The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-12-22

Of its shareholders and to advance the
interests OF the corporations whose Sc
curities t owns. Its powers do not in
clude the operation Of railways, bank
ing. mining nor the buying or selling
Of securities or properties for others on
commission. il is purely an investment
company, and the object Of its crea-
ton was simply 70 enable those who
hold its stock to continue their respec-
tive interests in association together
and to prevent such interests from be-
ing scattered by death or otherwise;
to provide against attacks as has been
made upOn the Northern Pacific by
rival and competing interest whose
main investment was hundreds Of miles
from the northwest and whose only
object il buying control of the North
efn Paci6c was to benefit their south
eTn properties by restraining the
growth of the country between Lake
Superior and Puget sound, and by
turning away from the northern lines
the enormous Oriental traffic which
must follow. placing on the Pacific
ocean Of the largest ships in the world
tThe foregoing is a brief and abso-
Iutely correct statement of the whole
subject, and its truth can easily be
verified by the state Of Minnesota and
any other state or person having suf-
fcient interest to Investigate the al
fairs which are all matters Of record
Scores the Union Pacific.
Now. as to the effect of what has
been done upon the public interests,
let me ask a few questions, which
want every candid and honest man to
answer for himself:
Did the Union Pacific people, with
their railway lines extending from
Omaha and New Orleans to California
and Oregon through the several states
in the middle west and south, purchase
4 majority stock of the Northern Pa
cific company for the purpose Of aid
ing that company and increasing the
growth and prosperity of the northern
country. or was it for the purpose OF
restricting such growth and aiding the
DEVELOPMENT of their enormous inter-
ests hundreds of miles to the south2
Did they purchase the Northern Pa
cifc and its interest in the Burlington
for the purpose of building up the
Asiatic trade lying between the north
ern- zone lying from St. Paul ana MIN
neapoIis to the Pacific coast, or IN OF
der to control the Oriental trade TOT
their own southern railway INES
through their own seaports over tneT
own ships? 49,
Northern Pacific and retaining it IN the
hands of those who had built it up ana
with It the entire northwest, did we
inillre or benefit the people or the
northwest?
DID I. by inducing my friends 10
hold their Northern Pacific common
stock and act jointly with me ana
NTessrs. Morgan & Co, when this stock
was selling at $500 and $1,000 a share
thus preventing the Union Pacific from
controlling the northwest, inJuTe or
ai5 Il business of the country be
tween Lake Superior and the PACING
ocean?
Bic Profit IS Refused.
HAD we sold our twenty millions of
Northern Pacific, even at $500 a share,
amounting to SEQ, 600, 900, or nearly S4O,-
900 600 more than its value, and then
transferred to the Union Pacific control
of the entire country between Canada
and Mexico. what law of Minnesota
would we have violated? Could we not
legally have put the money into our
pockets and let the country learn what
if was to be dominated by parallel
and competing railroad?
''Why did Governor Van SAINT sit still
from May until Nov. 20, while ma
jority of the stock of the Northern
Pacific company was controlled by
parallel and competing railroad COM
pany, in clear opposition TO law, and
wait until myself and friends have, by
our efforts and with our own money,
&c nv 4N
parallel or. competing railway, but do
ing what we clearly have the right to
do as individuals, or working together
for greater permanency and security
as a financial corporation?
HAS there ever been case in the
history Of this country when men have
dropped their money profit and stood
as firmly by the interests OF the COM
munities which had grown up with
their own and largely by their own ef-
forts and capital?
Promises Lower Rates.
"The public is interested in having
a good railway service and at fair and
reasonable rates. The past is gone and
speaks for itself; I can speak for the
future and have no hesitation whatever
in saying that the increased volume Of
enable the companies to reduce their
rates in proportion to the volume Of
such traffic. and that in the near fu-
ture he public will have a chance to
see lor itself this feature Of what I
have said. The development of the
country will increase with greater in
| crease in population between Mime
sofa and the Pacific.
mo merger or consolidation Of the
Northern Pacific and the Great North
ern is contemplated. Each company
will be operated separately in the fu-
ture as in the past.
Il greatly dislike to discuss my mat
/ ters in the newspapers. but during my
/ absence an attack has been made upon
myself and friends which has been per-
sistentIy supported by both political
| ard rival interests. All I ask is fair
play and let time determine whether
+ the public win be benefited or injured
/ by what we have done and viii con-
/ tinue to do.
JAMES J. HILL"
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