Morning Oregonian., April 07, 1905, Image 1

VOL. XLV.ISO. 13,831.
P0RTLA3TD, OREGON, FEIDAY, APRIL 7, 1905.
PRICE FIVE CENTS.
THEY ALL DID IT
Dodd's Excuse for the
Standard's Sins
IN TAKING REBATES
Elaborate Defense of
Rockefeller.
SAYS CHARGES ARE FALSE
Great Monopoly Takes No Fa
vors From Railroads,
BECAUSE JT IS NOW ILLEGAL
attorney for Standard Answers At
tacks on Morality of Its Deeds
by Saying They Were
Within the Law.
NEW YORK, April 6.-S. C. T. Dodd,
chief solicitor of the Standard Oil Com
pany, gave out a statement today with
reference to the recent discussions of the
acceptance of a gift of $100,000 offered by
John D. Rockefeller for missionary -work.
Mr. Dodd declares that the statement that
Mr. Rockefeller made his money dis
honestly "is false, is "vile, and. being made
by ministers in the pretended Interest of
morality, is doubly false."
Mr. Dodd then says that the Standard
OH Company does not own a share of
stock of any railroad company, docs not
control any railroad company and since
the onactment of the Interstate com
merce law has not received lower rates
than other .shippers by rebates, arrange
ments, devices or plans of any character.
The testimony of Howard Page, freight
agent of the -Standard pil Company, be
fore the Industrial Commission is quoted
In this, connection. With reforence to
gas and copper -companies, Mr. Dodd
says:
"No doubt many have been prejudiced
against Mr. Rockefeller by sensational
writers, whose articles, accompanied by
portraits and caricatures, are Intended to
create the impression that Mr. Rocke
feller was principal In the affairs relat
ing to the organization of the gas and
copper companies, although no fact show
ing such connection is stated. The
Standard Oil Company has already de
nied that It had any connection or inter
est, directly or indirectly, in the organ
ization, of these corporations, and on the
best authority the same denial is now
made for John D. Rockefeller. He had
no connection with nor interest In, direct
ly or indirectly, the organization of these
corporations."
Say3 Accusation Is Vile.
Mr. Dodd's statement is as follows:
"There may well bo a difference of
opinion on the abstract question whether
the Board of Missions should receive gifts
unless satisfied that the giver is honest;
but all will agreee that, if he who brings
his gift to the altar must come with
clean hands, still more should he who
ministers- at the altar and receives the
gift be free from stain. There is no ex
cuse for those who make money dis
honestly and still less excuse for those
Who, in the name of religion, falsely ac
cuse their followmen.
"The objection "to Mr. Rockefeller's
gift is based upon the allegation that he
made his money dishonestly. This accusa
tion is false, is vile, and, being made by
ministers in the pretended interest of
morality, is doubly false. The assertion
should not be made unless it can bo
readily established by specification and
proof. I have seen no proof and no at
tempt even at specification except in
the protest of Dr. Gladden. He says:
In this case the investigation has been
thoroughly roada and the facts are known.
The legislative Inquiries, tho records of the
courts, have - given- the reading people of this
country the materials for a judgment upon
the methods of the Standard Oil and never
was a day when their minds were as clear
on- this subject as they are now.
"Then follows the specifications:
Mr. Rockefeller may deny that rebates are
now given to the Standard; but the Stand
ard now controls about two-thirds of the rail'
roaos ox wis country, ana its power is ex.
erted In establishing classification of freights
In such a way that it can kill competition.
Rebates are- no longer necessary.
Everybody Took Rebates.
"The assertion is not true. No smch
state of affairs has ever been disclosed
by any investigations, nor supported by
any evidence. In any court of law. No
Buch facts exist to be proved. The Stand
ard Oil Company does not own a share of
stock of any railroad company, nor does
It control any railroad company. Stock
holders of the Standard undoubtedly in
vest In railroad as in other shares, but
stockholders of the Standard Oil Company
are not a majority on the board oi di
rectors of any railroad, so far as I am
aware, and therefore cannot control.
"The question of railroad rebates and
Standard control of railways was Investi
gated by tho United States Industrial
Commission in 1900, and they reported no
such facts. Members of the Standard
and the railways were questioned in rela
tion to thef? subjects. It was shown that
prior to the enactment or the interstate
commerce law the rebate system was
universal. Railroads made their nominal
rates higher than thay expected to ob
tain from regular shippers and the amount
of actual freight to be paid was a mat
ter of contract. Each shipper made the
best terms he could. The Standard did
not invent this system, but found It ex
isting, and could n6t do business without
submitting to it. Like all other shippers,
it made the best terms it was able to
make with the railroads. Its refineries
were located at points where It could take
advantage of every competition. It also
strove to give equivalents for reductions
in freight. It shipped- noi only carloads
but trainloads. It provided terminal and
other facilities and assumed all risks of
loss. Public opinion, more enlightened in
these days than In those, may have dis
covered that this was all wrong, but at
that time the business man who diC not
accept that method would better have
closed Ills shop.
''The stories told ot the immense aggre
gate of the rebates paid to tha Standard
were shown by that investigation to be
untrue. A largo portion of the rebates
paid were not discriminatory. They were
paid to all shippers who shipped exclu
sively by rail. It was Impossible for any
shipper to know with certainty what rates
his competitors were paying. The Stand
ard often found that its competitors had
been paying less rates than it paid.
Consumer Got the Benefit.
"Furthermore, the public obtained the
advantage of the low rates received. A
reduced price for refined oil kept pace
with the reduction In rates, whether this
reduction was by way of rebates or other
wise. And the price at which the public
for many years has been obtaining ell
would simply have been Impossible had
not shippers forced the railways to reduce
their rates, which they did first by rebates
and later by open schedule.
"The system of rebates has happily re
ceived the condemnation of law. The
Standard welcomed the change as a bene
ficial one. But to say now that It should
not have obtained the best rates under
tho old system which its position enabled
it to obtain, Is an impossible counsel ot
perfection.
Standard Has Become Good.
"The evidence before the industrial Com
mission shows vory clearly to any unprej
udiced mind that since the onactment ?(
the interstate commerce law the Standard
has obeyed it In evory particular. Tne
evidence of the Standard managers and
freight agents was corroborated by the
certificates of managers and freight agents
of all the leading railways of the United
States to tho effect that by no "rebate?,
arrangements, devices or plans of any
character had tho Standard received less
rates than other shippers.
"It is true that allegations to the con
trary were made before the commission;
but these were founded upon surmise, and
were not sustained by proof. Neither did
the commission find them to be true. Any
candid man who will read the evidence
must be eatlsfled of the truth of the facts
sworn to by the Standard Oil Company,
corroborated as they are by the officials
and agents of the road? themselves.
"On the subject specifically alleged by
Dr. Gladden, Howard Page, the freight
agent of the Standard Oil Company, .testi
fied as follows:
Evidence of Standard Official.
Q Io It a fact, as has been frequently
stated, that over lines of railroad where the
Standard CHI has very large shipments, the
rates on oil are frequently made, relatively
speaking, lower than over other roads where
the business rivals of the Standard Oil Com
pany's Interests are relatively small and that
Uils difference In rates to the advantage of
the Standard OH Is brought about by tho
influence of the Standard OH Company offi
cials? A That Is absolutely not true, sir. In the
first place, I do not know any railroad on
which, competitors ot tho Standard Oil Com
pany ship that we do not ship on ourselves:
and the oil rates of the United States from
the various oil shipping points are on a
basis. In other words, the same rates apply
from all of the Pennsylvania oil fields, both
east and west, and the same Is true of the
Lima field, and, while we may not be lo
cated at the very point some competitor Is,
he Tias the same rate from his shipping point
In that flold that we have from our shipping
point in the same field. .
Q Are the Standard OH Company officials
or stockholders ever in a position, as rail
road officials, where they can give favors
to the Standard OH Company in Its ship
ments? No IVwors Shown by Railroad.
A I am glad you asked that question, sir.
I do not think it, but I know. Mr. Rice
withes to give that Impression and I can say
in reply that since I have had any knowl
edge of railroad rates on the Standard Oil
Company's business, no official ot the Stand
ard Oil Company, who Is connected, with
railroads, has ever made a rate or arrange
ment for the Standard OH Company, nor'
have any of those gentlemen who are con
nected and have interests with railroads ever
asked me to give any undue or unreasonable
or In fact any share of the Standard OH
Company's business over such a railroad. It.
other words, the Standard Oil Company's
business stands on Its own merits: and, as I
before said, none ot these gentlemen who
may or may not have Interests In these vari
ous railroads have ever made a rate or
made an arrangement Tor Standard OH Com
pany business. That business is done by roe,
or by the proper party In whoso territory or
district the question may arise.
Q Should you be sure to know whether
that was soKor not?
A I should know. If any pt the1 gentle
men who have large railroad Interests, as
alleged, made a tariff or arrangement with
a railroad for our business, I would cer
tainly know ot it. I would be advised of
It, as I am the proper department that has
record of those rates and should have to
know, necessarily.
Q Io you understand that shipments ot
the Standard OH Company have not been
influenced toward certain lines by the fact
that the officers of the Standard OH were re
puted to be large owners of the stock of
these lines?
A In no way, sir; and you can readily
see that, if the Standard Oil Company's
business was run on the basis of favoring
the individual interests of the different
stockholders of the Standard OU Company,
the company's business Itself would neces
sarily suffer.
Q Is It true that officers of tho Standard
OH Company have offices in different rail
roads? A It is true that Mr. "William Rockefeller,
for instance. Is a director in some of the
railroads. He probably also Is a bondholder
in the United States, but there is no con
nection between such Interests and the Inter
ests of the Standard OH Company or the
business ot the Standard OH Company.
Says Gladden Is Prejudiced.
"Such evidence should satisfy any
candid mind of the Incorrectness of
Mr. Gladden's assertion. It will prob
ably not satisfy a mind like Dr. Glad
den's who subsequently made the state
ment that the denial that rebates have
been extorted since the interstate law
was passed is not credible. I know from
statements made to myself by parties
Implicated that such rebates have been
extorted by other corporations. I doubt
if the Standard is more virtuous than
the rest.
"In a mind so prejudiced evidence Is
lose Dr. Glad Jon seems to know some-
CCon eluded on 'Third' Page.)
LL IS HARMONY
Directors of Equitable
Agree on Plans.
MUTUAL SYSTEM GOES
At End of Two Years Policy
holders Will Control.
INVESTIGATION IS ORDERED
Strong Men of Finance Insist That
Controversy Must End and an
Agreement Is Made on
All Dispute.
NEW YORK, April 6. Out of the 50
members of the board of directors of the
Equitable Life Assurance Society, 38 as
sembled In the company's board-room this
afternoon, and after an hour and thirty
minutes of discussion, In the course ot
which it is understood the whole Equitable
controversy was gone over, announce
ment was made that those present unani
mously had decided to adopt the two
years' mutuallzatlon plan announced, sev
eral days ago. Humors of resignations
did not bear fruit and It was authorltlvely
said tonight that none were tendered.
"Everything harmonious" was the tenor
at the official statement Issued after
the meeting by Senator Depew and Corne
lius N. Bliss. This announcement also
said that a committee of directors would
thoroughly Investigate the company's
management. President Alexander and
James H.- Hyde were present, and It la
notable that many of the directors came
from a distance in ordor to attend tho
session.
A new feature of the Equitable matter
Is tho resolution adopted for tho appoint
ment of a committee of seven, headed
hy E. H. Harriman, to thoroughly in
vestigate Equitable affairs.
The original plan for the mutuallzatlon
of the company provided that It should
be accomplished in four years, but after
last week's' sessions with the Statr Sup
erintendent or Insurance this was amend
ed to make the time two years. The two-
year plan was acquiesced in bv Mr.
Hyde and takes effect on next December
31.
During the meeting there wore various
rumors of a controversy between Mr.
Hyde and Mr. Alexander, but so far as
known nothing of this kind took Dlace.
Mr. Alexander, Mr. Hyde and John B.
Crimmins declined to -add anything to the
official statement this eveninsr and said
they .had no comments to make on the
meeting.
Plan of Mutuallzatlon Adopted.
The following statement was given out
at the close of the meeting:
"The board of directors, after full dis
cussion, unanimously adopted the amend
ed charter approved at the meeting with
tho Superintendent of Insurance, the
amendment being:
The board ot directors shall continue to be
divided into four classes of 13 each. For the
purpose of effecting more speedily the change '
from a board elected entirely by stockhold
ers to a board elected partly by stockhold
ers and partly by policy-holders. It Is here
by provided that the terms of office of the
directors heretofore elected for the term end
ing December SI, 1005. and December 31.
1900, shall expire on the 31st ot December.
1803. and the successors to such directors
shall be elected on the first Wednesday In
the month of December, 1905, and the terms
of office of the directors heretofore elected
for the terms expiring December 31, 1907,
and December 31, 1008, shall expire on the
31st day of December, 1000, and the suc
cessors to such directors shall be elected on
the firfct "Wednesday in the month of De
cember, 1900. At such elections the suc
cessors to the class of 1005 shall be elected
to hold office for .three years, the successors
to the class of -1006 to hold office for four
years, the successors to the class ot 1907 to
hold office for four years, and the suc
cessors to the class of 1908 to hold office for
five years; thus producing four classes of
directors of 13 each, whose terms of office
will expire, respectively. In the years 1008.
1909, 1910 and 1011. N
In the election of each of said classes, air
of the vacancies shall be filled by a plural
ity vote ot the stockholders and seven of the
vacancies shall be filled by a plurality vote
of policyholders, both stockholders and pol
icyholders voting by ballot or in person, or
by proxy, as hereinafter provided.
Committee on Other Points.
A resolution was adopted that a com
mittee of three, consisting- of Messrs.
Depew, Belmont and Kreich, be appoint
ed a committee of the board to consult
with the Superintendent of Insurance
after the amended charter shall be
approved by him and with the policy
holders' committee, of which John D.
Crimmins is chairman and to report to
this board at an adjourned meeting:
thereof upon the following' subjects,
to-wit:
First The suggestion that the two exist
ing vacancies In the board of directors shall
be filled by persons whose names shall be
proposed by the policyholders' committee.
Second The suggestion that the two di
rectors thus elected on the nomination of
the policyholders committee shall be made
members of the executive committee of this
board.
Third The suggestion that all vacancies
occurring' in the board before the election of
1908 shall be filled by this board with
nominees of the two directors so proposed
to be elected on tho nomination of the pol
icyholders' committee, this provision, how
ever, not to apply to vacancies In the list
of directors elected In 1905.
Fourth The suggestion that two more
members ot the executive committee shall
be appointed on the nomination of Mr. Cor
nelius X. Bliss, the committee. Including
the four members thus provided for, to re
main at Its present number of 12.
Fifth The suggestion that four vacancies
be created in the executive committee by
resignation, or by the board on the designa
tion of the superintendent of Insurance, in
order to make way for the proposed new
members.
Resolved. That a committee of seven, con
sisting of Messrs. Bliss. Mills, Frlck, Har
riman, Ives, Hill and Ingalls be appointed,
charged with ' the duty of- thoroughly in
vestigating and reporting upon the present
management of the society.
"And the president was requested to
call a further meeting of the board
upon the request of either of these com
mittees. Put an End to Controversy.
"Speeches were made by James J.
Hill. Melville E. Ingalls. John A. Stew
art. Charles Stewart Smith, Brayton
Ives, T. DeWItt Cuyler and others, Insisting-
upon a cessation of tho entire
controversy and the use of the press,
which Is so injurious to the company;
that, while In the charges and counter
charges there was no question as to
the solvency of the company or its
largo surplus above all liabilities, or
the soundness of Its investments, the
controversy was creating widespread
distrust and doing great Injury to all
life Insurance companies, and that the
committee of the board should and
would so probe and as a result ot their
investigation so recommend as to jus
tify confidence in the company and Its
management. (Signed.)
CHAUXCET M. DEPEW.
"CORNELIUS N. BLISS."
In the formation of the committee to
consult with tne State Superintendent
of Insurance the name of Cornelius N.
Bliss was added late tonight to those
of Messrs. Depew, Belmont and Kreich.
It was stated thut this was done at the
suggestion of C. B. Alexander.
Brackett Denies Hyde's Charge.
ALBANY, N. Y., April 6. Senator
Brackptt today denied the statements
of Vice-President Hyde's friends, sent
out from New York last night, that
President Alexander had instigated his
efforts to secure legislative investiga
tion and his other activities regarding
the affairs of the Equitable Life Assur
ance Society. Senator Brackett de
clared that he did not know Mr. Alexander.
MAY INDICT SOME WITNESSES
Grand Jury Holds Perjury Charges
Over Beef Trust Men.
CHICAGO, April 7. Preparations are be
ing made. It is said, by the Federal grand
Jury investigating the beef trust to Indict
certain witnesses who have appeared be
fore the inquisitorial body on charges of
perjury and for Interference with other
witnesses. Evidence tending toward pos
itive information that some of the prom
inent witnesses had committed perjury on
tho witness stand before the jury Is said
to have been produced today, and word
was sent to Springfield for Judge Hum
phrey to come to Chicago.
Th jury was empaneled by Judge Hum
phrey, and it Is asserted that be was sum
moned for advice concerning the proposed
perjury charges. The Jury today remained
in session until almost 6 o'clock, and it
is the general belief that some important
developments are to bo expected within a
short time. '
CONTENTS OF TODAY'S PAPER
Tho Weather.
TODAY'S Fair; northerly winds.
YESTERDAY'S Maximum temperature, 60
deg.; minimum, 47. Precipitation, none.
The War In the Par East.
Japanese army advancing to envelop Russian
flanks. Page 6.
Both belligerents tell of hot skirmishes. Page 5.
Togo's fleet seen off coast ot Mindanao.
Page 5.
Russia.
Social revolutionists tell their platform in a
proclamation. Page 5.
WItte started movement for church reform.
Page 5.
Peasant mobs burn and loot estates in Baltic
provinces. Page 6.
loreltn. -
King Edward and President Loubet meet at
Paris to emphasize agreement on Morocco.
Psge 4.
Kaiser and King Victor meet at Naples.
Page 3. . s.
Reported heavy loss of life by earthquake
in India. Page 4.
National.
A G. Avery appointed District Attorney.
George H. Baker Marshal for Eastern
Washington. Page 3.
United Statu will not join in protest against
Anglo-French agreement in Morocco. Page 4.
President Roosevelt defines his railroad policy
to Texas Legislature. Page 1.
Great outpouring ot people In Texas to see
the President. Psge 1.
Domes tic.
Standard Pll defends Itself from Gladden's
charges; Gladden and. Evans reply. Page 1.
President Smith and his apostles sustained by
Mormon conference. Page 3.
EqOltable directors agree on mutuallzatlon
plan and end all controversies. Page 1.
General strike ot Chicago teamsters today.
Page 2.
Vanderbllt and Harriman lines to consolidate
in transcontinental system. Page 1.
Pacific Coast.
Mystery of headless man In San Francisco
still unsolved; those missing members are
found. Pago 6.
Edna. Wallace Hopper grilled by counsel In
Dunsmuir case. Page 6.
Subscriptions quickly made to Lewiston rail
and river project. Page 5.
Sport.
Many aspirants for places at the coming elec
tion announce themselves. Page 7.
San Francisco defeats Portland in baseball
3 to 0. Page 7.
Commercial and Marine.
Easier, feeling In pig iron market. Page 15.
"Upward movement In Steel preferred. Page 15.
May wheat prices maintained at Chicago.
Page 15.
Dairy produce again lower at Saa Francisco.
Page. 15.
Heavy exports from Portland ' last month.
Page 14.
Arrival ot steamer Sandhurst .delayed. Page 14.
Portland and Vicinity.
Elks lay the corner-stone of their new tem
ple. Page 10.
County of Multnomah, for the first Urns In
many years. Is out of debt. Page 16.
Visiting Nurses' Association elects officers.
Page 12.
Government may prevent the Klamath Canal
Company from continuing its work. Page 10.
Jobbers and railway men reach no conclusion
on distributive tariffs inland. Page 11.
Evangelists keep up the crusade against sin.
Page 9.
State deeds to Federal Government right of
way for Dalles-Celllo Canal. Page 7.
Woman Is fined for violating sidewalk ordi
nance.. Page 11.
Prominent men agree to speak on economic
topics at Exposition congress. Page II.
Architects demand call for plans for East
Side High School. Page 11.
Plan Is perfected for Oregon Development
League Contention. Page 10.
Big rush of Immigrants from Jowa. 4s-begun.
Pago '7. - t - 7 ...-.---
Bridges tells ot a pool among contractors for
bids. Page, 10. " -
JUSTIGET
D BOTH
Policy for Railroads and
Shippers
STATED BY ROOSEVELT
Opposes Interference With the
Rights of Railroads,
MEANING OF SQUARE DEAL
President Explains His Attitude to
Texas Legislature Triumphal
Trip Through Texas to Meet
the Rough Riders.
SAN ANTONIO, Tex.. April 6. To tho
Texas Legislature the President said:
"There are one or two things that I
should like particularly to say in this
chamber, and to the members of the
Texas Legislature. I received a copy of
the resolution passed by your body, in
troduced. I understand, by ex-MInlster
Terrell, in reference to the passage, of the
Interstate commerce act. I wish to thank
you most heartily for what you did. 1
think. Governor, Mr. Speaker and gen
tlemen, that the longer our experience in
public office is, the more we realize that
at least 95 per cent If not more, of tho
important work done by any pubjic of
ficer who is worth hi3 salt has nothing
whatever to do with 'partisan politics.
The things that concern us all as good
citizens are infinitely larger than the
matters concerning which we are divid
ed one from the other, along party lines.
Fundamentally our attitude in our for
eign affairs and In reference to foreign
nations must in tho long run, if we are
to be successful as a people, be based
upon cortain common-sense rules of con
duct, the identical rules upon which every
self-respecting citizen must base his pri
vate actions. Thi3 is especially true as
regards all questions dealing with capi
tal and labor, .and especially in dealing
with the great aggregations of capital
usually to bo found in corporate form,
through which so much of our business
at the present day Is conducted.
Respect Rights of Railroads.
"I woula like to say In brief just what
my position is as regards this particular
question, with which I had to deal, and
as regards which the Texas Legislature
took the action I so much appreciate.
On the whole, there have been few
Instruments In the economic develop
ment of the country which have 'done
more for the country than the railroads.
I do not wish In any shape or way to
Interfere with tho legitimate gain of
any of these great men whose special
Industrial capacity enables them to
handle the railroads so as to be of
profit to themselves and of advantage
to all of us.' I should be most reluctant
I will put it stronger than that I ab
solutely refuse to be a party to any
measure, to any proposition, that inter
feres with the proper and legitimate
prosperity of those men; and I should
feel that such a measure was aimed
not only at them but at all of us, for an
attack upon the legitimate prosperity
of any of us is In the long" run sure to
turn Into an attack upon all. "With
that proviso (as to which I ask you to
remember that I mean literally every
word) let me further add that the pub
lic has a right, not a privilege, but In
my view a duty to see that there Is in
Its behalf exorcised such a supervision-
ary and regulatory power over the
railroads as will Insure that, while they
give fair treatment themselves, they
get it in return.
"The proper exercise of that power
is conditioned upon the securing of
proper legislation which will enable the
representatives of the public to see that
any unjust or discriminating rates are
altered so as to be just and fair rates,
and are altered'lmmcdiately.
Will Appoint Best Men.
"I know perfectly well that; when
you give that power, there Is a chance
of Its being occasionally abused. There
Is no oower that can be given to the
representatives of the public which it
is not possible to abuse. As everyone
knows, the power of taxation, which
must, of course, be given to the repre
sentatives of the people, is the power
of death, for it Is possible to kill any
industry lay excessive taxation. There
must be a certain trust placed in the
common sense and common honesty of
those who are to enforce the law. IC It
ever falls, and I think it will, to my
lot to nominate a Doard to carry out
such a law, I shall nominate men, as far
as I am able, on whose ability, courage
and integrity I can count; men who
will not be swayed by any Influence
whatever, direct or indirect, social, po
litical or any other, to show Improper
favoritism for the railroads, and who.
on the other hand, if a railroad is un
justly attacked, no matter if the at
tack has behind It tho feeling of preju
dice of 99 per cent of the people, will
stand up against that attack. That is
my interpretation of the doctrine of the
square deal."
GREAT DAY FOR PRESIDENT
Every Town in Texas Pours Out
Thousands to Greet Him.
SAN ANTONIO. Tex., April 6. After
an eventful trip across a large portion of
Texas, President Roosevelt arrived In San
Antonio at S:30 o'clock tonight. When
the special train bearing the President
reached the station he. was greeted with
cheers from thousands of throats, and
lusty "hurrahs' of-his old comrades-'In-arms,
the famous Rough Riders ot the
Spanish-American war, who are holding
their annual reunion near tho crnmbling
walls of historic Alamo, could plainly be
heard above the din. The city Is a maze
of color in honor of the President's visit
Business houses and residences arc dec
orated with flags and bunting, and the
exercises promise to be the most patriotic
demonstration held in the state.
The President's train was run on a
siding- near the station, where It will re
main until tomorrow night, when the
visitors will leave for Fort "Worth. Tho
train is being guarded by a detail of city
police, and, as the President will be astir
early tomorrow morning, every precau
tion will be taken to permit him to secure
a good night's rest.
The President's train left -Dallas
promptly at 5:30 o'clock this morning. Its
occupants were sleeping soundly when
the long run across the state began, but
the President was up and astir at 7
o'clock. The first stop of the day was at
Hlllsboro, whore practically tho entire
population ot the town turned out. The
President spoke briefly and was given a
cordial reception.
Waco a Mass of Bunting.
When the train reached Waco cannon
were fired and bands played patriotic
airs. The area about the station and the
railroad yards was packed with human
ity. A reception committee made its way
to the President's car, and he was escort
ed to a stand In the City Park, nearby.
His appearance was the signal for a
remarkable demonstration. Thousands
of tiny American flags wore waved by
men and women alike, and it was several
minutes before the President could begin
his address. The band played the stir
ring strains of "Dixie." and the Presi
dent smiled and beat time to the music.
The President's address was brief, and
he was frequently applauded. The Pres
ident returned to his train with difficulty,
so great was the crowd. As the train
moved away he stood upon the rear plat
form and waved his hand to the people.
Temple Compels a Stop.
Tho train gilded swiftly across tho
plains of North Texas, and at noon en
tered the fertile valley of the Brazos.
Several stops were made, and one espe
cially Interested the Prsidcnt, bcausc ot
the manner in which it occurred. When
the citizens of Temple learned that the
train would not stop at their city, a hur
ried call of the City Council was made.
The city fathers immediately passed an
emergency ordinance requiring the train
to stop at the station three minutes.
When this news was telegraphed the
President he laughed heartily and seemed
pleased. He Immediately Issued Instruc
tions that the stop be made. Nearly the
whole population of the little city was on
hand, and the greeting accorded the
Chief Executive was most hearty
At Taylor, which was reached at 12:30,
the train was switched from the tracks
of the Missouri, Kansas & Texas to those
of the International & Great Northern,
and the run to Austin began.
Reception at the Capital.
The Capital City wag reached at 2
o'clock, and President Roosevelt was met
at the station by Governor Lanham, Lieu
tenant-Governor Nell and a committee of
3) JUzcns and members of the Toxas
Legislature. The President was In ex
cellent spirits and appeared nono the
worse for his long ride across the coun
try. He expressed himself as being most
pleased to arrive In Austin under such
auspicious circumstances. The entire
party was placed In carriages and driven
to the Statehouse, where President Roose
velt made two speeches, one In the Hull
of Representatives and the other on the
lawn. The President was taken for a
drive over the city. The day was ideal,
and so crowded wero the streets that it
proved difficult for the militia to control
the vast throngs. The school children of
the city, both white and black, were lined
tip for review along the lino of march
and cheered lustily as the President
passed.
One of tho most enthusiastic demon
strations of the day occurred at New
Braunfels. When the train arrived there
It was surrounded by a dense mass of
surging people, all anxious to greet the
Chief Executive. New Braunfels is a
German settlement, and is noted for its
thrift and enterprise, and the President
spoke cricouragingly to the people, who
cordially applauded his utterances.
The' long ride was brought to an end
when San Antonio was reached, shortly
before 9 o'clock.
GREAT SPECTACLE AT WACO
Every Noise-Making Device Aids in
Welcome to President.
WACO. Tex., April 6. Amid the thun
der of cannon, shrieking of 'steam
whistles and the hurrahs of thousands
of people, the special train over the
M., K. & T., bearing President Roose
velt, rolled Into the station here short
ly after 9 o'clock today. The Presi
dent was met by a reception commit
tee of Confederate and Grand Army
organizations, and was given a most
cordial greeting.
The President was escorted to the
park adjoining the depot, where an Im
mense assembly awaited him. The re
ception here was an ovation. Hats,
handkerchiefs, umbrellas and flags
were waved by the people. Each per
son entering the park bore a small
United States flag, and the fluttering
of thousands of these patriotic em
blems made a beautiful spectacle. The
park has an area ot several acres, and
was festooned with the National col
ors, while at every few feet large flags
waved in the broeze. The President
was introduced by Mayor James B. Ba
ker, and delivered an address.
Just as the President stepped on :the
platform the school children of Waco,
led by a band, sang "America." The
entire city was elaborately decorated,
and all the places of business closed by
agreement during the stay of the Pres
ident here.
j .
ROUGH RIDER9' CONVENTION
Tney Do Much Business and Elect
Four Honorary Members.
SAN ANTONIO, Tex., April 6. The full
est reunion In the history of the Rough
Riders is In progress in San Antonio.
Camp was- opened this morning. The
Rough Riders met in the afternoon in
business session. Officers were elected, the
constitution amended, the retiring presi
dent made a speech, and four names
were added to the roll of honorary mem
bership. Thenew officers are:
President, C. E. Hunter, Indian Terri
tory; first vice-president, David Good
rich. Indian Territory; secretary, Robert
Colbert, Indian Territory.
Probably the most striking feature of
the business session was the selection of
the honorary members. Those chosen
were as follows:
Lleutcnant-General. S. B. M. Young,
Major-General Joseph Wheeler, retired,
Major-Genoral Samuel Sumner, and Brigadier-General
Charles T. Cooper, retired.
The constitution was amended so that
biennial reunions will be held hereafter.
F A TQ QGEA1
Greatest of All Railroad
Mergers,
ONE BILLION VALUATION
Harriman and Vanderbilt Lines
Will Unite,
MORGAN ARRANGES THE DEAL
New York Central, Northwestern and
Harriman Lines Will Be Con
trolled by One Hold
v ing Company.
3ULKAGE IN XATEST RAILROAD
MERGER.
Miles.
New York Central Lino l-.fMS
Northwestern System 0.073
Union Pacific and controlled
lines 0.310
Total .' 30,131
NEW YORK. April 6. (Special.) A lino
of railroad from the Atlantic to the Pa
cific under one management, that dream
of transportation leaders for many year
will be an accomplished fact in a short
time, according to the opinions of a num
ber of well-known financiers. Under thp
direction of J. Pierpont Morgan & Co
and Kuhn, Loeb & Co., the underwriting
of this vast enterprise, which dwarfs the
Northern Securities merger by compari
son, is well under way,. and Wall street
Is expecting a successful report In a
short time.
The railroad systems involved In this
combination are the New York Central
and the many lines it controls, including
the Lake Shore, Michigan Central, West
Shore, Boston & Albany, Big Four and a
number of smaller lines: the Chicago &
Northwestorn system and the Union Pa
cific, controlling the Southern Pacific, the
Oregon Railway & Navigation Company
and he- Orogon Short Line. Their ag
gregate mileage is more than 30.CCO. and
the value of their combined capita!
stocks presonts a startling array of mil
lions. Proof Against Legal Attack.
This first transcontinental system, m
fact, would tap the largest ports on the
Atlantic and Pacific seaboards and draw
on the richest districts in the United
States for business. It would not be
open to the same line ot attack as was
the Northern Securities Company, for the
three systems are in no sense competitors
and there could bo no argument of com
bination in restraint of trade. Tho advan
tage gained In through rates would be
enormous, both in freight and passenger
business.
Underwriting of the securities of tin
holding company that is to take over
these great systems is being offered to
the financial elect In New York. Chicago.
Boston and possibly some other cities
It Is understood that the securities, both
stock and bonds, have been very well
subscribed. The matter has been bandied
with the greatest secrecy, people who
have been approached practically being
bound not to divulge any of the facts
concerning the new company.
There have been reports for months rf
a consolidation of these three roads into
a transcontinental line. The stock mar
ket has been advanced repeatedly on ru
mors that important announcements wore
to be made. The reports of a deal hae
been believed in some quarters and doubt
ed in others, but tho success of the un
derwriting seems to make certain tho
inauguration of a real transcontinental
line.
Bonds and Stock Nearly a Billion.
While Wall street has not been fa
vored with any official Information re
garding the holding company that Is to
take over these properties, it is under
stood in well-informed circles that there
Is to be a huge issue of stock as wf:i
as bonds for which the stocks of ths
three roads will be exchanged, as was
the case In Northern Securities. It Ls
the understanding that New York Cen
tral stock is to be exchanged at a into
the new holding company's 3& per cent
bonds, and the Northwestern 300.
Such an exchange of stocks would call
for a company having a considerably
larger capitalization than the $400,000,000
Northern Securities concern. The stocks
of these three main companies alone ag
gregate something more than $450,000,000.
and the combined bonded debt Is more
than $525,000,000. The latter, however,
would not have to be looked after by
tne holding company.
The New York Central has outstand
inc about $132,000,000 of stock now quoted
at $162 a share; the Union Pacific wP:
have outstanding when its now preferred
issue of $100,000,000 is completed, about
$396,000,000 of common and preferred stock
and the Northwestern has outstanding
about $4S,COO,O0O of common stock, selling
around $243 a share, and about $22,400,000
preferred that is closely held and casil
worth three times its face value.
It is expected that an official announce
ment concerning the new holding com
pany will be made In a very short time.
HARRIMAN GIVES UP FIGHT
Will Not Seek to Reopen Northern
Securities Case.
NEW YORK, April 6. It was learned
today that the Harriman interests, having
gone over the Supreme Court's opinion
In the Northern Securities case, have de
termined to make no motions In the In
terval before April 17, fixed by the cout
for such action. Mr. Harriman and his
associates now consider the Northern Se
curities litigation ended.