The Sunday Oregonian., March 25, 1906, Image 1

PAGES 1 T0 12
W:4
PORTLAND, OREGOX, SUXDAY MORNING, MARCH 25, 1906.
PRICE FIVE CENTS.
Ej VOL. XXV XO. 12.
I
mm run niTP nnnniiT
mm i Bill ii 1 1 1 1 iai i i i
I ma 31 it DUUbm
FOR FftGTO B I ES
Exposition Grounds to
Be Hive of Industry.
PURCHASE PRICE $500,000
Lafe Pence Interests John S.
McMillin in Large Project.
BIG ENTERPRISES COMING
Manufacturing Kslnhlishnicnls Will
Find Homes in Leu is and Clark
lSxhlhit Buildings Which
Will He Saved.
ntHLTHNfiS COST AKMOST AS
M I'CII AS Pl'ItCHASK PRICK.
Jnh S. McMllltn and his associate
pM ir the Kxposltlon grounds and
UMlMlMCf the rum of 54r..00. This
lipwrr shww tin increase In property
valwatfea At the Fair or fully 100 per
rrmt during the past 1 4 month. The
rfuwtw cw approximately sr.H.VMM)
an ttn dzen buildings about S20.000.
Tkr Mr advantnge to the Investors Ik
r4ltt' apparent In view of the fact
that the building In question alone
wt a total turn of $407.K0 less than
a rar ajr Their great decrease In
atwe wa due to the fact that the
mrnpttires were thought to he of no
firUer ue of a practicable nature
afir the elos of the Fair.
The eot of constructing tho differ
ent building Included In the Mr
MHItn purchase was a follows:
California building
Washington building . .
Tratirportatlon building
.$ ns.non
. n.".ooo
. 20.000
10.000
. r.s.ooo
. 1R.000
. 7.i,000
. sn.ooo
. 52.000
H.flOO
. 1.1.000
. 35.000
.$407:i00
Mining building
IJberal
Arts building. .
Auditorium
Agriculture! palace
Pwelga whlbltii building
Oriental building
Oregon Mate building....
row County building. . . .
JdlserHnneeu structures..
Total...
A oaiorpriKP that will convert the
1.ewte and Clark Exposition into a great
manufacturing area and tend to make
Portland the manufacturing center of the
PaoWic Northwest has taken definite
frm. The great Exposition grounds
lave been bought up at a cost of ap
proximately $500,000.
Within a few months, according to pres
et Hans, the she of the Portland Ccn-
wimlal win bo a scene of factories and
ir-mHdoiiP activity. Three railroads will
Ut the beehive of Industry, and many
'tiWiWc articles of manufacture will be
-upplled and distributed from this point
t Um groat Northwest, as well as the
Mle-tH. Tin- Portland Centennial is not
rty to remain in jormanent form, but is
wrk tin inception of vast new Indus
mes of Inestimable value to citv and
John S. McMillin. the Seattle capital
m. is prime mover In the big undertak
es. Associated with him are a number
nt Uastom and Western investors who
lire said to have galneiT the greatest con-
Mcnce In the future of Portland and
Orpge. For three months past Mr. Mc
MIIMn's representatives have been oper
ating, but with such' secrecy that the
facts did not become generally known un-
it yesterday.
Hljr Fnctorles Coining.
Haa'ing purchased the entire upper por
tion of tho Exposition, excepting only the
Forestry building, which belongs to the
Hty. Mr. McMillin and his business as
slates are engaged In Interesting big
manufacturing firms. The basic idea of.
ihe project i? that of giving these big pro
dtcr a rare opportunity to gain an oco
wmlcal footing in the vast new tradefiehl
f the Northwest. While the names of
the firms are withheld. It is known that
two great woolen mills have already jpok
en for Fpace. and that a big water-pipe
manufacturing firm is bartering for the
Transportation building in order to es
tablish a branch factory to supply the
contribulary country. The Oriental build
ing will be occupied by a big woolen-mill
concern from the-East. It Is known, fur
thermore, that negotiations are pending
for several others of the big buildings.
The Portland Development Company is
the, name assumed by the new organiza
tion. While this new company has In
vested iseo.000. and the name has appeared
frequently on the real estate transfer rec
ords at the Courthouse, the purposes of.
its existence have remained a mystery to
the -public at large. During the very time
that thousands were, bemoaning the de
struction of the exhibit buildings at the
Fair Grounds, this same company was
buying up the various holdings, lot by lot.
with the Idea of keeping the principal
portion of the Exposition Intact. The
present instance will mark, the first time
In the history of great expositions, that
the site and exhibit buildings have been
retained.
Transportation Facilities Unequaled.
It was the wonderful adaptability of the
grounds to the uses of factories that first
attracted the outside Investors. It stood
at the very edge of the city, and the
transportation facilities were unequaled.
allrMds ran within throwing distance,
an4 the Willamette River was conveni
ent. Railroad spurs can be run to the
door or Interior of any buIMing on the
grounds with little expense and lese de
lay. Thn tHe iermaeit character e
the exMfeJL bviMtngs was another Mg
lacier la h4chg the onlerprtee. NeUi-
valwattoH at the Fair of fully 100 per t
rtmt during the past 14 month. The T
grMM4t cow approximately $.;r,.(M0 j
an ttn dozen buildings about S20.000.
TUr Mg advantage to the Investors Is t
4 roadftr apparent In view of the fact I
that ttte buildings In question alone
ing but the best timber had been used
the various structures about the
grounds. Competent engineers passing
upon them said that, with occasional im
provements and slight alterations, all
the buildings would stand the -wear and
tear of years of active use.
Knowing the desire of many Eastern
producers to gain a footing here, lr. Mc
Millin and his fellow Investors proceeded
to organize the Portland Development
Company. Portland, tney aeciaea. wab
the natural distributing point of the Pa
cific Northwest, and of this fact tney
must take advantage, rcgardlcs ol dis
affiliations. Whether the new company will Install
factories or commission or storage house?
on Us own account Is not definitely known
at this time. So far as has been stated.
the Investors will confine themselves to
Interesting manufacturers and business
firms on a rental or sale basis. The full
scope of the enterprise cannot be known
until the return of Mr. McMillin from the
East, where he is attending a meeting of
the National Railroad Commission.
Purchases 3Iadc by J. T. Ross.
The purchasing of the Exposition
grounds has been marked by many dif
ficulties. It was parceled nut In small lots
among many owners. There were some
who believed Its purchase could not be
effected short of a fortune. Upon the or
ganization of the company several monUw
ago, Mr. McMillin and his associates cast
about for some one whose diplomacy and
business ability fitted lilm to effect the
work. J. Thorbum Ross, manager of the
Title Guarantee & Trust Company, was
selected.
When seen yesterday by an Orcgonlan
representative. Mr. Ross expressed some
surprise that the matter had been made
public, but admitted the accuracy of the
details as just set out. He admitted that
the buying up of the parceled Exposition
grounds has caused him a few 5lceplcss
nights, spent in laying plans. Speaking
of the Portland Development Company,
he said:
"The coming of Mr. McMillin into the
local field as an investor means much to
Portland. Mr. McMillin is a shrewd busi
ness man and a careful Investor, who has
the full confidence of a number of big
capitalists. He has gone about tin pres
ent enterprise in a thorough and busl-
ncss-llko manner, eliminating all specu
lative features and cutting right down 10
the root of the proposition. Ilia plans as
to the future arc retained to a large ex
tent. Yet. in a general way. It may be
said that he Intends bringing manufac
turing concerns to Portland and utilizing
the nplendid opportunities of Portland as
a great manufacturing and exporting
center.
"Manufacturers have experienced great
difficulty In securing suitable factory sites
and when Mr. McMillin looked over the
Exposition grounds It struck him as being
the ideal place.
"In the first place It was right at the
doors of tho city; there was a great ex
panse of floor space in the durable build
ings already standing, and there was a
large aggregate amount of ground con
venient to transportation. The chief ad
vantage, however, as I understand It, Is
that manufacturers generally are coming
to look upon this as the natural distribut
ing point for the Northwest. New condi
tions are arising In the Northwest, and
Portland plainly seems to be the focal
point.
Jlr. rcMIHIn's Energy.
"As to those associated with Mr. McMil
lan I am not Informed, but thoro Is every
assurance that Mr. McMillin. who is an
Indefatigable worker, will carry the proj
ect through to success. Two or three of
the largest firms in the United States are
now figuring on the establishment of
branch factories at the Exposition
grounds.
"It may seem to abutting property-owners
that the operation of these factories
will not be for their best Interests," con
tinued Mr. Ross, "but there can be no
dispute but that It is for "he vcrv best
MEN WHO ORGANIZED THE
SMC:
V
Interests of the city, and this gigantic
proposition, with all Its contributing fac
tors, should, when worked out. serve to
give.Portland the lead In the Northwest."
Twelve, buIWIns and approximately 70,
acres of land are toclu-ifted In the pur
chase. Three months ago when the buy-
CMedd
Tare 8.)
GETS CONFESSION
5
Hadley Induces Admission
Owns "Competitors' "
Stock.
It
ROGERS ANSWERS QUERIES
ZlIuMcr of Monopoly Changes Tone
ami Lawyers Say Standard Owns
llic JJcpubllc and AVatcrs
I'lerec Companies.
NEW YORK. March 24. H. H. Rog
ers touay answered tho questions put
to him by Attorney-General Hadley of
Missouri. In the proceedings to oust
the standard OH Company, the Waters
Pierce Oil Company and the Republic
OH Company from Missouri, and the
Standard 11 lawyers admitted that thf
Standard owns a majority of the slock
of the other two companies. Thus Mr.
Hadley has overcome his most recalci
trant witness and' has proved the main
point of his contention. On Monday he
will go further snd prove by documen-
Ijife V rencr. Jon of I.afe Tence,
Who Suggested the Idea of l!nc
the KxnoItin IluMding fr 1'ac
torleh. tary nnd other evidence that the three
companies are all managed by the
Standard officials at 25 Broadway.
There was a decided change In Mr.
Rogers' ' manner under examination,
but he still pleaded lapse of memory
or ignorance on several important
points. "W. G. Rockefeller also testi
fied and his memory failed on ievoral
questions.
Mr. Rogers admitted that he was a
stockholder in the Standard Oil Company
of Indiana, hut said he did not know in
detail of the conditions of the ?ak of oil
in Missouri, nor, did he know about the
' division of that state between the Wat
PORTLAND DEVELOPMENT
EXPOSITION
7?
FROM
Ti
Jmmmmi9
mtm' 'kmmtrmmwm
ers-Pierce and Republic Oil Companies.
The examination proceeded:
"Do you own or control any stock in
the Waters-Pierce Company 'yourself or
through another person
"I do not."
"Do you know M. M. Van Burcrrr'
"I have heard of him."
"He L" a son-in-law of John D. Arch-
bald, is he not?" j
"So I have understood.
"In H. M. Tlirord a director of the
Standard Oil Company?"
"I don't know: I don't think so."
- "Do you know what business he is in?"
"I think he Is connected with the Con
tinental Company."
"Has Mr. Tllford an office at 36 Broad
way?" "I think he has."
"Is the business of the Standard Oil
Company of Indiana controlled In Mis
souri by any trade committee with offices
at 2C Broadway?"
"Not to my knowledge."
"What business connection have' you. If
any, with the business of selling and ro
finlng petroleum in Missouri?"
"I have none."
"You swear that part of the business 1
controlled and managed by others?"
"Yes, the detail work is."
"Who Is tho president of the Standard
OH Company of Indiana?"
"D. A. MofTat. I think."
"Do you know Walter C. Teaglc?"
"Yes." ;
"You said before that Mr. Toaglc waw In
some foreign business. Is that in connec
tion with the Standard OUT
"I understand so."
"Where If Mr. Moffatt's office?"
"I believe It Is at V Broadway."
"Did you ever have a conference with
Mr. Moffatt there?"-
"I have."
"Was It on business connected with the
business of the Standard Oil Company of
Indiana, and did you meet him at 2$
Broadway?"
"I presume that it wa: 1 don't recall
now?"
"You know of the cxlsjonce of the
AVatcrs-Piercc Oil Company of Missouri
do you not?"
Admits Owning "Competitors.
"I have heard of It," replied Mr. Rogers.
Mr. Hadley then rend a question asked
at the previous hearing, which charged
that the Waters-Pierce Company and the
Republic Oil Company and the Standard
Oil Company of Indiaua were doing busi
ness in Missouri in violation of taw
slate's antl-trupt law.
"Is It not a fact that the stock of theso
three companion is held by the Standard
Oil Comnny of Isew Jersey or by some
person or persons in trust for il for n
combination. trust. confederation or
agreement?" the Attorney-General naked,
"My knowledge Is extremely limited as
to such details." answered Mr. Rogers.
Judge Johnson, oue of the attorneys for
the Standard Oil Company, tlfen had it
noted on the record that the Standard
OH Company would admit, for the purpose
of the present litigation, that tho stock
of the Republic Olf Company and the
WatexPlerce Oil Company and the
Standard Oil Company of Indiana was
held In trust by the Standard Oi. Com
pany of New Jermy.
Judge Priest, also counsel for the Stand
ard Oil Company, wild the stock showing
on the stock book of the Waters-Pierce
Company as standing In the name of M.
M. Van Burcn was held in the interests
of the Standard Company of New Jersey,
and that they made that admission for the
purpose of this litigation.
"I don't' suppow the stock la held for
the purposes of this litigation," observed
Mr. Hadley.
"No. the admission Is made for the pur
Mve of this litigation." replied Judge
Priest.
The Standard Oil attorneys had the ad-
(Concluded on Pace )
COMPANY, WHICH BOUGHT THE LEWIS AND CLARK
GROUNDS
NEW SPELLING'S
CHIEF CHAMPION
Carnegie Makes Plea" for Mak
ing the English Lan
guage Easier'
FUTURE WORLD'S TONGUE
New Words and Spellings Adopted to
Meet New Wants Simpler Spell
ing Will Save Children One
Ycars Schooling.
HOT SPRINGS. Va.. March 2t.-Andrcw
Carnegie made a statement today giving
his view on the proposed reform of Eng
lish spelling. He said:
"From Chaucer's time and before till
now. our language has been constantly
changing and improving, not under any
rule or system, but simply as occasion
has required new words and new spelling.
"The groat Oxford dictionary, now un
der publication, gives the history of each
word, and shows that words creep in our
language in the moat haphazard manner.
A now word expresses a new want, or an
old want, better than the word in use did.
and so forces Itself Into use. Nothing can
bar It out. whllo the word Invited with
the strictest rogard to rules may apply In
vain.
Slang Soon Becomes Correct.
"What Is slung one year is correct Eng
lish a few years later. Thus Is our lan
guage enriched. It Is a slow process, but
a steady and sure one. All the struggles
of pednnts and purists are helpless
against It.
"The organized effort I have agreed to.
finance Is not revolutionary, far from it."
Its action will be conservative. Word
after word. It will endeavor to Improve
the spelling and the language. Slowly, of
course, but hastening the pace Is pos
sible. "The editors who are disposd to ridi
cule the effort themselves use words, and
especially spellings, which their predeces
sors of a century ago would have de
nounced as degrading literature. The ed
itors or the next century will, in turn,
marvel at the 'uncouth spelling of our
present scribes.
Should Welcome New Spelling.
"Since our language has been construct
ed through unceasing change. literary
men should welcome new words and new
spellings with favoring eye, since It is by
these alone that further Improvement 'can
come. Scholars denounced 'plow for
'plough.' in one Instance, but 'plow' has
been ncccptcd. So with many words that
will readily occur to the reader.
"Our language Is likely to prevail In the
world, and we may hope It Is to become
finally the unlvcrsol language, the most
potent of all Instruments for drawing the
race together, insuring pence and advanc
ing civilization. The foreigner has the
greatest difficulty In acquiring It because
of its spelling. This is. at least, his chief
obstacle; for Its grammar Is easy.
"Hundreds of scholarly men have
agreed to use Improved spelling for 12
words. These words are already well
C:
Marled In actual- useS Other simplifica
tions will be suggested, until. If meritor
ious, they will be accepted. " -
Save Year's Schooling-.
"Teachers have assured me that chil
dren would be saved raore than a year's
Instruction if our spelling were simpli
fied. Why. the perverse 'ough seilig
should be continued I cannot understand.
We understand tho; It expresses exactly
the same sense as 'though, ami expresses
Um Mtutd setter. Th-t cJuuh k at oce
obviously advantageous and I find many
already using It in writing and some of
these are British authors. Indeed. tho'
with the superfluous apostrophe abounds
In -British authors from Addison down.
We just drop the apostrophe. That tho
will get Into general use is certain. Our
successors will smile at the 'ough spell
ing, as we today at what we called the
queer' spelling of Chaucer.
Make English World's Language.
"In trying to hasten the use of sim
plified spelling and to Improve our own
language for the struggle for first place,
which is even today upon us. we are en
gaged In a most useful work. 1 hope that
thoughtful people will give this important
and progressive form due consideration
and resolve touse at least two or three
simplified wordp. and thus range them
selves with us in our effort to carry on
the unceasing work of Improving our
mother tongue and adapting It for its
noble purpose and high destiny."
SEVEN KILLED BY TRAIN
Farmers Covered Wagon Kttn Down
on Grade Crossing.
SCNBURY. Pa.. March 24. Seven
people met death here this afternoon
when the Philadelphia & Reading No.
3 ran into a farmer's covered wagon at
a grade crossing near here. Only one
In the wagon escaped death. The dead:
WASHINGTON NEIDIG.
rrni's neidig.
MHS. CVRfS NEIDIG.
CLARENCE NEIDIG.
THREE CHILDREN OK MRS. CHARLES
NEIDIG.
The party were returning to their
homes In Rappaho township from this
place. Washington Neidig. who drove,
did not see the engine which struck the
wagon squarely In the middle. The
bodies were carried along for several
hundred yards and were horribly mu
tilated.
CONTENTS TODAY'S PAPER
The Weather.
YESTERDAY'S Maximum temperature. C.l
Oeg.; minimum. 40. rreelpltatlon. trace.
TODAY'S Partly rloudy. Variable winds.
Foreign.
Russia openly declares for France In Mo
rocco alTaJr and Germany raises prates?.
Pase a.
Agreement at Algeclras expeeted Monday.
Page 3.
Czar Davlnc way for coiwtltutlanal mon
archy. Page 13.
National.
House passes anti-hazing bill and Hepourn
scores naval officers. Pase ...
Landts plan for reform in Governing Print
ing Office. Pane 3.
Conferences at White House on Bristol case.
Page '1.
Politics.
Mellen attacks Interstate Commerce Com
mission. Page M.
Grafters' j:o-between exposes their methods
--at Cincinnati. Page
IJncoIn Steffen discusses graft of National
banks. Page 1.
Domestic.
Rosers teMlfles In Standard Olf ca?e and
Standard lawyers admit facts Hartley
wants proved. Page 1.
J. P. Morgan flees from Italy In fear of
assassination. Page -.
Coal mine conference plays waiting game-
Page IX
Carnegie's plea for spelling reform. Page 1.
Crank In Philadelphia- tries to shoot Weav
er's lawyer. Page Jt.
What- Rockefeller's grandson could do with
his fortune. Tage 3.
Rebels In Samar entrap Governor Curry and
capture him. Tage 2.
New York Ironworker confesses attempt to
blow up building. Page o.
Romantic marriage of son of President
Zelaya of Nicaragua. Page
Sport.
II. Kerrigan writes on amateur atit-
, letics. Page IB.
Portland Kennel Club la Incorporated.
Page 16.
Baseball grounds at Stockton flooded
Pare''.
News and notes of the automobile world.
Page 10.
Fl?hters are afraid of Gans. Page 1.
Native son wins Bell stakes at Oakland
races. Page 13.
Sensational bowling at Louisville Congress:
Chicago team leads at week enl. Page
Jay Gould, son of multi-millionaire, w
tennis match. PagV IK.
Pacific Coast.
Eoldemlr In feared among people who at
tended funeral of victims of peculiar
malady at Munkers. Or. Page 3.
Proposal to open part of Cascade reserve Is
not well received In Lane county, rage
John Rtpllnger. defeated candidate far Se
attle Mayoralty, forced to sell his home.
Page A.
Denrlty of candidates for the Oregon Legis
lature. Page 3.
PoiYlanri brother goes to rescue Seattle sis
ter In distress too late to save her rea
son. Page -I.
Commercial and Marine.
Hop dealers making contracts liberally,
Page 33.
Evaporated apples advance at San Fran
tlsco. Page S3.
Wheat half-cent lowejr at Chicago. Page 33.
Strong josltlon of stock market. Page Si
Smalt changes shewn la bank statement.
Page 33.
Large fleet of cement carriers being headed
for Portland. Page H.
Longshoreman meet with fatal accident on
board steamer Cambrian King. Page II
French bark General Neumayer brings r
port of awful storms oft Cape Horn.
Page H.
Portland and Vicinity.
Exposition grounds and buildings bought by
Portland Development Company to- be
used tor manufacturing purposes. Page 1
Flaws In the city charter aid the plutocrats.
Page 10.
Blasting of Castle Rock will seriously delay
construction of North-Bank Road.
Page 11.
Demand for realty continues to grow,
Page 17.
Change In charter of Pacific University
makes It nonsectarian. Page 21.
Judge Marauam asks rehearing of Supreme
Court. Page 0.
NoLsy prisoner In Jail beaten by cellmate.
Tage 21.
Featare a ad Depart hi cuts.
Editorial. Page .
Church announcements. Page 31.
Classified advertisements. Pages 17-23.
George Ade la pastures new. Page 3S.
Arralcis girl extracting a fortune from the
public Page 41.
Tears do not cause wrinkles. Page 13.
Where family expenses are $230,000 a year.
Page 44.
"Thirty years of the telephone. Page 45.
Centennial or Pikes Peak. Page 43.
Frederic J. Haskln's letter. Page 40.
Recollections of George H. Williams.
Page 43.
Fifty years of street railroading. Page 43.
Xisa Tingle's cooking lesson. Page .43.
Uncle Sfkm as a peacemaker. Page 39.
Seek reviews. Page 34.
Secktl. Pages 28-27.
Dramatic Page -S-
Mwskal. Page 29.
The Raeievelt Sear. Page I :
HetweheH and faWse. Paxea 12-43.
Ysttta's srtmtat. 2ae 17. '
L BUNKERS
t BIG GRAFT
Public Funds on De-
positDrawNolnterest
PARALLEL IN CINCINNATI
Banks There Paid Treasurer
for Use of County's Money.
DEPOSITS EAGERLY SOUGHT
Secretary of Treasury Shaw Ex
plains That Dunks Arc Unable
to Give Bonds as Security
and Pay Interest, Too.
WASHINGTON. March 23. OpecialCor
re-spondence.) Out in Cincinnati a com
mittee of the Ohio State LcRlsIaturc has
been invc.stitra.ting the methods of ex-Boss
Cox. Tills committee seems to have be
gun about where most investigators leave
off; with the financial system that is back
of all political organizations. The first
Inquiry in Cincinnati was into the rela
tions of the banks to the city and county
treasuries, and the result was received
with many manifestations of amazement,
in Ohio and elsewhere. Just why anybody
anywhere (in the United States) should
have shown surprise Is not perfectly clear.
Cincinnati knew the facts lonjr af?o: pcoplo
out there told me about them in 1904 and
1505. What went on there has sonc on in
other cities and counties and states. And
It goes on here in the United States.
The Cincinnati disclosures showed. In
brief, thnt the local banks had the use of
the county's funds without compensation
to the county. The National banks' have
the use of United States funds all the
time and they pay nothing; to the Govern
ment for the public moneys. In Cincinnati
the unounts were comparatively small.
Oue bank there hadIOO.'wW: another, jill.
S33.71. which rose sometimes to $S0O,0':
another bank "an average of $2S0,C00." and
so on. A report of the Secretary of the
United States Treasury says that in the
midsummer of 1S92 the balances of the
United States funds In depository banks
were "reduced to their normal average.
J13.000.000." On .March 4. 1S37. 156 National
banks held $15,000,000. That was near the
"normal average." Special transactions
raised the deposits later In that year, first
to J37.714.217. .then to J4D.182.717. But by
Jlay. 1S3S. these deposits had been reduced
again to J28.ono.X. Then came the war
with Spain and another exceptional period
which raised the amount to J94.000.CCO.
Then came exceptional prosperity, which
required the use of public moneys in pri
vate business, and after that a period of
apprehension which required the Govern
ment to come to the relief of the money
market. "by no means a new thing," as
Secretary Windom said.
Wall Street Xot Tor Payinp.
And not a bad thing, in itself. It is ab
surd to have millions stacked up In the
vaults of the Government when a nation
has need or use for money. But why
shouldn't the public's millions be paid for?
"Oh." exclaims Wall street, "that's a.
dreadful idea." I can't see why. I was a
Wall-street reporter for a couple of very
strenuous years, and I have heard, and
written, and felt, the gratitude of "the
public" when J. P. Morgan or a group of
patriotic bankers got together and
smashed a soaring money market by lend
ing their good (depositors') money down
to 13 and 20 per cent when the prevail
ing rates were 73 and 100 per cent. Of
course they began . to offer their good
money at 75 and 100 per cent, but they let
It out on the scale down all the way to
15.
Nevertheless, this was noble and busi
ness was relieved. But also I have waited
for and run to the telephone with, the
good news that the Secretary of tho
Treasury had come, in those same crises,
to the relief of the market in the same
way except that he did not lend, he "de
posited" funds. And he did not cfiarga
Interest: the depository ' did. Why
shouldn't the Government have had soma
profit out of its nobility?
Can't Quote the Secretary.
There are reasons, and the Secretary of
the Treasury explained them to me. Ha
wouldn't let me quote him. I find T may
ask questions In Washington, all I please,
and they will answer them. They will tell
me anything I want to know, almost, but
upon one killing condition I must not tell
you. So the Hon. Leslie M. Shaw gave ma
half an hour of his valuable time to ex
plain that the public must not be paid
anything for the profitable use by bank
ers of public moneys, and I couldn't un
T
derstand. They were all familiar reasons,
too, the Same that 1 used to hear In Wall
street. Any banker will give them to you,
and you may be convinced, but I wasn't.
The Secretary was quite put out with me
over it; he said so plainly, very plainly.
Sir. Shaw Is "another Abe Lincoln." There
are several public men besides Mr. Speak
er Cannon who. because they have some
of the faults of the great President,, are '
called by his name. Seems to me Mr.
Shaw's own name describes him better,
but he is called "another Abe Lincoln."
and as such he expressed his impatience,
and I didn't mind. All that troubled me
was that when I left him I had but one
good reason why the United States Treas
ury should lend out to the banks at no in
terest some J15.00O.O06 to J2&.OCO,0G0 which
the banks lend eut at call rates or better.
An4 that reasoa I knew before I called.
(CMctofed es Page 19.1
Mr