The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-03-27

ern Pacific stock in that organization was
concerned, it was done to have the ma
9orlty of the stock placed in safe hands.
SO as to insure continuance of the policy
troll.
NO other change was contemplated. the
hnancler declared The project az the
holding company of the Northern Pacific
common stock had been contemplated for
considerable tirne-as far back as two
years ago. MIR. Morgan said Mr.. Hill had
approached him two years ago about or
8ahzng holding company which would
eI the northern Pacific and the Great
Northern interests together
Il told Mr.. Hill that we could work
together, said the witness, but that we
eouId not form any closer alliance "a
that was against the law"
Inc Idea of forming the Northern Sc
curltles company was never thought OF
previous to May 8, Mr. Morgan said
Mr.. Morgan further said that after thu
experience Of May 9, he became more
strongly imbued with the idea Of forming
q holding company for the Northern pa
| cifc stock
This is what occurred TO me" Mr.
Morgan continued Il might die. or tho
| firm Of ]. P. Morgan & CO. might h. liis-
/ served; ana In such an event I wanted
| the Northern Pacific stock to be i'm SAFE
! hands, so that the stockholders rnigh+
not suffer I did not care who went I'M
to the company SO long as the Northern
acme ~ interests were safe, as they would
! 6e If L held majority of the stock"
! Always Works With J. ). Hill.
such a majority you could not have
WITHOUT Mr. Hill going in with your
I could. Mr., Hill did not have con-
| trcl, nor cid l."
! Mr.. Morgan here returned to the tina
when ne learned of the contest fo.
! Northern Pacific control
l was at Aix-les-Bains. and so was
! Mir. Kennedy" he said. Mr.. Kennedy
! was a large holder of Great Northern
| stock and also Of Northern Pacific. Ha
/ came 10 me at AiX-Ies-B ains in the be-
! ginning Of May and said: What means
| all this said: i don't know a..
| salo: VIII put my stock into your Of
Kennedy and were mater we have
| Deen friends for forty years 1 explained
/ 10 him what I had done and he said
! anything l suggested he would do All
/ my friends said the same. That is the
way they treated me in the Northern
racine transactions" said Mr. Morgan.
! MT Morgan later testified that he had
| stock to J. J. Hill
How much was it?" asked Mr.. Lamb.
I can't remember" replied Mr. Nor
gan. jul
somebody has testified here that Il
was $lO'o0o0O0 worth" said Mr.. Lamb
] Well that may be-"
Ihls seems rather a large transaction.
can you not tell Us something about the
| hegouauons?' asked Mr. Lamb
A ten million purchase Of stock does
not seem very big transaction to me.
! nave forgotten the Details" said Mr..
Morgan. "Hlll and l worked together.
1 Il work with MIN any time If it mad
been different, TIL tell you an instance
OF what L could have done Say that
l had bought the Union Pacific interests
IN the Great Northern, what would Hm
have done then?"
VIII Not Obstruct Commerce.
Mr.. Morgan smiled at this suggestion
OF what might have happened lie said
ne ala not help organize the Northern
Securities company, but he approved the
plan. He thought $50 a share for Great
Northern rather high and $115 somewhat
low for Northern Pacific
The witness wanted to put his Nortb-
err Pacific stock in a company that VIZ
! SO large that nobody could buy it, If ft
! was deposited in a small company In
might be bought. He saw MIR Hartman
on mis- return from Europe, but they aid
not talk about Union Pacific nor about
| Northern Pacific.
The witness said J. P. Morgan &, Co.
hold between 10000 and 100 900 shares OF
Northern Securities stock at the present
time
There was friendly cross-examina-
ton Of Mr. Morgan by Francis Lind Stet-
SON. TO him the witness said that the
| retirement Of the Northern Pacific pre-
ferred stock was not part of the plan
which eliminated IN the formation of the
} Northern Securities company nor was il
part Of a plan to allow the Northern Sc
| curities company to obtain the majority
! Of the Northern Pacific common.
Mr. Morgan denied that there was any
| understanding or agreen ent in the organ
izatiOn Of the Northern Securities com
| pany looking to the control Of rates or
! traffic or any agree ment that would in
any manner Obsuuct OF contemplate the
! obstruction Of commerce.
He said that all parties to the agree
| ment had acted Independently