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.