The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1901-12-21
he lntimates That He and Morgan Saved the
N. p. From BanefuI Domination of Har-
riman Interests---BattIe of Giants

James ]. Hill, president of the North
ern Securities company, o-day issued a
poses of the Northern Securities COM
pany and the events which led to it's for
nation. He makes an important point
in the fact that the threatened Union Pa
cif1c domination of Northern Pacific af-
fairs would have been detrimental to the
interests of the northwest. He states
fatty that the Northern Securities COM
pany and its plans do not tend in any way
to consolidation of the properties. His
statement, in full, is as follows:
II have been absent from Minnesota for
more than two months, and during that
time there has been wide discussion
throughout the state of what has been
generally called a consolidation or a
merger of the Northern Pacific and Great
Northern railroads, and in this discussion
statements have been made which are so
widely different from the facts that feel
called upon to make a conservative state
ment of just what has been done in the
past and what will be done in the future.
when the Northern Pacific failed and
the clearinghouse of j. P. Morgan & Co.
reorganized 1t, myself and friends were
holders of a large amount of the COM
pany's securities. After the reorganiza-
ton was completed we bought about $780,
900, 900 of Northern Pacific stock, both
common and preferred. Some Of this
stock was afterward sold, but a large
amount has been held from that time to
the present.
Burlington Purchase Explained.
"About year ago the Union Pacific
company bought the Huntington and other
interests in the Northern Pacific and at
the same time made an effort to buy the
control Of the Chicago, Burlington &
Quincy.
with these lines in the hands of the
Union Pacific interest, both the Northern
Pacific and Great Northern could be
largely shut out of the states of Nebraska,
Kansas, Missouri, South Dakota, Iowa,
Illinois and Wisconsin, except by using
other lines of railway, some of which
were in the market for sale, and might at
any time pass under the control of or be-
come joined with the Union Pacific inter
ests. We then, of the Northern Pacific,
made proposals to the directors of the
Burlington to buy their entire property.
When this transaction was about being
closed, the people who represented the
Union Pacific company, and who had pre-
viously tried to buy the Burlington, asked
to be allowed to share with us In the pur-
chase of that company. This proposal we
refused for the reason that it would de-
feat our object in buying the Burlington.
and further it was against the law OF
several of the states in which the longest
mileage Of the Burlington was located.
Union Pacifc's Bold Move.
At that time, against the oposition of
more southern lines, both the Northern
Pacific and Great Northern had put into
effect a low colonization rate and were
carrying daily thousands of people into
the northwest, many of whom were COM
ing from Kansas and Nebraska along the
lines of the Union Pacific. This move
ment was at it's height in the month OF
April and though after we had closed the
purchase of the Burlington the Union
Pacific people undertook the boldest eff
fort that ever was made in this country
and bought over $50, 900, 600 Of stock Of the
Northern Pacific in the markets OF
Elrnne and the limited States I was in