The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1912-02-13
Philanthropy ROLE
WAS THE PART
Of J. J. HILL
BOUGHT VALUABLE PROPERTY
AND THEN GAVE STockHolD-
ERs CERTIFICATES.

Washington. Fob t2.-Jamcs j. liill,
chairman Of the board of the Great
Northern railway. told the Stanley
steel trust investigating committee IT,
daN Il story of himself I'm the role ot
pbllanthropist to the stockholders Of
the railway company Mr.. Hill told
how he had bought properties for
! more than si.000000 turned them over
for that amount tn the Lake superior
company. limited as trustees for the
] rajlroad Stockholders and presented the
stockholders with pro rata certificates
for the increased value Of the prop
erty which accumulated rapidly anu
mounted into millions
Mr.. Hill Mas questioned regarding
the lease of these ore lands to the
United states steel corporation for de-
vclonment. eas, which the corpora
tion recently decided to cancel on
January /, 1915 In this land there
are estimated TO be about 500,0Oo,ooo
tons of ore which the steel trust val
uod at 81 ton,
Il would not take 81 a ton for the
ore" said Mr.. Hill.
The ore freight rate from the Lake
Sifperior region TO the Pittsburgh dis
nict which the United states steel
. corporation recently reduced 10 80
cents n ton. Mr.. Hll declared to he
the cheapest In the country
eAnd II VIII be still lower" said he.
, arho net rate viii he so cents"
"Whv aid they cut the rate?' ne
! was asked
Scared TO Death.
Q "Wby. 7 think the steel corpora
z IN lust got scared to DEATH" he re-
nlied THAT'S nl there was TO II !"
. "But you got your royalty, just thu
t lamo?" asked Mr.. Young.
"Yes"
And when the lease runs out yot
favc got the ORE"
YES. what difference does II make
II have the ore and II does not q
out of fashion, and the fire risk Il
quite low"
:, Mr.. Gardner asked the witness VIII
!, he had turned over the properties i
a the Lake Superior company for tn
9 Benefit OF stockholders.
"The trust company paid me what
paid for the property, a little over ~,
orD, 600 with 3 per cent interest SAT-
Mr. Hill "Those properties immedi
:, ately took on considerable additionn
-, value and could make money for IN
Stockholders There was nothing I
"a conceal about IT, Whenever ] saw
!, could make money for the stockholdef
In that way, | did IT,"
I'd A Gift.
"Did the stockholders of the Grea
Northern railway pay anything to tn
Lake Superior company" asked M
Gardner.
mo, these interests were gift
them"
q "Why did the stockholders get III
n eift9" asked Mr. Beal Of Texas.
~ II got back all had paid and II
Stockholders of the railroad got u
benefI, of the additional value" sal
of Mr.. Hin. '1f ! could make none
an for myself, could make 1t for II
'al stockholders was I'm measul
ed dealing with myself bought II
s- nronerty To get control of the trani
II portation Of the ore In the lake rcglo
nd eubsealent Developments showed II
In property was worth vastly more thu
$4, 900 900,
Of II bought the properties as an II
ite dividual, because as railroad man
10 do not think the Great Northe
let would have tho legal right to own al
st. operate Mines
at "But you, M president. could oV
len and operate mines and distribute t
m stock to the railroad stockholders
at asked Chairman Stanley.
nal yes. or give II 70 the poor" sa
Mr.. Hill