Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1912-02-13
q !. HILLS PHILANTHROPY.
Saws He Distributed Profit in Ore Dea
Among stockholders.

AmonQ SSocknoIo0rSs
washington, Feb. 13.-James j. Hill,
chairman Of the board Of the Great
Northern railroad. told the Stanley
steel trust Investigating committee
story of himself in the role of phil
anthropist to the stockholders OF the
railway company.
Mr.. Hill told how he had bought
properties for more than $4.Ooo.ooo'
turned them over for that amount 70
the lake Superior company, limited. as
trustoes for thu railroad stockholders
ana presehted the stockholders with
nro rata certificates for the increased
value q the property, which accumu-
lated rapidly and amounted to MIL
lions.
The railroad magnate was questioned
at length regarding the lease of these
ore lands to the. United States Steel
CORPORATION for development, lease
which the corporation recently decided
IN cancel on Jan. 1. 1915. In this land
there are estimated to be about $780,
600 600 tons Of ore which the steel cor
noration values at 81 ton.
az wouldn't take 81 ton for the ore. !"
said Mr.. Hill.
!. The ore freight rate from the Lake
Superior region to the Pittsburgh dis
trict. which the United States Steel
Corporation recently reduced to 80 cents
ton. Mr.. Hill declared to be the
cheapest in the country.
s.And 1t will be sti1 lower" said ne.
"rhe next rate will be 60 cents"
"why did they cut the rate?" he was
esked.
"Why, think the steel corporation
INST got scared to DEATH" he replied.
'4rhat's all there IS to it"
"But you get your royalty just the
same?" asked Mr.. Young.
"And when the lease runs out you've
got the ore?'
eyes" Mr.. Hill replied, what differ
ence does 1t make? I'll have the ore.
and 1t doesn't go out Of fashion and
the fire risk Is quite low"
Reuresentafive Gardner asked the
rtIness why he had turned over the
properties to the Lake Superior Com
many for the benefit OF stockholders.
~. Htn declared the trustee company
reimbursed him for what he had paid,
and the increaaed value was gift to
the Great Northern stockholders.
saTlie trustee company paid me what
I Maid for the property, a little over
34O0H 900, with per cent interest,
mia Nr Ell Those properties i'm
mediately took on considerable addi-
tional value and could make money for
the stockholdars There was nothing
10 conceal about It. Wherever saw
/ could make money for the stockhold-
ers that, way J did IT."
.eDia the stockholders Of the Great
Northern railway pay anything to the
Lake Superior Company" asked Mr..
Gardner.
''No. their interests were q gift 70
them"
ssWhy did the stockholders get this
fir. asked NJ. BcaN cf Texas.
sislut back ~ had paid and the
stnckENdefN OF: the railroad got the
6ene1it az the additional value said
Mr.. HfIl ST could make money for
myself I could make It for the stock
holders. i was in q measure dealing
lvith myself. I bought the property to
get control OF the transportation Of the
a.. IN the. Lake Superior region. Sub
senuent developments showed the prop
erty was worth vastly more than 81
900. 900.
II bought the properties as an in
divfdrSl." Mr.. Hill continued, because
~ railroad company do not think
tha Great Northern would have the
le8ni rixht 70 own and operate mines"
aFs,,t YOU. as president. could own
ana operate mifes and distribute the
stock TO the railroad stockholders 2"
asked chairman Stanley.
q eyes, or give It to the poor" said
Mr.. Hill.