The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-09-02

neSOta on the subject, and denies that
there Is or ever has been any policy or
law in said state except such policy as
is expressed In the statutes pleaded
in paragraph x. of the bill, and these
statutes the defendant says are in vio-
lation of the constitution of the Unit
ed States; and 1t further says that
such statutes, IL otherwise of any VAL
idity, have no application to the acts
complained of by the plaintiff In its
said bill, and are moreover controlled
and made of no effect by other legisla-
ton of the state of Minnesota and Of
the United States.
1t denies each and every allegation
Of subdivision XII. of said bill.
Admits Forming of Company.
1t admits the fact and the date of the
formation Of the Northern Securities
company, and says that 1t was organ
lied to the best of this defendants be-
lief for the purposes set forth In Its
articles Of incorporation and for no
other purpose whatever.
1t admits the fact and the date of the
retirement of the preferred stock of
this defendant, pursuant to resolution
Of its board of directors in conformity
with the articles of Incorporation OF
said company and the agreement under
which said preferred stock was orig
inally created and issued, and that such
retirement was effected in accordance
with said articles and agreement, by
paying off said stock at par; and that
the funds of said payment were pro-
cured by the issue and sale of $75,000,-
900 of bonds of this company, convert
ible, and which have been converted.
into an equal amount of it's common
stock; and that preferential right to
purchase said bonds was given to the
H. Il
their holdings of such common stock.
1t admits that after the formation of
the Northern Securities company and
on Nov. %, 1901, that company
did offer to the shareholders of the
Great Northern company to purchase
such of their shares as should be Of
fered within sixty days from that date
at $3.50 per share and pay therefor in
shares of its own capital stock at par,
and that on Dec. 5, 1901, the Sc
curities company did offer to the hold
ers of common stock of this defendant
to purchase such of their shares as
should be offered within sixty days
from that date at $115 per share and
pay therefor in shares of Its own cap
ital stock at par. Except as afore-
said it says that the Securities COM
pany, to the best of this defendants
knowledge and belief, has not offered
either of said railway companies in
exchange for it's own shares. 1t says
that the Securities company has as 1t
is informed and believes also purchased
for cash large amount of the shares
of the defendant railway companies
and of other companies. Except as
herein admitted, it denies each and ev-
cry allegation in subdivision XII. of
said BILL
Denies Any Agreement.
1t denies that any of the acts al
legged In subdivision XIII. of said bill
were done in furtherance of any of the
agreements alleged in said bill.
1t cannot say whether the defendant,
James j. Hill, was at any time the
principal or controlling stakeholder of
the Great Northern company, and
says that while Mr.. Hill was for short
time nominally director of thfs de-
PENDANT, he never attended the meet
ings Of the board and took no part
in its proceedings.
1t denies each and every allegation
of subdivision XIV. of said bill.
1t admits the offer of the Northern
Securities company already stated in
subdivision TX. of this answer and ex-
cept as so admitted 1t denies each and
every allegation of subdivision XVI. of
said bill.
It denies each and every allegation
in subdivisions XVII, XVIII. and XIX.
of said bill.
1t denies each and every allegation
Of said bill not hereinbefore expressly
admitted.
Denies Unlawful Combination.
And this defendant denies all and all
manner of unlawful combination and
confederacy wherewith 1t Is by the
said bill charged; without this that If
there is any other matter, cause or
thing in said bill contained material
or necessary for this defendant to
make answer unto and not herein or
hereby well and sufficiently answered,
confessed and avoided, traversed or
denied, the same Is not true to the
knowledge or belief Of this defendant;
all of which matters and things this
defendant is ready and willing to aver,
maintain and prove as this honorable
court shall direct, and humbly prays
to be hence dismissed with its reason
able costs and charges in this behalf
most wrongfully sustained.