The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-12-22

a
all Of the Great Northern railway
.,,he recently organized Northern So.
nv. Company, this afternoon gave the
[@wns statement TO the Associated
.as,, the Northern Pacific railroad
"a and the banking house of j. T. Nor
|. Go. reorganized IT, myself and
"A, we're holders of a large amount OF
h, rompanys securities. After the re-
3.nlu,Iop was complete we bought about
I'fmG,) Of Northern Pacific stock. both
amen and preferred. Some Of this stock
1, ,herWard sold but a large amount
hen held from that time to the pres.
..h,ut year ago the Union Pacific
-nouy bought the Huntington and other
v,ess In the Northern Pacific aud at
same time made an effort to get con
a the Chicago, Burlington and
spc, with these lines in the hands
n. Union Pacific interests both the
Srthe,n Pacific and Great Northern would
ayely shut out OF the States of Ne.
aska Kansas, Missouri, South Dakota,
IA. Illinois and Wisconsin, except by
ng ether lines OF railway. We, then,
I'm the Northern Pacific, made proposals
me directors Of the Burlington to buy
&sr sntlre property. When this trans
don was about being closed the people
Tho represented the Union Pacific com
M nd who previously tried to buy the
Eirlnron, asked to be allowed to share
Rb u In the purchase of that company.
| roposal we refused for the reason
j Il would defeat our object in buying
|. Burlngton and, further, it was against
b laws Of several Of the States In which
!. longest mileage OF the Burlington was
baied At the time both the Northern
idHc and Great Northern had put into
Meet 4 low colonization rate and were
Eryhg daily thousands Of people into
Il. Nrthwest, many of whom were com
!, irVm Kansas and Nebraska, along the
~ y tho United Pacific. After we had
wed the purchase Of the Burlington, the
hsn Pacific people undertook The bold
effort that ever was made in this
8Emtr and bought SEQ, O00, GOO of the
BOIL Of the Northern Pacific in the mar
Es II Europe and the United States.
y vas In New York at the time aud
Etei Messrs Morgan * Co. were aware of
fn lpand that together we had about
100000 Of Northern Pacific common
sts and lnasmuch as the common stock
Eeat OF contract with the pre- erred
Xfttlholders when the company was re-
Egilled and the stock issued. had the
rTkge Of paying OF the preferred stock
W on the first day of January of any
yEt In London and New York about
ugoon Of the common stock OF the
extern Pacific. AT the time, the Union
Es%e interests, having already so large
investment, bid the stock up until
" was the largest stock corner over
aani the common in three or -four days
Up 70 $1,000 per share. | explained
ny friends how that with control of
Y, northern Pacific the Union Pacific
wv control the entire Northwest and
we West from Mexico to the Canadian
except for the Great Northern. One
I'M % me friends In London who owned
N OF Northern Pacific common was
~, ,a, sna refused $4,000. 900 for his stock.
NJ Jesuit that MessrS. Morgan & Co. and
MSIs owned $i2000,OO0 of the North
ts sSn common stock out Of $4,000. 600
XGnNue privilege of paying off the ST5,-
NY NY o. Northern Pacific preferred.
w uhlon Pacific people owned $751; OO.-
tne common and about $40 600. 900
~ preferred, which was clear ma
Ky " al the stock of the Northern Pa
s NY claimed the exclusive tontrOl of
%gtIaern Pacific and through that
,Ialp control Of one-half Of the
.nas'Sn' When 1t was known that these
' .tn9 shares could and would be paid
I'M. sal before the annual election mutual
svuatohs resulted in Mr. Morgan giving
S.,ss representative in the Northern Pa.
VarI, al the same time | was elect
lfnnef OF the Northern Pacific board.
AZ ! was advised Of my election, | notl.
49,. sm mat ] could not legally act as
. snor q The Northern Pacific and Great
~, 49, \. y the same time and I resigned
IN ls rTN meeting of the board. Sew
nv. w gentlemen who have long been
~. Y the Great Northern railway,
n, w IelneFs Of majority of its stock,
aesfed To combine their individual
Esss armament protection for their In.
ms sua continuation of the past policy
sps t,sagement. Out of this desire has
n, ne Northern Securities company.
n, nS.esme necessary Tin order to pre-.
b M northern Pacific from passing un.
~ uptrol OF the Union Pacific inter
.,lss,,gi WIN II the Joint control of the
sans, racine preferred. The enormous
,n ~ cash required for this purpose
NJ, Vomparatively small number of men
necessary for them to net together
n msss1Ahu permanent manner, through
sA1,n va OF corporation, and the
securities company afforded them
fS,r, aus " Of accomplishing this object
N, -. me necessity of creating a sep
a. Wpsny to finance the transactions
b, ~ "tusrn Pacific, while at the same
bslHS creait Of the Northern Securities
- ss,Is s much stronger; 1t would also hold
rsas laole amount of Great Northern
l. I,,ssa Northern Securities company is or
IA tss ueal In high-class securities, to
is,s ,s same for the henetit of It's share
b,,,tIouna 10 advance the interests of the
Mss Az whose securities II owns. It's
ln b.s,1ot include the operation Of rail-
--Aalus mining, nor the buying or