Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-02-13

between the steel corporation ana com.
pany that controlled what Is known a.
| the Hill ore lands, were you not! asked
Chairman Stanley in beginning the eX'
animation.
/ II was not a party to that lease" re-
piled Mr.. Hill. II had to do with tine
negotiations looking to the purchase o.
the ore lands. At the time the lease GO
the steel corporation was maoe tnose ore
lands were in the hands of trustees-my
three SONS and E. T.. Nichols.
/ Mr.. Hill told briefly how he came r.
buy the lands.
Wright & Davis" said he, had 5000
acres Of ore lands that were well located.
They also had a railroad and some tim
Der. became interested In the matter
and began negotiations with the itrm
named. Wright & Davis wanted to close
out their interests on the Mesaba. their
railroad, ore lands and other property.
They wanted me to take over the entire
outfit After careful negotiation on both
sides tho deal was closed. My sons
added to the ore holdings by lease.
Amplifying his story somewhat, Mr..
Hill repeatedly used the term we"
Whom do you mean by WEI? Chair
man Stanley asked.
well. 1 mean myself" responded Mr..
Hill with q broad smile.
Got Bargain.
The witness said he made the deal for
the Wright 6 Davis property just as he
believed it was about to fall into the
hands of the Consolidated Company,
which was controlled by the Rockefellers.
You made q bargain. did you not?"
suggested a member of the committee.
Yes. but did not force them to sell.
There was no way they could be forced
to sell. In fact. ] gave them an option
whereby they might have cancelled the
agreement to sell to me-"
Asked if the deal was not swung with
surplus funds Of the Great Northern road.
Mr.. Hill replied: mot penny OF it
came out of the Great Northern treas
ury."
did you not testify before the Mime
sofa legislative committee in 1904 that
Great Northern funds We're used for the
purchase Of this property?" returned Mr..
Stanley.
81 did not" responded Mr.. Hill.
Mr.. Hill testified that after he had held
the Wright & Davis property for year
he turned it over to the Lake superior
Consolidated Company.
Il did this for the benefit of the Great
Northern shareholders" he said.
Representative Gardner of MasSachu-
sets and other members of the commit
turned over the valuable ore lands for the
benefit Of Great Northern shareholders.
What consideration was paid you for
this property by the Lake Superior Con-
1.-THE amount laid out on the purchase
plus per cent interest" replied Mr.. Hill.
This stock did not cost the road share
holders penny. / was reimbursed as
stated I have been the trustee Of the
Great Northern for many years. 1t is
my duty to serve their interests. That
has been the policy Of the company from
the beginning"
Mr.. Gardner wanted to know who would
have borne the loss If the investment in
the Wright & Davis property had proved
failure.
81 would have been the loser Mr.. Hill
responded. My shareholders would not
have lost a penny"
Cannot Operate Mines.
Replying to a question Mr.. Hill said
that the Great Northern under the law
could not operate mines.
But you as president could own and
operate a mine and distribute this stock
to your shareholders suggested Mr..
Stanley.
Eyes. or give it to the poor replied
Mr.. HILL smilingly.
DO you think the worthy poor needed
it more than the shareholders?" asked
Mr.. Stanley.
.'The worthy poor is wide word re-
piled Mr.. Hill.
At this point Chairman Stanley an
nounced that further examination Of Mr..
Hill would be suspended until today.