The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-05-12
HILL IS VERY WRATHY
SAYS THAT KUHN. LOEB g. co. ARE
RESPONSIBLE.
Their Effort to Gain Control Of Northern
Pacific Was Not for the Benefit
OF the Road.
lsnecinl To Tho postN


New York. May 1t.-President Hill of
the Northern Pacific tonight gave out an
Interview In which he snvagely denounced
the Hartman Kuhn syndicate and adyo.
catel law to prevent such conspiracy to
wreck and destroy competing railroad
lines. Aftcw reviewing the history of the
tight for control of the Northern Pacific.
Mir. Hill said: 1.-THE Union Pacific men
waited until Mr. Morgan had gone abroad
They did not dare to attack the road he
had reorganized and brought to prosperity
while he was here. They knew THAT he
would defend IT,
Now what happened? The Union Pa
cific interests, led by Mr.. Hartman, Mr.
Stliman. Kuhn, Loeb & Co. and others.
ma lie an attempt TO buy control Of the
Northern Pacific. If | md my friends had
sold our stock they would have succeeded
But how could we sell: How could we sell
ut any price? We were investors; we were
rot spectators.
"l'ld the Union Pacific management want
to ge; the Northern Pacific "a impair It
or to improve It? Did the men who tried
to buy control of competitive system.
whose main lines were 500 miles apact
from theirs, for the purpose of giving bet.
ter service to the country or for the hene-
ht of the minority stockholders or aid they
want 10 get that splendid property for the
purpose of restraining and restricting a
rival. We acted In self-defensc.
I'VE refused to sell even II we had been
willing to sell It would be Il plain viola.
ton of the law for the Union pacihc to
acquire control of a parallel and cont
petlnS line. When the Northern Pacific
was offered to the Great Northern the
supreme court of the United States de,
cidcd that point.
But not one Of my friends showed the
slightest desire TO sell, no matter what
the price might be- | am very sorry for
the unfortunate spectators who have
Deen ruined. The attempts of the Union
racine people to seize their competitor
drove the prices higher and higher; men
lost their heads and rushed in to sell stocks
they did not own. That Is how the crush
came. ] have letters from women whose
husbands have been ruined
II see what ruin ana misery have been
wrought but never bought or sold
share OF stock for gambling purposes In
my life aud l don't want to own money
Wrung from people by corner
THE raid on the Northern Pacific has
been unsuccessful. 1t seemed to he based
on the theory that there is no limit to the
power of money. That is mere modern
feudalism. l am opposed to It, II IT Is
necessary TO limit to the power Of money
to do such things as were attempted this
week ] stand ready to accept the limit
"No man should have such power. No
money should have such power
II do not believe in trusts. but do he.
lieye that the growth OF this country calls
for large combinations of wealth
But combinations to wreck and destroy
competitors should be made impossible"
Otto ii. Kuhn, OF the firm Of Kuhn. Loeb
& Co. was asked today Il he had any rcnl,.
10 make 10 the STRUCTURES OF Mr. Hlll. liz
the subject whatever" ' -"
Does the lrm Of Kuhn Loeb & Co. stul
maintain that II has control of the North
ern Pacihcf was asked.
We reiterate our assertion with nos
iilvenesss that we have con rtsS Of tbr
Northern Pacific" replied Mr.. Kuhn.