The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-01-25
ON The STAND.
Railroad Magnate Appears in
Chicago to Testify.
Great Interest Taken in His
Testimony.
JAMES j. HILLS THERE
He Will Follow Hartman in
Witness Chair.
Other Prominent Railroad Men
Are Present.
j. HILL THERE

chicago, Jan. GOV Ron the S0cOHQ
days inquiry by the interstate COM
merce commission into the Community
of interest combination of the great
railways of the northwest opened to-
day, great interest was manifested in
E. H. Harriman's testimony.
The United States court room where
the investigation was held was crowd
ed with well known railway men from
all over the country,San eager to learn
more of the details of the inner work
ings of the gigantic Northern Securities
company from the master minds that
conceive it.
Other prominent railway men present
who were to complete the investigation
We're c. S. Mellen. president of the
Northern Pacific and George B. Harris,
president of the Burlington.
When Mr.. Hartman went on the
stand the line of questioning by w. A
Day, counsel for the commission, led up
to statement of the great Wall street
panic last May, when Northern PACING
stock went up to $1,000 share. MI
Hartman had testified that the Oregon
Short line, aided by the Union Pacific,
had purchased some $78, 000,0 900 of North
ern Pacific stock and that the Union
Pacific through the voice OF It's dlrec-
tors controlled the Southern Pacific 1t
was developed that all this Northern
Pacific stock which was held in the
names of E. H. Hartman and WinSlow
Fierce, was sofa last AL
fort was made to learn why the pur-
chase had been made only to sell again
and this brought from Mr.. Hartman
the statement that he was glad to ex-
plain the so-called contest" in the New
York stock exchange which resulted In
the famous "Black Thursday
Il don't think there was any contest,
said Mr.. Hartman. "Some of us-the
Oregon Short Line people-thought it
would be advantageous to have an in
terest in Northern Pacific and purchased
stock that was lying loose all over the
country-and held by five to seven thou
sand persons We made no contest for
the control of Northern Pacific-we pur-
chased a majority of the capital stock
We purchased prior to the supposed
contest and no stock was acquired dur
ing the panic in May"
Mr.. Day tried to show that the con-
test for Northern Pacific stock was the
forerunner of the panic on change, but
Mr. Hartman insisted that such was
not the case.
some of the stock" he continued,
Eve had bought in n arketS all over the
world. Some of this was on the way
from these various markets to be de-
Hvered. In the meantime the sellers
borrowed
Questions were then put that indi-
Gated that "jobbing' had been resorted
to in the purchases, which brought the
reply: THE stock was purchased in
New York from persons who bought
from owners. Then when the so-called
manded the sellers found it difficult TO
fulfill the contracts. Our interests in
every case gave these persons all the
time they wanted"
An attempt was made by the commits
sion to draw out statements to the
effect that the final sale of Northern
Pacific stock by the oregon Snort Line
Gas controlled by the Union Pacific
Southern Pascific syndicate) was only
after an understanding or a truce with
Mr.. Hill and the supposed interests
that combatted for Northern Pacific in
the panic
Mr. Hartman said that after the
purchase was made he and his col
leagues thought the n latter over again
and they thought it better to sell
again. He implied that it made no diff
ference really who owned Northern Pa
cific. Commissioner Prouty asked: If
you had secured a few more million of
Northern Pacific, it would have made
difference, would it not?"
I'VE could have had it," was hereby.
The questions as to just why Mr..
Hartman had disNesed of his Northern \
Pacific holdings, what was lost or made
by the transaction, and whether Mr..
Hill had made some agreement in case
the holdings We're sold, brought from
Mr.. Hartman the response that nat
ura1 conditions controlled.
He said he did not know of any gain
made, except that his interests found
out that they were strong enough to
hold their own in Pacific traffic. He
said the impression was that the Ore
gon Short Line had not lost by the
transfer. He said Mr.. Hill had given no
assurances of any division of traffic and
that the motive of the original purchase
had been that of preserving to the
Union Pacific system the avenues of
traffic open to it.
"You wish to represent that no one of
the other half of the Northern Pacific
interests made any promise in control?''
Mr.. Hartman replied: There is a
common interest among us ALL and we
believed that common interest would
be served regardless of holdings. That
common interest can be served by nat
ural conditions. Our interests are so
in common that we cannot injure others
without injuring ourselves"