Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-13
Hill Tells of Purchase
of Mesaba Ore Properties

Mr.. Hill had hardly got started with
his testimony yesterday afternoon when
the hour for adjournment arrived. But
what he had time to say proved extreme
~ interesting TO the committee, inasmuch
as ne told of buying for S4,500,0OO Me-
saba ore properties. which are now, con-
servatively speaking. worth S500Oo0.OOO.
lie used his own money, too, he said,
and not the money of the Great North
ern railroad, although he afterward turn
ed the great ore beds over TO the stock
holders of the road for their exclusive
benefit.
Not only the committee members, but
the very stable audience present when
Mr.. Hill was on the stand, seemed deep
~ Interested in his story. Most OF the
witnesses who have appeared before the
Stanley committee heretofore have toiu
stories of how the big figures In the
world OF finance were In the habit OF ac-
cumulating millions at the expense OF ore
stockho ders and the general public. IT
remained for Mr.. Hill to tell OF the Slit
of tho iron treasure Of the Mesaba range
10 the fortunate rank and fle OF those
holding Great Northern shares.
Details of Purchase.
Mr.. Hill testified that the ore lands
that he picked up as a bargain were for
InerIy the property Of Wright & Davis, q.
firm that operated a railroad and owned
other property in the Mesaba region. Mr..
JIfli learned that this firm wanted to sell,
and inst as It was about to close out to
the Consolidated Company. a Rockefeller
concern, the head OF the Great Northern
stepped I'm and ciincbed the bargain at
100000 Then he turned over his in
1erest In the acquired property TO the
Lake Superior Consolidated Company, a
corporation in which his three Sons, l..
4 VI
Nichols were the controlling spirits. Mr..
Till testified that he bought these orc
lands for the benefit of the shareholders
Of the Great Northern. Asked II the
Great Northern had not supplied the
funds that enabled him to make the pur-
chase, Mr.. Hill replied emphatically in
the negative
IT have been working for my share
holders for thirty-three years" he said
Whenever I have seen an opportunity to
make money for myself II was an oppor-
1unity that turned to their advantage
Mr. Hill was summoned by the commit
tee TO tell about the relations OF the Hi
and the steel roads In the Mesaba coun-
try and also to narrate the circumstances
under which the United States Steel Cor
pOration, represented by j. p. Morgan
ycauired the Hill ore properties under
lease. He had barely begun to tell hi!
stor,, when an adjournment was taker
until today.
After the hearing Mr.. Hill gave ever,
one to understand that he was not wor
lied over the notice given by the stee
corporation that II would terminate IL
leases OF the He'll ore properties in 1919.
Ore Not Depreciating.
Ore Is not going down. he said. "W'
baye 500000000 tons In our land. woult
not take a dollar a ton for it today"
When Mr.. Hill left the House offic,
building after the hearing he was con
irouted by moving picture operator ant
more photographers, who followed hin
clear across the Capitol plaza. Mr., Hi
did not seem TO enjoy the proceeding. bu
si.rmitteds
Mr.. tttu. you were a party to the lcas,