The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-22
]. P. MORGAN & co.
DENY ALASKA CHARGE
Turned Down Opportunity to
Control Transportation.
senate Is Told.
HOLDINGS or SYNDICATE
Guogcnhcims' Properties Also
Outlinpd-Hill Sure tO
BE Passed.

WASHINGToN, Jan 21-J, " Morgan
& Co. i'm n letter sent to Congressman
James S. Davenport. and which was read
in the Senate to-day by Senator Lipptt
of Rhode Island. made detailed explana-
ton OF the firms relations to Alaska
development and answered a lot OF criti-
cism that has been uttered In the Senate
against the so-called -Guggenheim
ALASKA syndicate. The charges have. for
the most part, come from Delegate James
wickersham OF Alaska.
The letter 10 as follows:
I'VE beg to acknowledge receipt OF your
letter of the 18th instant calling our
attention to a statement made during the
debate on the Alaska railway bill that
the Alaska syndicate held or exercised
control over the White Pass and Yukon
route and the Alaska Northern Railroad
and asking for specific reply a. TO
whether or not the Alaska Syndicate. our
house or NJ. Guggenheim's Sons. have any
interest or control In any railway or
water lines in Alaska other than the
Copper River Railway and the Alaska
Steamship Company.
."The Alaska syndicate owns the Copper
River and Northwestern Railway. run
ming from cordovs. on the coast OF
Chltina, with branch line from Chit!na
to the Kennicott mines. The Alaska syn
dicate owns II per cent of the capt.
tai stock Of the Alaska Steamship Com
pany.
Neither the Alaska Syndicate, NJ. Gug-
genheim's Sons nor ourselves have or
ever had any interest in the White Pass
and Yukon Railway. The Alaska syn
dicate NJ Guggenheim's Sons or ourselves
t,n int. yet
in the Alaska Northern Railway nor Its
predecessor. the Alaska Central Rail-
way.
The firm of J. +. Morgan x Co were
stockholders In the Sovereign Bank OF
Canada, but were not represented on the
board Nor did they have anything 10
do with the management or the bank
'rhe bank failed and was placed In
the hands OF n receiver. AT the time OF
the failure we learned that the bank
had made loans either to the Alaska Cen
trail Railway or TO it's successor. the
Alaska Northern Railway. or TO the build
era or promoters OF such railway. TAX
ing the bonds OF said railway. or one oil
them, as collateral. We had no previ'
GUS knowledge OF such loans nor any in
terest therein.
we paid our double liability as stock
holders In said bank In cash and received
therefor shares in the International As
sets Company. Ltd. a Canadian company
formed to liquidate the bank, which COM
pany We believe now holds whatever In
terests the Sovereign Bank had in the
Alaska Northern Railway. IL the liquida-
,inn should leave any surplus over the
debts of the bank. which we are Informed
Is not at all probable. we should receive
our share of such surplus.
I'VE arc not represented In the board
OF the liquidation company. nor have
We anything to do with its management
THE above statement of facts covers
tho entire interest OF the Alaska Syndi-
cate. Messrs NJ. Guggenhe,m's Sons and
ourselves. in any rail. water or Other
| Transportation lines in Alaska.
"Messrs. NJ. Guggenhe'm's Sons au-
thorize us to say that they concur in the
statements IN this letter in 40 far as the
same refer to the Alaska Syndicate. the
| firm of ". Guggenhelms Sons or the in
d,vidusl members thereof.