The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-03-27
MAGNATE FRANKLY ANSWERS ALL
QUESTIONS AFFECTING NORTH
ERN SECURITIES COMPANY
NO MENACE IN ENTERPRISE
He Has Always Worked With }. =,
Hill in Railroad Affairs, He
Says, and He Always
Will
TELLS ALL FACTS PLAINLY

NEW YORK, March 26-J. Pierpont
Morgan gave evidence today before Spe-
cial Examiner Mabey in the suit of Peter
Power against the Northern Pacific Rail-
road company. He was questioned for
two hours and half by George Alfred
Lamb, of counsel for Power, and during
that time he answered questions rapidly
and without the slightest appearance OF
reserve.
Only once or twice when questions were
asked concerning the relationship OF j.
p. Morgan & Co. with the firms custom
ers did he decline to answer
Before the hearing was opened Mr. Nor
gan objected to the presence Of num-
Der of photographers. and they were di-
rected to leave the room.
During the examination Mr. Morgan
leaned back heavily in his chair, his LETT
hand thrust from time to time deeply It'd
his trousers pocket. He toyed with an
envelope impatiently, now knocking it
against his knee, now against the table
on which his right arm rested His eyes
expressed impatience. They roamed about
in extreme restlessness while questions
We're being put to him. but the moment
he was ready to answer they fixed them
selves on Mr. Lamb
Several times during the hearing ths
flnancier seemed amused. once Mr.. Lamb
asked if the price of Northern Pacific
did not go above its real value while his
firm was buying it in May, 1901
mo" said Mr.. Morgan, 90 amused that
he had to stop to control himself before
he answered. 1T did when they came to
deliver the stock. but not when they ac-
tually bought"
At another point the witness was asked
If Mr.. Hill had no told him that there
s11Vr
would buy the Burlington
NO" replied he but such a thing
was only to be expected. The papers
had much in them about railroad inter
ests buying roads. / believe that within
q few days we bought every railroad in
the United States and Mr.. Morgan
laughed.
Mr.. Morgan was conducted through sew
eral Railways TO Judge Wallace's private
chambers, whence he made his way out
Of the building.
All this was necessary TO get away from
number of photographers who wer5
waiting In one Of the Railways 10 take
the financier's picture as he left the ex-
animation room.
NEW YORK. March 26.-J Piernout
Morgan was a witness today before Spe-
cial Examiner Mabey in the suit OF Peter
rover against the Northern PaCluc Rail-
way company to test the legality Of tho
turning over Of control Of that company
to the Northern Securities company. Mr..
Morgan was questioned by George Alfred
Lamb, Of counsel for Power. number
of photographers who were present with
q view to securing portraits Of Mr. Nor
gan were forced to. leave the room at the
request of the witness
The witness said it was the business OF
T q, m IN feF
ness OF any financial concern that was
creditable and might suggest itself as
profitable The firm had had much 20 do
with the reorganization Of the Northern
Pacific in 1896. The amount involved in
that reorganization was something like
SIS, ,C0)0C0.
Mr.. Lamb next asked Mr.. Morgan IN re-
gard to q transaction In which $4,000 900
par value Of Northern Pacific stock was
purchased for ]. ]. Hill and associates
in 1886.
The witness said he conducted the ne
gotiatiOn for that amount. He did not
know that the purchasers Of that block
Of Northern Pacific stock were interested
in the Great Northern. people
Mr.. Morgan said he did not know all
the details Of the transaction.
"Of course it Is a great transaction and
it is only natural that you might not be
able to remember" said Mr.. Lamb
ut did not look very large to me- said
the witness '"The amount Of cash In
Continued on Fourth Page.