Los Angeles herald., 1906-10-15
HILL TO RETIRE
AFTER ORE DEAL
PREFERS CREDIT TO WEALTH
AND WINS BOTH
Magnate Tells How He Bought Rail-
road "Wrecks" and Made Valu-
able Properties Of Them
for Stockholders
Special to The Herald.

Special to The Herald.
CHICAGO, Oct. 14.-"There is some.
thing better than vast amount Oh
money" said James ]. Hill, president
Of the Great Northern railway, Just
after he arrived in Chicago from New
York. where he sold his raiiroao es 3 iron
ore properties to the United STATES
Steel corporation for something like
$4O0, 100000.
And what is that?'
"Credit. | always have had plenty
of credit" and his eyes twinkIed. He
observed that he was nearly 20 years
old, and he was about ready to retire
from an active business life.
Then he said that he had not bene-
flied personally by the sale-that 1t
was for the stockholders of the Great
Northern, railroad property he had
bought as a wreck and developed.
How could the money be distributed?
Oh, well, he thought he could be trust,
ed to arrange that He hadn't STUDIED
1t out, and he wasn't talking about 1t,
either. "Give me time" he said.
Deal Made Him Foremost
AS for himself and as for the fact
that the sale placed him as the prln-
cipaI stockholder of the Great North
ern in the foremost rank of the rich
men of the world, he said he INTENDED
to make a change in his manner OF
living. He thought the big deal would
mean much to Chicago He mentioned
the SIS, 900 steel town. of Gary at
.Chicagos threshold, but he Thought
the tremendous transactions meant
more to the United States Steel cor
noration than to any one else. The
corporation got a big valuable prop
erty: got its moneys worth.
Mr.. Hill Just hinted that this would
be his last financial transaction, the
heaviest, he admitted, that he had ever
been engaged in, and that he had 1t in
mind to retire from strenuous busi-
less career
Near Three Score and Ten
"Pm getting perilously near three
score and ten," he remarked, land l
don't want to die, like the troopers
horse, with my shoes on
Asked about the ore deal, Mr.. Hill
said: 1.-THE news was all printed. The
Interview given out by Mr.. Gary COW
cred everything"
How much of the money do you
get2 he was asked.
"There yoa go again. | get none OF
II. 1t all goes to the stockholders. The
mines didn't belong to me. They be-
long to the stockholders. The stock
holders will reap the benefit. -
'But most of the stock belongs to
YOU II was suggested, but Mr.. Hill
insisted that he personally would not
get any of the money.
"This was tremendously big trans
action" the interviewer commented
You are quoted as saying there were
at least 7O0,0OO,000 tons. How much is
sIIoN: can tell. There's a great
deal of ore. It has been estimated at
between 4OO,O 10000 and 100000. 600 tons.
Enough to last the world long
time"
Prefers Credit
How does It feel Mr.. Hill. to be
one of the richest men in the world?
What are you going to do with all
that money? A yearly income, after
ten years, Of $l4, 230, ,0OO Or don't you
care for money? have been told that
your only realization is developing the
northwest"
mo; / don't care for money. have
had all want for great many years,
There is something a great deal better
than money"
And that?"
"Credit. plenty OF credit. 1t is a
great thing to have. am glad TO have
plenty OF credit"
"How did you come to be a rai'"F~S
MANI"
Forced Into Railroad
''I was forced into the railroad busi>
ness. You know 1 bought wreck.
Then l added some more wrecks"
''And you got that 100000, 600 worth
OF iron ore along with those wrecksY'
'Yes, the mineral land was part OF
.'Iiow much ala it actually cost you?
One dollar an acre or something like
that2"
Mr. hin would not answer DEFINITELY,