THE OREGON SUNDAY JOURNAL, PORTLAND, SUNDAY MORNING,' MARCH . 4, .1017.
S15fQQ0 FEE AWARDED
COLOMBIA FEELS ITS
relatively less attention than It Is en
titled to. . ; -:
They say their republic la richer in
natural resooircea than-any other stmt
in South America,, -
Their theory is - that outsiders sup
pose the country to be a revolution
lorn little place with a climate that A
white man cannot lira in, a semi-aboriginal
population and a location whlcn
only a geographical shark can find on
tha map. t ;
They want If understood that they
have a stable government . now, that
moral they draw from this la that a
saving of 15 to 20 days Is a might)
Important consideration - if , they - can
furnish everything and have a capac
ity for consuming everything that Ai
gentina can furnish and Is prepared to
consume. -
They declare they can not only li
the former but a great deal more toj,
for they call attention to the fact thai
Colombia is tremendously rich in min
as a matter or fact exist. Is a couple
Buenos Aires and Rib de Janeiro. In-.?
atead of a city which few NortA
Americans have ever heard of. as t
preaent. - . , ,
'It la admitted that what the coun- V
try needs Is development. For de
velopment it needa capital. North
American capital is the kind tha Co
lombians are looking for. They pre
fer It to European capital, even '
they can get the latter, which they are '
not sure about now. on account of tha
of hundred miles runner sou in. ids
ON TRADE COMMISSION
idea is to do the cattle breeding ana
to find a range for the animals in thl j
southern country a kind of Colombian
Texas and then . drive them over
mountain roads to the vicinity of Rar
ranquilla, there to give them the final
fattening, to alanghter 'and freexe the
meat and to ship from Barranqull'a
to New Orleans. The Colombian norti
coast lacks the packing . houses at
present, however. It wants them.'
Transportation Zs Yeoeasary.
CLAIMS DESERVE MORE
RECOGNITION IN U.S.
L
erals, some of them, like emeralds
and platinum, of . a very rare kind.
"The trouble with Eurone.n mi -
Cattle and Oil Beaooxc.
. ' .t.
their climate, is excellent, thanks t?
the country's altitude, except in a few
strips and spots:- that the people are
Leaving thla class of resources oat
The oil region is about 200 miles.
as one prominent Colombian her ex
pressed it the other day "la ihat it's
Cf .n""'at,v- Il nttel7 satU-
Sherman Whipple, WhoVRep
resented the Congressional
'Committee, Gets Big Sum,
PROCEDURE IS EXPENSIVE
Resources of Cattle and Oil
Cited as What Country Has
to Offer; for Exploitation.
of the discussion, however, two things
also roughly to the southward, from
Barranquilla. Colombians have expert
as civilised aa any on the continent,
that the republic is considerably mor
than twice as large as the German
empire, and that 'no other land on
earth, to say nothing of South Amer
ica, offers such a field for profitable
development.
Proximity Is Emphasised.
One point upon which . they dwell
with special emphasis is that their
main port of Barranquilla is only bit
days' sail from New Orleans, as com
pared with the 21 to 28 days which
are required for a voyage, for Instance,
from Buenos Aires to New York. Tht
now are the republic's possibilities'
backing for their declaration that it la
one of the richest oil countries in tha
world. Its only drawback, they sav.
is that means of transporting the. oil
u wnu o per cent interetJ It likes
prospect, that have alreadT been de
,h American. t abo
f cnl- To et high a rata
rk V ene J development
work. Development is what Colombia
has got to have. Therefore we prefer
investors from the L'nlted States.
A Severe Sentence.
London. March J. (V. P. ) Con
victed of the theft of six shillings.
Johnny Arburton, , was sentenced to
stay away from the "movies" for two
years. .
a cattle and an oil country.
There la a big cattle region to the
southwest ward of Barranquilla. al
most in the city's doorysrd. It isjHi:i
pretended that this section has hel
are lacking. Philadelphia and Pitts
burg capital Is already Interested 1 1
the fields and its representatives are
talking of putting a pipe line to the
port. The Colombians are in a bl-i
hurry to have this done.
When it becomes the receiving cen
ter and the shipping point for all tho
country's cattle and oil. they assert
that Barranquilla will be one of the
world's great porta place to rlvsi
Buenos ' Aires, , March 8. (U. P.)
Without In the least Implying that
the countries of Argentine. Brazil and
Chile are getting any too much con
sideration in connection witti plans by
the United States for pan-Amerlcen
trada development, - Colombians con
numbers of cattle, or, for that matte',
that It, is big enough to furnish the
meat there is a demand for in the
United States. The fact is emphasised,
however, that it is an admirable dis
trict for the feeding purposes and the
production of a fine quality, of beef.
XAwton Charges Discovered to Be Tn-
founded; Keport . Exonerates Man
Whose Barnes Were Dragged
The place where there is room for
tend that their own land Is getting
huge herds and where such herds do,
10
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Aflone
INQUIRY
INTQ
EAK
CHARGES
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! Washington, March 3. (WASHING
TON BUREAU OF THE JOURNAL.)
-Tha report of the house committee
tin rules in the so-called leak Investi
gation ends an episode which has
loomed large In the public mind, and j
; has yielded practically nothing:.
: If the investigation never had been
' field the effect would udoubtedly have
):ean bad, for the broad imputations of
Thomas W. Iwon had created tm
- preaaions which virtually left con
gress no choice. Even after Uwson
had failed to present anything more
than gossip In support of what he had
broadcasted, it is clear that a mis
taka would have been made if the
inquiry then had been closed.
' There would have been a. cry of
"gag:," and people who are always
willing to BUBpect public officials
would have said that farts were he
wing , suppressed. To have closed the
investigation at the time once pro
posed by Chairman Henry, it can now
i clearly b st'en,- would have been a
blunder. Each rumor had to be In
dividually chased to its lair.
Attorney B.celv.a $15,000.
.All of this costs money. The com
mittee expects that its total expense
bill will be around $50,0J. Included
In this is 115,000 paid to the commit
tee's attorney. Sherman L. Whipple of
- Boston. That fee was agreed upon
and aUtrtorted by all members of the
..committee, and includes the compen-
nation of Whipple s assistants.
There was a division of opinion in
,tb committee when Whipple was
hired aa to the necessity of employ
ing any lawyer, but the majority was
- strongly in favor. Members pleaded
that a strong cross-examiner should
be" hired, who could devote all his
time to tho work. Kaoh congressman
ha ao many irons in the fire that he
considers it a hardship, if not an im
possibility, to give up his time to
. noma outside matter. .
. The substance of the committee's
report la that there was In fact a leak
. on the president's peace note, derived
from Information furnished by two
' newspaper correspondents, who acted'
outside the ethics of the profession;
but the committee was unable to find
that the firms receiving this lnforma
. tion profited from It, and no informa-
tion waa obtained to show that any
person, connected with official life
peculated on the strength of it.
- Xewson's Charges Unfounded.
' "Not one of the charges of the wit
ness "Liawson," says the report, "was
sustained by the evidence. His every,
statement In support off them proved
to be founded either upon pure lmagi-
nation, or idle, irresponsible or ma
licious gossip." ?
No testimony was secured that in
t any way reflected upon J. P. Tumulty,
the- president's private secretary.
Nothing was founi to indicate that. R.
Wllmer Boiling, the president's broths
. er-in-law, had any advance lnforma
- tion Of the note or was Interested in
any stock transaction during tha week
it was made public. The gossip con
necting the name of Secretary Mc
.. Adoo with stock market transactions
rested upon no foundation of fact.
The committee did fjnd that vast
opportunities for shady) profits arise
from "short selling," a 'practice con
demned by the better class of brok
ers, bat countenanced by the usages
of, the stock exchange. Tha commit
tee' thus explained the situation:
" X&stanoe of "Selling Short."
- "Under the terms of the contract
whlch a customer who buys upon
margin 1 expected to sign, and by
tha usages of the stock exchange, the
broker has a right himself to use the
customer's stock to deliver to make
. good his own short sales, or to loan
- his customer's stock to other brokers
to enable such other brokers or their
UVVWAi 8
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1 " 7 11 IT
it I v II ! t I
m i . . .szjs xii
William B. Colver, publisher of the St. Paul Daily News, whom Presi
dent Wilson has Just appointed member of the Federal Trade
commission, Is described in a statement from the White House to
be "a man of unusual familiarity with economic, social and polit
ical conditions. He has had Washington experience as a corre
spondent in the press gallery. He believes the commission will
have accomplished a great work if it can get at the real cause
of high prices and reduce some of the , waste which he believe
largely responsible for present conditions.
customers to make' delivery in ac
cordance with their 'short sales.' To
illustrate by concrete example:
"The firm of E. F. Hutton & Co.
on December 20 had a right, under
this contract with their customers and
the usage of the stock exchange, the
moment they neceived advance knowl
edge of the president's note, to sell
short' the entire 325,000 shares or
fidential state papers before they are
printed. The president's note passed 1
Ihrnlltrh thA hanila rf riftt 1.M than I
30 people from the state department
to the printing office.
Several newspaper correspondents,
it was developed, have received regu
lar pay from brokers to keep them
informed as to important news in
Washington. One man, representing
stock which they were carrying f or j the Washington Star at the White
ineir customers ana io utmcr huubd, rctciveu i a. murim irura j
identical shares In fulfillment of their
own 'short' sales.
J Tney could then on! the following
day. when tha market had fallen off,
th. n1..Hn.,a rfov nnrt ' 100 a month from a firm of brokers.
thereby reap the profit represented by , but " appears he had no part in,
each ef two brokerage houses, and he
it was who sent two of the messages
that provoked the leak investigation.
Another representative of the same
newspaper testified that he receives
the difference in the prices' at which
they had sold on the -twentieth and
repurchased on the twenty-first. Ir
the difference in price was only a
single point, the profit realized would
have been $525,000. If the difference
happened to be as much as 10 points,
the profit realized would have been
$3,250,000. It is to be observed that
the measure of the profit of the
broker in such case would be the
measure of the loss of the custom
ers." Marginal Purchases Frowned tfpon.
Because outside of thd scope of
what it had been directed to report
upon, the committee made no recom
mendations on this variety of stock
Jobbery, but Inferences from the re
port are plain. There .Js this preg
nant suggestion:
"Without marginal purchases 'short
sales' would not ba made, and without
short - sales and marginal purchases
spreading reports as to the presl
dents note.
Newspaper Ken Take Action.
The great body of newspaper cor
respondents at Washington have no
more tolerance for such conditions
than members of congress, and steps
have already been taken to purge the
national press gallery from suspicion
on such account. At a meeting of
accredited correspondents revised rules
were approved by unanimous vote,
under which correspondents accepting
employment of this character will be
barred from the privileges of the
press gallery.
The revised rules go much further
than that. Any outside business or
press agent connection must be re
vealed to the standing committee of
correspondents, which acts as the
agent for congressional regulation of
the galleries, and that committee will
rule whether any "side occupation" of
a correspondent is one that conflicts
speculation in the stock: market would with his obligation as a newspaper
practically, come to an end.'' man.
Another suggestion made is- that , ,
too many people have access to con
Conclude your evening of, en
joyment by being one of the
"A fter-the-operh' 'Assemblage
i. at
the Multnomah Hotels
Delightful Supper Dances
In the Attractive
Arcadian Gardens
a la Carte Service
Music by the j
Royal Purple Orchestra
Table Reservations Suggested
5:30
to
8 o'Clock
Sunday . Dinner
Temptingly Served
One Dollar
Special
Music
I
Multnomah Hotel
Grant Smith & Co., Owners.
Eric ; V. Hauserv Pres. H. H. Cloutier, Mxr.
Argentine President
sum. To on AVii "d.itj
I
When 7ae Finds High Army Places Oc
cupied by Political Enemies, Br. Xrl
royes. Promptly Kemores Them.
Buenos Aires, March 3. (U. P.) As
an expert on revolutions for he him
self spent a large part of his life as a
conspirator and revolutionist Presi
dent Irigoyen has been quietly taking
precautions , to prevent any govern
mental overturning during his own, six
year term. . And he did it so cleverly
that only now is the public beginning
to realize it.
There have been predictions that his
radical program would lead to a revo
lutionary outbreak. Revolutionary
methods have been openly advocated In
connection with some of the recent
strikes in Argentina,
The nresident'a theory In thut h on
hold his own while the army Is with
him. On a peace basis, it is only
about 17,000 strong, but even this Is
not so bad, in a country of 7,000,000
to 8,000,000 population.
Long ago, when he was an anti-government
conspirator Irigoyen won to
hts views the rank and file and lower
grades of commissioned officers. Gov
ernment after government, however.
took pains to see that Irigoyenlsts
were not promoted. So. when he as
sumed office as president. Irigoyen
found the army top-heavy with men in
the chief commands who were his po
litical opponents.
! Nobody noticed It at first, but he had
' hardly taken the oath of office before
he began detaching,1 these officers from
positions where they really controlled
men and landing them In clerical posi
tions in the capital or assigning them
simply to "await orders." In their ab
sence their underlings were lifted Into
the higher rank?, either by means of
out-an-out promotions or as "acting
commanders. -
!. III!
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