The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1902-05-09
Northern Securities Company.

| Securities company to the
IL petition of the United State:
| for it's dissolution is an eX.
ceedingly candid document which can.
not fail to favorably influence public
opinion. 1t is in effect a history of the
| development of railway enterprise il
| the Northwest and a statement of the
ambition of the chief figure and factor
| in that marvellous development, James
j. Hill.
In effect it says that in carrying out
the policy underlying the formation of
the Great Northern railway company
namely, to create a sufficient diversif-
| cation of commerce along the sparsely
settled territory adjacent to it's lines
to make profitable the operation of the
road the officials of that road and of
the Northern Pacific company since it's
reorganization in 1896 have bent every
energy to the upbuilding of COM
merce with Eastern Asia so that while
cars from the western terminals might
bring lumber and ores to the treeless
states of the middle west they could
return laden with grain and manufac-
tured articles for the Orient.
In time it became plain for reasons
which the reply frankly sets forth that
better connection was necessary with
| the territory Offering the best mar
| kets for the products of the country
| along their lines and with the places
of production and great centres of dis
fri oh ft,eip 1i,
be supplied. This led to the purchase
of the stock of the Chicago, Burling-
ton and Quincy railroad by the North
ern Pacific and Great Northern COM
panies in equal parts, it being found
that this company not only tapped the
exact territory wherein the best mar
kets for the Hill lines We're located but
was more cheaply acquirable at that
time than any other road entering the
same territory. The reply says that
this purchase by the Hill companies
was
For the sole purpose Of reaching the
best markets for the products of the
territory along their lines, and of Sc
curing connections which would fur
nish the largest amount of traffic for
their respective roads, increase the
trade and interchange of commodities
between the regions traversed by the
Burlington lines and their connections
and the regions traversed or reached
by the Great Northern and Northern
Pacific lines, and by their connecting
lines of shipping on the Pacific coast.
These connections and such inter-
change of traffic We're deemed to be and
are indispensable to the maintenance
of their business, local as we'll as in
terstate, and to the development of the
country served by their respective
lines, and of like advantage to the
Burlington lines and the country
served by them, and strengthen each
company in the competition with the
more southerly lines to the Pacific
coast, with the Canadian Pacific rail-
way, and with European carriers, for
the trade and commerce of the
Orient" Affirmation is made that in
such purchase there was no purpose to
lessen competition. Nor at the time
that 1t was made was the formation OF
the Northern Securities company in
view.p
The project of IL holding company,
it is explained, had its inception years
ago among number of gentlemen in
fluential in the counsels and manage
ment of the Great Northern railway
company. They had outlined policy
which they believed was best for them
selves as stockholders and also best
for the public interests of the COM
munities served. They We're growing
old; at any time death might throw
their holdings on the market and rem
der possible new balances of power
and new lines of policy. A holding
company, it was thought, would assure
against such misfortune. The mat
ter remained in the academic stage UNI
interests to buy control of Northern
Pacific away from the Hill Morgan
group. which would have defeated
the carrying out of the purposes
for which the Burlington shares had |
been bought by the Great North
ern and Northern Pacific companies, |
and the development of the inter- |
state and international commerce of |
each of them, and would have sub
ordinated the policy of each to an in |
terest adverse TO both the Great North
ern and Northern Pacific companies, |
and to the public served by their lines"
Then it was taken up in earnest and |
The reply alleges that neither the
persons who were coneerned in it's far