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About The morning Astorian. (Astoria, Or.) 1899-1930 | View Entire Issue (March 18, 1908)
La Foliette on Finance (Continued from page 1) 'f Such a statcmennt without support in fact warranting it would deserve condemnation. To withhold such statement, to shrink from plain speech setting forth the facts insofar as they can be uncovered is in the discussion of this legislation a plain public duty." He recounted in vivid language his tiews of the events of October 24, when Wall street was in the throes of the currency stringency. For' the first time since the panic began, 11:30 a. m. o'clock arrived and everybody on the floor of the Stock Exchange was wildly seeking money at any price. Interest rates which had for several, days ranged from 20 to 50 per cent began to climb higher. Sentiment must be made before o'clock. Money most be forthcoming r the close of the business day would ice Wall street a mass of ruins and banks and trust companies on the bring of collapse. "How perfect the stage setting. How real it all seemed. But back of the scenes Morgan and Stillman were in conference. They had made their presentations at Washington. They knew when the next installment of aid would reach New York. They knew just how much it would be. They awaited its arrival and deposit There upon they pooled an equal amount and held it. Then they waited. In terest rates soared. Wall street was driven to a frenzy. Two o'clock came and interest rates ran to 150 per cent The smashing of the market became terrific Still they waited. Union Pacific declined tea and one- half points; Northern Pacific and other stocks went down in like pro portion. Five minutes passed ten minutes past 2 o'clock, then at pre cisely 2:15 the curtain went up with Morgan and Standard Oil in the cen ter of the stage with money real money, twenty-five millions of mon ey giving it away at 10 per cent. "And so ended the panic "How briefly it all worked out. They had the whole country terror ized. They had the money of the de posits of banks of every state in the Union to the amount of five hundred million, nearly all of which was in the vaults of the big bank groups It supplied big operators with money to squeeze out investors and specula tors at the very bottom of the de cline, taking in the stock at an enor mous profit In this connection the operations of Morgan and Standard Oil furnish additional evidence of the character of this panic We have record proof of their utter contempt for commercial interests not for the country generally but for legitimate trade in New York City as well "The Morgan and Standard Oil banks," he said, "pursued in that critical moment, the course of the speculating bankers. "They ministered," he said, "to the needs of Wall street, quite deaf to the needs of commerce. Their course was that of men who were playing with the credit of the country for purpose." Mr. La Foliette reviewed the growth of industrial re-organization from the year 1898 which he said saw the beginning of that movement. "These re-organizations were at the outset limited to those turning out finished products similar in kind," he said. witnin a period ot three years following 142 re-organizations were effected. In making those re-organizations the opportunity for a large paper capitalization offered too great a temptation to be resisted. This was but the first stage in the crea tion of fictitious wealth. The success of these organizations led quickly on to a consolidation of combined in dustries until a mere handful of men controlled the commercial produc tion of the country. The opportunity to associate the re-organization of the industrial institutions of the coun try with banking presented itself. Such connections were a powerful aid to re-organization and re-organization offered an unlimited field for specula tion. It was a tremendous tempta tion." He discussed the economic devel opment of the country and laid es pecial stress upon the growth of financial combinations. "The bare names of the directors of the two great banks groups (Standard Oil and Morgan) given in connection with their business as sociations is all the evidence that need be offered of the absolute com munity of interest between banks, railroads and all the great industries," declared Mr. La Folette. "There are 23 directors of the Na tional City Bank (Standard Oil). There are 39 directors of the Na tional Bank of Commerce (Morgan). Examination of these directors shows1 that these two groups are being knit together in business associations surrounding their full indcntification. "Subject to differences which may arise between powerful individuals of these different groups, resulting in occasional collision, they are practi cally a monopty and as so far as the public is concerned, practically one group. The business partner of the head of the Morgan group is found on the directorate of the chief finan cial institution which heads the Stand ard Oil group. And one of the lead ing directors of the National , City Bank (Standard Oil) is a member of the board of directors of the principal financial institution of the Morgan group, The directors of the leading organization comprising the two prncipal groups are bound together in mutual interest as shareholders in the various industrial concerns which have been financed by one or the other of these groups in recent years. "I remember that these 52 men who are directors of the two important banking groups are not additional to the list of less than 100 to whom T have referred as controlling the in dustrial life of the nation, but a part of it "Fourteen of the directors of the National City Bank are at the head of 14 combinations representing 38 per cent of the capitalization of all the industrial trusts of the country. "The railroad lines represented on the board of this one bank cover the country like a network. Chief among them are the Lackawanna, the Chi cago, Burlington and Quincy, the Union Pacific, the Alton, the Missouri Pacific, the Chicago, Milwaukee & St Paul, the Chicago & Northwest ner, the Rock Island, the Denver & Rio Grande, the Mexican National, the Baltimore & Ohio, the Northern Pacific, the New York Central, the Texas & Pacific, the Erie, the New York, New Haven & Hartford, the Delaware & Hudson, the Illinois Central, the Manhattan Elevated of New York City and the Rapid Tran sit lines of Brooklyn. These same 23 directors, through their various con nections. represent more than 350 other banks, trust companies, rail roads and industrial corporations, with an aggregate capitalization of more than twelve nunarea million dollars." Speaking of the great stories of money in new xorK in connection with various industrial institutions, Mr. La Foliette continued: "With this enormous concentra tion of business it is possible to ere ate artificially periods of prosperity and periods of panic. Prices can be lowered or advanced at the will of the 'System'. When the farmer must move his crops a scarcity of money may be created and the prices lower ed. When the crop passed into the control of the speculator an artificial stringency may be relieved and prices advanced, and the illegitimate profit raked off the agricultural industry may be pocketed in Wall street. "If an effort is made to make any one of these great interests obey the law, it is easy for them to enter into a conspiracy to destroy whoever may be responsible for the undertaking." He severely criticized the provision of the Aldrich bill by which railroad bonds are to be made security for emergency circulation, and charged that it was a scheme to defeat legis lation which might lower railroad rates. As a common carrier , said -Mr. La Foliette, "the railroad company is entitled to charge- sufficiently high rates to pay operating expenses and a reasonable fair return upon the fair value of the property which it uses for the convenience of the public. This is the Standard and the only standard by which to measure reason able rates. To secure the application of this standard to the railway rates of the country has been the object of a struggle extending over many years. The courts have sanctioned it. The Interstate Commerce Com mission has urged it upon the atten tion of congress and common justice to the public interest demands it Tried by this standard, if a railway company has grossly over-capitalized its property it cannot rightfully itn pose upon the public a transporta tion charge to pay any return or divi dend upon this fictitious capitaliza tion. It does not signify that the pub He have not yet been able to secure the application of the standard to the rates of the country. Their cause is just and its defeat from year to year has been accomplished Only through the powerful influences which the great transportation companies of the country and those interested in their securities have been able to success fully to exert in preventing legislation. "Today, we are confronted with the astounding proposition that con gress shall hold out legislative induce ment for the exaction of transporta- BACKfCHE IS WEAK KIDNEYS IS NATURE'S DANGER SIGNAL -THIS SIMPLE PRESCRIP TION OFTEN PREVENTS SER IOUS KIDNEY DISEASES. More people succumb each year to some form of kidney trouble than any other cause. The slightest form of kidney derangement 'often develops Bright's kidney disease, diabetes or dropsy. When cither of these dis eases are suspected the sufferer should at once seek the best medical atten tion possible. Consult only a good, first-class physician, leaves patent medicines alone. There are many of the lesser symp toms of kidney trouble which can be treated at home is stated by a well known authority. For some of these such as backache, pain in the region of the kidneys, weak bladder, fre quency (especially at night), painful scalding and other urinary troubles, try the following simple home rem edy: Fluid Extract Dandelion one half ounce, Compound Kargon one ounce, Compound Syrup Sarsaparilla, three ounces. These simple ingred ients are harmless and can be obtain ed at any, good prescription pharm acy and anyone can mix them by shaking well in a bottle. The dose for adults is a teaspoonful after each meal and again at bedtime. There is no better general remedy known to relieve all forms of rheuma tism either, because it acts directly upon the kidneys and blood. It cleans the clogged up pores in the kidneys so they can filter and strain from the blood the poisonous uric acid and waste matter which if not eliminated remains in the blood, decompose and settle about the joints and muscular tissues causing the untold suffering and deformity of rheumatism. Backache is nature's signal notify ing the sufferer that the idkneys are not acting properly. "Take care of you kidneys," is now the physician's advice to his patients. tion charges which shall net a con tinuance four per cent dividend on railroad capitalization. It is idle to say that this measure is limited in its scope; that it has reference simply to a limited issue of railway bonds, as security. He is blind indeed who does not see the ultimate effect of a pro position which directly or indirectly raises a standard for the payment of a fixed dividend upon railway capitali zation without regard to the valuation of the property. The certain effect of this action by congress is to stimu late evesy-raikoad company within the purview of this statute to main tain the position of its bonds within the favored class and every other railway company to qualify at the earliest possible moment for admis sion to the favor class. It is plain, sir, as the noon-day sun that the di rect effect of this proposition is to advance railroad rates, and it will indemnity the government with a maintenance of rates in all cases where it has accepted railway bonds for current circulation." He insisted that the Interstate Commerce Commission is not em powered to ascertain the value of the physical property of the railway com panies of the country and strongly favored such a valuation as the only means of hxing railroad rates. "When once the government in vites the national banks of the coun try to invest in them for the patriotic purpose of averting financial disas ter these railroad bonds will become sacred paper," he said. "The good faith of the country will be pledged to defeat any legislation that suggests disturbance of the four per cent dividend upon the stocks. The Sena tor from Rhode Island will be heard in solemn warning. "He will be told that the bonds were bought by the banks not to make money, but to be held in readi ness to protect the credit and com merce of the country; that bond mar kets are easily disturbed; that such security is delicate and sensitive; that legislation menacing dividends even upon grossly watered stock would alarm the holders of these bonds and force them upon a falling market at great sacrifice, possibly producing panic and leaving the banks but par tially prepared to take out emergency currency. "Could any plan be devUed which would be effective in blocking the way of legislation for valuation of the physical properties of ' railroads and defeating the final reduction of rates to a justifiable basis." CLASSIFIED ADVERTISEMENTS SITUATION WANTED. WANTKD-POSITION AS COOKS in a logging catnu for man and wife. Address "C.,B Astorian Office. TOR SALE. FOR SALE-TWO LOTS, 751S0 feet; in Chinook; will sell lor $1500; a bargain. Address Clu. Eklund, Chinook. 3-15-2w. FOR SALE FURNITURE OF A 5-room house; all ready to move into; low rent; centrally located. ' WESTERN REALTY CO., ; 172 Tenth St FOR SALE THE STOCK AND fixtures of a general store located few miles from Astoria; very clean stock, and will invoice about $7000. Particulars at ' WESTERN REALTY CO. ONE HUNDRED-ROOM HOTEL for sale; doing splendid business; good opportunity for first-class hotel man. WESTERN REALTY CO. FOR SALE-ONE-QUARTER OR one-half interest in a summer re sort hotel doing a fine business; over 100 rooms and always engaged 'way ahead. WESTERN REALTY CO. FOR SALE -THE FURNITURE of a large lodging house; rooms always full; low rent WESTERN REALTY CO. FOX RETT. FOR RENT 2 UNFURNISHED office rooms, near court house. In quire 386 Commercial street, up stairs. 2-7-tf. FOR RENT OR FOR SALE-NINE room house, cor. Jerome and 17th streets. Apply to Capt Ferchen, 330 17th street 2 2tf. PROFESSIONAL CARPI ATTORNEYS-AT-LAW CHARLES H. ABERCROMBIE Attorney-at-Law City Attorney O ffices : City Hall JOHN C McCUE Attorney-at-Law Deputy District Attorney, Page Building Suite 4. HOWARD M. BROWNELL Attorney-at-Law Office with Mr. J. A. Eakin, at 420 Commercal St., Astoria. DENTISTS . DR. VAUGHAN Dentist Pythian Building, Astoria, Oregon DR. W. C LOGAN Dentist Commercial St Shanahan Bldg. OSTEOPATHS. DR. RHODA C HICKS Osteopath Office Mansell Bldg. Phone Black 2061 573 Commercial St., Astoria, Ore. BUSINESS DIRECTORY. RESTAURANTS. TOKIO RESTAURANT. 351 Bond Street Opposite Ross, Higgins & Co. Coffee with Pie or Cake 10 Cts. FIRST-CLASS MEALS Regular Meals 15 Cts. and Up. PROPOSALS. , U. S. RESTAURANT. 434 Bond Street " Coffee with Pie or Cake, 10 Cts. First-Class Meals, 15 Cts. PROPOSALS FOR BEEF AND mtton. Vancouver Barracks, Wash. March 17, 1903, Sealed proposals for furnWhlng and delivering fresh beef and mutton for six months beginning July 1, 1908, will be received here and at oflices of commissaries at FORT STEVENS, ORE., BOISE BAR RACKS, IDAHO, FORTS CASEY, COLUMBIA. FLAGLER, LAW TON. VANCOUVER. WALLA WALLA. WARD. WORDEN and WRIGHT, WASH, until 10 A. M., April 16, 1908, and then opened. En velopes containing proposals should be indorsed, "Proposals for fresh beef and mutton to be opened April 16, 1908," and addressed to commis sary of post to be supplied, or to Lieut-Col. GEORGE B. DAVIS, Chief Com'y. vmnxuaxa. J. A. OILDAUUII ft CO., Undertaken and Ktutmlmera. ill ill III r ' ' ' I t Experienced Lady A awls tun t r ; WbeiiDealred. . . MASSAGINO. Massaging IN ALL ITS BRANCHES; WARM baths if necessary; thorough com petency is assured. MRS. M. HEYNO, 87 W. Bond Street, Astoria. FURNITURE. Calls Promptly Attended Dnj or Night. Tistton Bdir. 1 ft hand Duane HU AHTOUIA, OUE.UON lMionoMliiatll BOAT BUILDER, T, L. Driscoll BOATBUILDING AND REPAIR. INO A SPECIALTY. 22nd and Exchange Street TRANSPORTATION. The "K" Lint i PASSENGERS Hildetrand & Gor Our clearing sale runs the year through, BARGAINS AT ANY TIME 467 Commercial Street. ..'XIU1 IUJI HOUSE MOVERS. LAUNDRIES. Those Pleated Bosom Shirts The kind known by dressy men in the summer, are difficult articles to launder nicely. Unless you know just how to do it, the front pleats won't iron down smooth, and the shirt front will look mussy. Our New Press Ironer irons them without rolling or stretching. Try it TROY LAUNDRY, Tenth and Duane. Phone Main 1991 PILES CURED IN 6 TO 14 DAYS. PAZO OINTMENT is guaranteed to cure any case of Itching, Blind, Bleeding or Protruding Piles in 6 to 14 days or money refunded. 50c FREDR1CKSON BROS.-We make a specialty of house moving, car penters, contractors, general Jobbing; prompt attention to all orders. Cor ner Tenth and Duane streets. HOTELS. HOTEL OXFORD Sixth and Oak Strs., Portland, Ore. A strictly modern hotel In center of business district; suites with or without private baths, running hot snd cold water in every room; plenty of free baths. Rates $1.00, $1.50 and $2.00. VICTOR BRANDT, Prop. HOTEL PORTLAND Finest Hotel in the Northwest PORTLAND, ORE. European Plan Only. H. C BOWERS, Manager. CABINET MAKERS. New Upholstering Shop First-class work guaranteed. Up holstering and cabinet work nicely and neatly done. Furniture of all kinds repaired. Prices right. 164 8th St., bet Coml. and Duane Sts. J. H. BOWLSBY. FISH MARKET. FREIGHT Steamer - Lurline Night Boat for Portland and WayLandlngV Leaves Astoria dally except Sunday at 7 p. m. Leaves Portland Daily except S tufty at 7 a, m. Quirk Service Excellent Meals Good Bertha Landing Astoria Flavel Wharf. ' Landing Portland Foot Taylor St G. B. BLESSINQ, Agent Phone Main 2761. TRANSPORTATION. pANADIAN PACIRIC 'TlM PRIM" Line of the Atlantic LESS THAN FOUR DAYS AT SEA During the summer season, the Empresses sail from Quebec to Liver pool; fast and luxurious. Nine hun dred miles in sheltered waters of the St, Lawrence River and Gulf. Short ocean trip. Use this route and avoid sea sickness. , Summer sailing lists and rates now ready. Apply to any Ticket Agent, or James Finlayson, Agent, Astoria, Or. Seatte Fs He 77 Ninth St., near Bond Fresh and Salted Fish. Game and Poultry. Groceries, Produce and Fruit Imported and Domestic Goods. P. Bakotitch & Feo, Proprs. Phone Red 2188 WINES AND LIQUORS. Eagle Concert Hall (320 Astor Street) ' Rooms for rent by the day, week, or month. Best rates in town. P. A. PETERSON, Prop. PLUMBERS. .1 PLUMBER tsa i Heating Contractor, tinner -AND- Sheet Iron Worker ALL WORK GUARANTEED , 425 Bond 8treet r O SPICES, 6 turtbteTEA BAKING POWDER. FL0R.i ,G EXTRACTS A&oluh Purify. FlrttstFlivar. CUSSET&DEVIBS PORTLAND, O&EQON. MEDICAL. Unprecedented Successes' ef OR. G- GEE VO THE GREAT v CHINESE DOCTOR Who is known throughout the United states on account of aia wonderful mm. No poison or drugs used. Be giurw 1 tees to oure catarrh, asthma. lun mm throat trouble, rheumatism, nervousness), stomach; liver and kidney, female com plaints and all ohronte diseases, J , SUCCESSFUL' HOME TREATMENT. If you cannot call write for symptom blank and oiroular, inclosing 4 eente la stamps. "." THE C GEE VfO MEDICINE CO. 1(21 First St., Corner Morrison, ( PORTLAND, OREGON. Please mention the Astoriaa.