THE railroads are not interested in the
| street end OF their stocks. An enter
prise pays q dividend upon it's actual
earnings irrespective of whether the
stock sells for twenty times more than
| its worth. I fancy the law will be
brought about by a community Of in
! terest. The people nave their representa-
| tives-let them demand the legislation
they require. have no doubt that some
| state or federal action will follow this
excitement"
"You have had no combined contest
| for controlling interests in this strug-
gie?"
He leaned forward; his eyes almost
buried themselves in his head, giving
lit
! cunning.
| ST have persistently denied these ru-
| mors, but the repetition of facts seems
| to make no impression upon the news
| papers. 1 did not have the slightest in
terest in the street end OF Northern Pa
| cific. If my voice could have changed
| the contest there I would have used it,
| 1t Is simply ridiculous to infer that Mr.
| Morgan and I were in collision for con-
| troll of rival interests. Mr.. Morgan is
| perfectly capable to stand alone; he does
not require any assistance or any CO.
operation. He has taken very good care
! of his interests for q number Of years
! When the storm blows over If, as 1t is
alleged to be, there has been any delib-
! crate contest for coAtrol or possession,
| it will not be an easy, matter to settle
up. 1t would be a great mistake TO
| change the controlling interests Of a
great railroad corporation so arbitrarily
1 and suddenly"
DO you consider there is any posi-
bility of such fact?"
mot the slightest. So far as the
| Great Northern railroad is concerned,
can say that it is quite able to skin its
own rabbits. I am not an officer of the
Northern Pacific. but 1t is already very
! well managed and controlled as it Is"
| ATeLrS rrIrr,
"-You own Northern Pacific stock?"
II do and consider it a good invest
ment. As to those newspaper rumors
| that Mr.. Morgan and 1 had combined,
! they are absurd. It Is only a very close
friend that stands by a man when he's
wrong"
He got up, walked across the room
! slowly, and then, leaning up against the
| desk. he said:
"The railroad interests Of this country
! are not the greatest, after all"
"What interests have the most
money and the greatest influence ?"
1 asked.
'"rhe agricultural interests are
most Important. They represent
One-hnIf the population of the
| United States, One-haIf the capital
! and about all the patriotism ana
feeling there is"
But the money influence is mostly in
| the large cities?"
1.-THE country at large rules the cities
I should be sorry to see the time come
when the city interests controlled the
country. At present they do not. When
| ever a situation comes up where the In
| tegrity of the country is at stake the
! agricultural interests rise up in body
and sweep the obstacle aside. 1t is the
man who owns the land, s,a area from
which We live, who is the strongest fac
| tor in affairs"
James j. Hills principle since we must
| believe what he says, is as primitive and
sound as the farmers, which consists Of
| buying what you own and owning what
you buy.