Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-03-28
Z, MARCH %, 1908. SALT LAKE CITY, UTAH


Pierpont Morgan, James j, Hill, Jacob
H. Schilf and a dozen millionaires from
retiring the preferred stock OF the
Northern Pacific company They had
already retired $ll5,0OQ,OOO Of the in
creased common stock, trading North
ern Securities stock and paying Sll5 per
share,
Tn great merger was tied up.
Inkerton detectives went on a hunt
fyr Power and found him,
His affidavit had stated that were the
merger TO occur his interests as a
stockholder would suffer II was al
legged he had been used as stool pig
con- and given 100 shares OF stock that
he might qualify TO act for greater men
behind him, He was a brokers' clerk,
aged q, and worth not more than S2O,-
eco It was stated when he was finally
produced by order OF the court before
which he was held 10 be In contempt
AMI taken 10 the Tombs.
He had married and gone TO Montre-
al on a wedding trip. where he had been
staying the seven months he was away
always In communication with his at
tornOs, and those behind him,
a great many active measures grew
out e. the suit by the mysterious Mr..
Power Mr. Hartman and the Union
PaCiGc got real friendly with Mr. Nor
gan and Mr. Hlli and the roa's in the
Northern Securities company. That was
one thing. Then quite lot Of testi-
mony came out when the Power case
was brought UP in court
The attorney general Of Minnesota
began a suit TO restrain the Northern
Securities company from acquiring and
holding stocks In the Northern Pacific
and Great Northern roads. The laws Of
Minnesota prohibit the consolidation Of
parallel lines and there was also. the
attorney general averred, an agreement
between the state and the roads In con-
nection with the land grants that con-
solidation would be set aside.
Speala, Examiner lngersoll VIII report
on that case next month In the federal
court The report contains 500 pages
Tao interstate commerce commission,
acting on the facts elected through
Peter Powers proceedings called Nor
gar. Hin and Hartman before IT, and
asked about the acts in relation to the
mergcr aGC the cause Of the Northern
Pacific furry.
1t made MIR. Hartman tell some
things that opened the eyes of even
Wall street itself He stated that as
PRESIDENT Of the Union Pacific and
president of the oregon line he had IS
sued Slj,00O,OO worth Of bonds bought
them as president OF the Union Pa
clfic and used the money 70 buy North
crn Pacific stock He was In possess
sion Of more than a majority OF the
stock OF the Northern Pacific prior TO
the day Of the panic, but not OF the
common stock, which controlled the
management, and part Of which was
uuissued, but held for voting purposes
in the hands Of Trustee Morgan
1t was this fact that saved the control
Of the road from going 10 the Hartman
interest. After Mr. Morgan and Mr.,
Hill and Mr. Hartman got together on
a working agreement the Northern Pa
cic stock was turned over to Mr. Nor
gan and sold by him.
Peter Power was responsible for the
order Of President Roosevelt TO Atty
Gen, Knox that put IN motion the fed
eral court proceeding under the Sher-
man antitrust act that is to be heard
~ ~ i4NhlNt
1t was the beginning Of this suit that
sent j. Plerpont Morgan to the White
House and caused him to tell the presi-
dent what In his opinion the chief mag
istrate had better do.
This visit was made few days before
the attorney general filed the papers in
the suit in the federal circuit court at
Minneapolis.
81 am neither a bull nor a bear on
Morgan stocks.' the president is re-
ported 10 have said 81 am president of
the United States and sworn 10 execute
the law | will proceed against you or
any Of your combinations as quickly as
! would against striker but not be-
cause ] am opposed 10 either capital or
labor except either of them Is in viola
ton Of the laws Of the country"
The first hearing in the governments
case was held In New York before Fred
erick c. lngersol Nov Y, 1902, j. w.
Griggs. former attorney general, APP
peared for the defense and outlined the