Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1902-01-01

elsewhere. Out Of this desire has crown
the Northern Securities Company. 1t be-
came necessary In order to prevent the
Northern Pacific from passing under the
control of the Union Pacific interests and
with it the joint control of the Burling-
ton, to pay of the 900 Of Northern
Pacific, preferred. The enormous amount.
of cash required for this purpose from q
comparatively small number of men
made it necessary for them to act togeth-
er in large and permanent manner,
through the medium of corporation and
the Northern Securities Company afford
ed them the means of accomplishing this
object without the necessity of asking
separate company to finance the transac-
lions for tht Northern Pacific; while, at
the same time, the credit of the North
ern Securities Company would be much
stronger, as it would also hold a. credit
able amount Of Great Northern and other
securities.
The Northern Securities Company is or
gained to deal in high-class securities
to hold the same for the benefit of its
shareholders and to advance the inter-
ests Of the corporations whose securities
1t owns. Its powers do not include the
operation of railroads, banking, mining
nor the buying or selling Of securities or
properties for others on commission: it
is purely an investment company and the
object OF its creation is simply to enable
those who hold it's stock to continue their
respective interests in association togeth-
er and to prevent such interests from
being scattered by death or otherwise:
to provide against such attacks as had
been made upon the Northern Pacific by
rival and competing interest whose
main line was hundreds of miles from
the northwest and whose. only object in
buying control of the Northern Pacific
was to benefit their southern properties
by restraining the growth of the country
between Lake Superior and Puget Sound
and by turning away from the northern
lines the Oriental traffic which must fol-
low, placing on the Pacific ocean of the
largest ships of the world.
THE foregoing is brief and absolutel,
correct statement of the whole subject and
Its truth can easily be verified BY the
state of Minnesota or any other state or
person having sufficient interest to inves-
tigate the facts which, are all matters OF
record.
Nov, as to the effect Of what has been
done upon the public interests of the
country; let me ask few questions which
l want every candid and honest man tn
answer for himself.
did the Union Pacific people, with
their railway lines extending from Omaha
and New Orleans to California and Ore
gon. through the several states in the
middle west and south, purchase a ma
jority of the stock Of the Northern Pa
| cific Company TOR the purpose of aiding
| 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 interests hundreds OF
! miles to the south?
did they purchase the Northern Pa
cine and Its interests in the Burlington
for the purpose of building up the Asiat1c
| trade between the northern zone lying
from st. Paul and Minneapolis to the
racine coast, or In order to control the
! Oriental trade for their own southern
| railway lines through their own seaports
over their own ships?
!, In defeating their control Of the North.
ern Pacific and retaining in the hands OF
| those who had built it up and with it the
entire northwest, did we injure or benefit
tne people OF the northwest?
Did 1, by inducing my friends to hold
their Northern Pacific common stock anG
act Jointly with Messrs Morgan e. Co.
when this stock was selling at $500 t.
$l'oOO share, thus preventing the Unior
Pacific from controlling, the northwest
1n5ure or benefit every interest, agricul.
tural, business and otherwise of the en-.
tire country between Lake Superior anG
the Pacific ocean?
HAD we sold our 20,0000O0 of North.
ern Pacific even at $500 a share, amount.
ing to $6o,00O,00o, or nearly forty million:
more than its present value and trans
ferred to the Union Pacific control Of the
entire country between Canada and Mex
leo, what law of Minnesota would W.
have violated? Could we not legally have
put the money In our pockets and let thu
| country learn what it was to be domi
mated by parallel and competing rail
road?
| why did Governor Van SAINT sit still
from May until November while a ma
1or1ty of the stock Of the Northern Pa
clfic company was controlled by a par
allel and competing railway company i,
clear opposition, until myself and friend
} have, by our efforts and with our owl
money, relieved the northwest, not as
rival parallel or competing railway, bu
doing what we clearly have the right t
do as individuals or working together To-
greater permanency and security as
financial corporation?
| HAS there ever been case in the his
tory of this country when men hav
dropped their money profit and stood
| firmly hv tho int Of IN
ties which had grown up with their owl
and largely by their own efforts and CAPT
tai?
| The public is interester in having
good railway service and at fair and rea
sonable rates. The past is gone an,
speaks for itself; can speak for the fu
ture, and have no hesitation whateve
in saying that the increased volume O
traffic. both through and local, will enabl
the companies to reduce their rates IL
proportion to the volume of such traffi
and that in the near future the publ
will have chance to see for itself thi
future Of what I have said. The devel
opment of the country will increase will
the greater increase in poPula'tion be
Pacific and Great Northern is contem
plated, Each company will be operates
separately in the future as in the past.
Il greatly dislike to discuss my bust
! ness in the newspapers. but during m
absence an attack has been made upo
myself and friends, which has been per
sistently supported by both political an
rival interests. All ask is fair play an
let me determine whether the public wi
| be benefited or injured by what we hav
done and will continue to do
(Signed) James J. Hill.