The age-herald., 1901-12-22

ern Pacific board. When I was advised of my election, I notified them that I could not legally act as a director of the Northern Pacific and Great Northern at the same time. and I resigned after the meeting of the board.
 Have Desired to Combine.
 Several of the gentlemen who have long been interested in the Great North ern, but not the holders of a majority of It's stock have desired to combine their individual holdings in corporate form, and in that way secure permanent protection of their interests and a continuation of the past policy and management. Out of this desire has grown the Northern &c., curities Company.
 Tt became necessary, in order to pre- vent the Northern Pacific from passing under the control of the Union Pacific in- terests (and with 1t the joint control of the Burlington) to pay off the $75, ,000, 900 of Northern Pacific preferred. The enor- nous amount of cash required for this purpose from a comparatively small num- Der of men made it necessary for them to act together in a large and permanent manner, through the medium of a corpo- ration. and the Northern Securities Com pany afforded them the means of accom- plishing this object without the necessity of creating separate company to finance the transactions for the Northern Pa- cific; while, at the same time, the credit of the Northern Securities Company would be much stronger It would also hold considerable amount of Great Northern and other securities.
 Object to Securities.
 "The Northern Securities Company Is organized to deal in high-class securities. to hold the same for the benefit of it's | shareholders and to advance the inter- ests of the corporations whose securities | 1t owns. Its power does not include the operation of railways. banking, mining, nor the buying or selling of securities of properties for others lon commission. It | is purely an investment company and the object of its creation was simply to en- able those who hold It's stock to continue their respective interests in association together and to prevent such interests from being scattered by death or other- l wise; to provide against such attack as bad been made upon tho Northern Pa cific by rival and competing interest whose main investments were hundreds of miles from the northwest and whose only object in buying control of the Northern Pacific was to benefit their | southern properties by restraining the growth of the country between Lake Su- perior and Puget Sound and by turning | away from the northern lines the enor- nous Oriental traffic which must follow in placing on the Pacific ocean the larg- est ships in the world.
 Asks Pointed Questions.
 Did the Union Pacific people with their railroad lines extending from Omaha
 and New Orleans to California and Ore | gon through the several states in the middle west and south, purchase ma | jority of the stock of the Northern Paci- | fic Company for the purpose of aiding that company and increasing the growth and prosperity of the Northern country. | or was 1t to restrict such growth and | aid the development of their enormous | interests hundreds of miles to the South Did the purchase the Northern Pacific | and it's interest in the Burlington for the | purpose of building up the Asiatic trade | between the Northern?. The Northern | zone lying from St. Paul and Minneapo- | lis to the Pacific coast or in order to con- | trol the oriental trade for their own | Southern Railway lines through their
 own seaports over their own ships? "In defeating their control of the North
 ern Pacific and retaining 1t in the hands of l those who had built 1t up and with 1t the | entire Northwest, did we injure or benefit | the people of the Northwest?
 Did I by inducing my friends to hold
 their Northern Pacific comm on stock and
 act jointly with Messrs. Morgan and