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About Daily capital journal. (Salem, Or.) 1903-1919 | View Entire Issue (May 27, 1911)
y " ' .i. ...' ' IUIROAD8. ,. . ' DAHI CAPITAL tOVILSAL. HAIFM mrr. c T ' r-.. y IMM. " MAX B7, Ull. X ' ITT TTTTTIII II IMMIimiliil I ' - lTv?,!eT"! IRnelhimoinid DO YOU VALUE THE GOOD OPINION OF EVERY ONE YOU MEET Then dress your very neatest and best. Our "Youngfelo" models are for young men who want style, fit and distinction in their clothes. These suits are of honest all-wool fab rics, built by masters on thoroughly shrunk, needle-molded canvas and hair cloth. And the Best Suit Values in America are Here. 1 he new addition on 23rd and State Streets, streets graded, new bridges building, cement sidewalks being laid, new houses going up, lots selling rapidly. Why? Because Richmond is me most convenient to car service, is right m the city. The prices are low, the terms are easy and you have no grading, walks or sewer to pay for. Go and see it Sunday afternoon. 50c Balbriggan Underwear for Men 39c THIS MONTH ONLY M 'mhmm HOW CARNEGIE CINCHED TRl'ST, (Continued from Page 1.) "In 11)07 I returned from Europe and found negotiations pending be tween Henry C. Frick, E. H. Gary, J. P. Morgan and Schley, Hanna and their associates, Morgan, Frick and Gary sought to buy our Tennessee stock in exchange for an equal amount or United States steel second mortgage five per cent bonds. Each ten shares of the Tennessee security they would exchange for one bond. Next day the trade was made, we re signed as directors and the steel cor poration took charge." West In the World. Gates declared that the steel bonds represented only preferred stock of the steel corporation, while the Ten nessee stock represented real value. He declared the Tennessee Coal and Iron company, the best steel property In the world, with a coal acreage of from three to seven hundred million tons. . Gates asserted that the steel trust manipulators had buncoed President Roosevelt with a fake statement that the absorption of the Tennessee com pany by the steel trust was necessary to avert a panic. He described the birth of the steel trust as occurring at a meeting between himself, Mor gan and Schwab in Morgan's New York home. Andy Demoralized Market. "In 1897 and 1898," dates con tinued, "the price of steel was demor alized and for this Andrew Carnegie was held responsible. Frick and W. H. Moore conceived the Idea of buy ing Carnegie out. They paid $1,000, 000 for an option on Carnegie's plant at a price of $160,000,000. Later they were forced to forfeit the $1,000,000 option. That made them sore. "In 1900 Morgan organized the Na tional Tube company ani made money. He was also heavily interest ed In railroads. Carnegie Intimated that he proposed to build a tube plant at Ashtabula, Ohio, and a railroad rounding up his various plants to re lieve him of the necessity ol paying freight to outside roads. Made Jloruiiti Nervous. "Nervous at this, Morgan asked Jim Hill to find a way to prevent Carnegie's plan, for he feired that Andrew would demoralize the rail road, as well as the steel situation. Hill arranged an Interview between me and Morgan. I told them to get Sch.iu and the latter then came to New 'iork with a tentative plan for the consolidation of the steel Indus try, which evolved into the holding company scheme. "Frick, sore because he had lost his $1,000,00 option, made Carnegie Insist that the Frick concern, the National Steel company, be Included in the bonds given Carnegie. In this way the concern received $10,000,000 more than it was worth. Carnegie received $323,000,000 for his shar.3 In the Carnegie Steel company." . They Fooled Teddy. . Congressman Stanley, of Kenturfcy, author of the bill which resulted in the examination, questioned Gates. He referred to the Roosevelt letter of explanation sent to the stnate in which the former president said liv had given Gary and Frick permission to absorb the Tennessee company be cause they had told him It was in bad shape and its absorption might avert a panic. Gates said that such a condition was not apparent and that not a sin gle dollar had changed hands In tho transaction. "There is a clearing house associa tion in New York," he added. "I was told that a certain bank or trust com pany went to the clearing house for help. There was a run on that bank. The clearing house committee exam ined the bank's collateral and re ported that too much had been loaned on Tennessee stocks. The bank needed $10,000,000. The situation was laid before Morgan, who then suggested that the United States steel corporation absorb the Tennes see company." Asked if $10,000,000 was given this bank the Trust Company of Ameri caon condition that Tennessee be given to the steel corporation, Gates said: Get $10,000,000. "Well, I could not say It was Just that way. The bank got the money from a syndicate made up in Mor gan's office after the absorption of the Tennessee company not before.' Gates said that before the absorp tion Morgan had offered 150 per share for the Tennessee stock, while in its exchange for United States steel trust stock it brought only about 96. Asked if he thought the steel corpor ation had Inst money on the deal, Gates said: "Weil. 1 never have heard of Mor gan making an assignment, have you? My surmise is that, finding a large amount of Tennessee Coal and Iron stock in the possession of the Trust Company of America, he forced the sale." SOCIETY (Continued from Fage 3.) -M-H T Summer Time Jsjjere Enameled Refrigerators Hammocks, Porch Shades, Tents and Awnings ASK TO SEE OUR OFFERINGS We carry a complete line of house furnishings, and we guarantee to save you money on small or large bills, J We have just received a large shipment of window shade cloth and can save you money on any size, in the ; best oil shades, Josse & Moore Furniture Co. ! The 'Complete House Furnishers t oc-r o . Phone 983 1 OU-0I UUUIlollCl. t t School, assisted by Mrs. Hallie Par riBh Hinges, reflected great credit upon Mrs. Ada Miller, who managed the affair. The hall was filled with an enthusiastic audience 'hlch showed Its appreciation of every number. The band under the direc tion of Mr. C. J. Kurth is composed of about twenty boys from twelve years up to senior students, who played their selections with remarka ble accuracy. Especially good was "Eulloine." Mrs. Grace Wheelock has trained the .Glee club to a point of perfection. The voices were splendidly blended, the solo parts well carried and all of their selections were delightful. Probably the most pleasing 'were "Away to the Fields. Away," which was full of brightness and quick movement and "Arlon Waltz" with its charming rythm. "Go Pretty Rose" was sung by Miss Ada Miller and Mr. A . Tasto with most perfect enunciation and offered a surprise to a majority of the audi ence in displaying two such beautiful voices. Miss Gaynel Baldwin's violin solo, "Zephyrs" was all the name implied, being delicate and airy and played with exquisite bowing. "In vocation." Miss Ada Miller's solo, displayed fine and sympathetic voice. The Misses Ada Miller, Edna Josse, Rita Steiner and Ruth Boyer in quar tet, sang "Carmena" with brilliancy and finish. The prominent parts be ing carried by Miss Miller and Miss Steiner. Mr. Arthur Tasto in his solo, "Wings of the Night" showed an especially good tenor voice and Miss Edna Josse sang "Violets", revealing a voice of great promise. The un usual talent of Miss Bertha Clark is always a delight to an audience. Last evening in the "Whistling Solo" her clear birdlike notes demanded an en core to which she graciously respond ed with "Goodnight. Little Girl, Goodnight." The "Lullaby" sung by Mrs. Wheelock with the mixed quar- te accompanying, was beautiful. Her voice being full of power and sweet ness. In her usual good form Mrs. Hallie Parrish Hinges sang Well's "Spring Song," reaching her high notes with an ease that makes her singing a delight. Professor Cham berlln played the. difficult accompani ment for this selection. Adding much to the merit of the program, Mis3 Lame East presided at the piano, while Miss Baldwin accompanied many of the selections with ,the sweet notes of her violin. Although Governor West often finds it difficult to spare the' time for interview, he cheerfully accepted an Invitation to talk to the pupils of Gar field school last Friday afternoon, and the children will long remember this year's celebration of Memorial Day for the splendid address given them by the governor of the state. The following program was given: Baby G. A. R., First Grade. Song, "Battle Hymn", school. Recitation. Kenneth Smith. Quartet, Fourth Grade pupils. Reading, "Boy Billy," Lola Simp son. Class exercise. Second Grade pupils. Song, Rev. Whlteetaohrdluetaolnuu Song, "Red, White and Blue," school. Recitation, Malcolm Smith. Recitation, Verne Powers. Double quartet. Sixth Grade pupils. Recitation, Florence Cartwright. Song, "Marching Thro' Georgia," School. Recitation, Wolrott Buren. Address, Gov. West Short talks. Comrades Col. T. C. Smith, Rev. Goode, W. A. Byers, E. L. Briggs, Director Moores. Song, "America," school. An address by Mrs. Robinson. W. R. C, Mrs. Vera Byers Glover, Miss Follick, Mrs. Holt. The Ladles' Aid society of the First Presbyterian church met yesterday afternoon at the home of Mrs. W. R. King. A tea was planned for June the seventh to be given at Mrs. Jef ferson Pooler's home on East Che meketa street. I Mr. Mathews and Mr. Roland, of i the school board, visited Sacred Heart Academny yesterday afternoon 1 to witness the Memorial Day exer- ' clses. Two ladles from the. Relief j Corps, Judge D'Arcy and"" Father i Moore were also guests. An Inter-! esting program was given, of which ' we will speak at greater length, next week. I The members of the Degree of Honor lodge take pleasure in lnvit-: lng their friends for a dancing party j to be given in Steeves' hall, Monday night, May the twenty-ninth: The best of music and a waxed floor as-! sure a delightful evening. The en-1 tertainments given by this lodge are ! always anticipated with pleasure. j I The Brotherhood of American Veo-: men are entertaining with a country ' picnic this evening at Steeves' hall. ! The costumes and refreshments will j be in keeping with ranch life. j i The Woman's Relief Corps, the Grand Army of the Republic and The , Grand Army Post are Invited to at tend in a body the services at the First Methodist church tomorrow morning. Mr. Frederick Bynon received the ; sad intelligence last Thursday of his mother's death in Los Angeles. Mr. : Bynon visited his mother a short time ago. She was eighty-one years ! old and a pioneer of that locality. Mrs. Clinton, who is one of the edl-; torial staff on The Ladles' Home Journal, Is her daughter. Mrs. Mabel Morford entertained the Entre Nous club last Thursday , at her home on Shipping and Sum mer streets. Besides the usual nee dle work, a guessing contest enter tained the members. In this amuse ment Mrs. Entress was awarded first , prize, Mrs. Thompson receiving the i failure gift. An excellent luncheon was served. The afternoon guests were. Madams Entress, Bosworth, ; Crawford, Thompson, and the Misses j Ethel Fletcher and Nell Nichol. ; Mrs. W. C. Knighton attended Mrs. i Rudolph Proel'8 beautiful luncheon I this week in Portland. Miss Dabie Johns was hostess for an evening of gamea, music and , dancing at her home las t Thursday evening ending with a three course ' supper. Her Invitation list included, ! The Misses Terris Miller, Ethel Con way, Isabel Johns, Mabel Moyer, Ma-' tilda Johns, Bessie Andecson, Helen Atkins, Eva Meeker, Beatrice Hol comb, Dabie Johns, Messrs. Geo. Cernkl, Merton Moyer, Orville Mc- j Adams, Ralph Johns, Frank, John, Fred and Edward Olson, William Paul, and Roy Mckles. i To everyone Is extended a most j cordial Invitation for the "Rose Tea" ; at Hotel Marlon, June the fourteenth, i vr N O G R A V E L N O O V E R F L O W N O A D D E D E X P E N S E S o i o o n j jit 5 f r 7 13 j g IZ j II. io o TRADE I n I 13 3 Y 4 q ( 6 a 5 - 7 Id a: 5 $ 4 ST. 3 M I i 13 J 3 J? i j 7 13 o MILL ST. O 3 rt s 3 a 3 i 4 II 4 27 1 cr? q o I 7 H ' $ 7 5 4 7 S 8 13 'I I 13 I o 2 j 5 1 f' 1 OAK 1 60 ST loo 10 D O W N A N. D $ 10 D O L L A R S M O N T H T H E B E S T B U Y Hulked at Cold Steel. "I wouldn't let a doctor cut my foot off," said H. D, Ely, Bantam Ohio, "although a horrible ulcer has been the plague of my life for four years. Instead I used Bucklcn's Arni ca Salve, and my foot was soon com pletely cured." Heals burns, bolls, sores, bruises, Eczema Pimples, corns, surest pile cure, 2Jc at J. C. Perry's. BAND CONCERT SUNDAY AFTERNOON From 3:00 to 5:00 o'clock May 28 , . .. Call up OREGON REALTY CO. Phone 16 They will be pleased to show you. Mwarwnwn Trr aprsrw I III 111 HiIB II III I Iffll l"t ! !