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title: 'The sun. (New York [N.Y.]) 1833-1916, January 17, 1913, Page 2, Image 2',
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THE SUN, FRIDAY, JANUARY 17, 1913.
Tfi Milne exttli'
! I It IIMl lll ! "i IIKIH.'.ril tb.tf
tin; ,in th ! nli . t il Kill 1 1 ! mi'
imt to I"- Inti tO H'.l with A t think
lli.lt l KilltiK ll tut Inn f.ir, bei'lHIsi thele
s IITI ril'lll.'lltl llltl'l fl'll'tll'e HI' ill
ll lllpli ll llltl'l feretlt e '
'! IIm tlieie ever bet ti :itiy Interference
wild .win ccliilv civ b.iinllInK til" Issues
r til" I'lllon I'.ielllc III tin' last ti'tl Nell.',
v tti mpt Mm ! been nutil" I
IJ II. x lltl.v bnily "I"" ll.lllillril allV lift
'In i until i .M til" Inst Imi xe.irf' A I
t llll IIMl IhHll. Ml I
) HI hut Hh lmil other III. Hi MiitK.tll!
i'ii b.tlnllcil tie seem i f"i nf tin1'
'nttlnTM llitllvv.iv hi tin' Steel Cnrl'iir.i .
in-. i ui tin New IIhvmi iiihiI or tin New
Imu I'mtiiil ! ;im mi.- nf tin- min
Miter lll.i Willi Ubllll tlll'V h.lVi' I" I'll I
.i-ntini'.i" w .. niii !. t .i r Mnrcin a '
i i. In tn'tii.i in,i ;ii i i i ii..i ih.it,
tliHti I" It in,!;, hp.
nf iiiilllelllloli. I
Q ("nn ,wni within v .nir vv nc Miicr of,
expcrlt net iniiii" .iin iii?r in which ini"
of llv bli: h.iiiMtii: hium Ini in. nlo ;iu,
Mil" nf i'iitiiii nf ,i i,inii.iiiv that wntj
It li'WH In lip illMtlll'tlv llHHl.lti'il with any
of tin nihil li.mkli'i: Iiiiii-i- "Xii'iit with
Ihe .iHM iit nf th" I.im ii, mini house ' A
Tlmt I ;i ini 1 1 1 1 it'll I r i'iitliiit to iiti.'vvci.
y fin mi know I' nit -iii'h instance
tl UI..I I St.. A I'..
their rreodilzeil elei?s
hf , nfiiii iiliiIi- .in Ismiip nf ppnrltp! 1
i'i.ii .Mil. w ihm our r.mcp .mil Mi.T do wm th.nl, nf pIi.ii.spi. .n th"
ha., mi id" noil"- nr -pi iiiMI.'i wh:'hjlni ''lit will iiiiiiilt tin inlnmlty to"k !n
tllll" Wllhlll til", I I.IIIK" ll"lk '"' tl'il"M'llt"ll Ullii"! til" (Mi
ll II i inn ini. ii. CP in m, ml iii ' ""ii tt " withiK t"iii ' I .mi .1 crc.it
in Ih. l.i-t
I, r I
i. Mi hi
.MniC.IM ,X In
- ' l h.iw not
I niiii"i" XX lid Snilnniil rli.
i,1 in l im ni'i r tiiiiin ,in Hittiiin i
In w lr, li ,iti h.iw liiv.nlnl th" th lil of
I. S.itiin,.il i'iIv M.i ill. ui' th" l'!rt Nn-
"i It. ml 1. 1 ,ii w In. h " h,i" In.
v vnn- Ai In tl." I'nt Niitloti.il
H.1I1I I Kimw -p luo im! , to th"
nt on n I'M- I'.itil. I I'.iimnt .i fi" in.
til... I Ml' lk tlli'N Willllll llll lllll," toi
M . - I t.l.l' i!lt,l. ""ll Wl," W" .11 Ill- j
.1. i"i Mi" no nt. .imi nr xvoulil ilii 1. 1-1
I, i Imiiiiip.k Mil,;.' tin ill" i on. him i
ih. ,ii;i "it.- not in ii Im km ixluii
'. I- ii.it tl..t hIihii" ih" rnrin .it'oii
" , ,!!, .in' ui' I, nth nf ou' l not
i - il. i. , .iii'' in w hti'h th- ro!po".i-
t - .l.iiin. , I ;., in-
reg.i'ili'il a a
, -t.i.ll. ! ,r lill of HI
v.. I X ll I li Will 1
if ."Sanled a a itltninei
li,l liol mil .mil tlie I'ltx K.llik CO
, It" ntettr l.nyel' n . 1111 nf n'. iirl
X Vi " we tin
I. Xnd ih will lint I'll'Jp"! ,lt" wm
l -t.1 1 Willi Mes-'s Xlnrciin . ', .Hid
!'- I'll"-! Vutl'Vi il It ink tint' A Not.
'e l.r "1; XX.' i.te iloii" x"i I'l-'
i' t 'i:np..i' t!iwU 1 til" "i "pt .11 toi" 11' '
tw... n: p. ih.ip thn" l.nc" tr.i:.iPt.oii i
U . ! iw .1 ill.
irltb the I'l'."
.i. I'tH" jiunt
m. 1) I! ri1.
i lie the XlfXiltin 'I tllttiel.
Q l.e! II take ,1! " ',2 !ltllice.
ihti of th" rt ot R'inl..it;iiii in i"ail.lntiiit'iii
of t i" lltttlu'i Tunin'1 im Mi'.Xilon t tiTitt'!
. n."i' Tli.tt '1 -.i'ii"th.n that . .nl-
111,11 n . n t p.tp"' iti-tl.tx
,md t'-f Kltt N tti'Ui.il
lirctlv lfter"t"d .11 that
Mi I understand
Moisan iS i't
!ii,"pri" . A
Do xmi not know that ' X I w 1
ill ll ll.HXex l'lk .v Son I
I'ii you not know anylhlnii alsm:
Vnti are th nlnr '.nwstinent man-
of that eiiterpi l-e. ate win not" A
y I asunie that w ti know wheie the
"'!i -Itle are" A We tin not W" onh
Know In fl LPtiei.il wax it far a we hue
lifell tnhl In HalM'V l"i Sons, wlm
or slnalh placed th' ni
y x,i i.ni nut know thit the'. pUi eil
In nv with th" a.d nf Mnrjan . i'h and
he llrt National Hank X Thev tnhl
ivi And do xou know whit piupuitlon
if Ih" gutstindlns bnmls ar" I eltl tn-d.t
.Messrs. Mm ran .x 1 ' and th" I'.i-t
National Hink ' A. I h.u - aiisol it"h no
y What I th" total .ir ' A Th"
Mai Issue I. I think. omi thins Ilk"
t;7 otiri nun
iJ IM you know how lhex wt-re placed '
A Th" weie platril m I'nttland We
took till up at ih- i"iii"st nf mi' I ".n -1 1 -11
".' Did nu ta!p It up hv iiiiderstiiitdiliK
trlth .Xpsr Xliitcan t'n and Hie r'.tt
National Hank ' X Absoluteh not
y Vou did not tl 1 It aralti't th"ir oh
jtttion. did ou ' -X X fai a we undo!'
stsnd tlnJ th.' situation Th"V tirt
obli't"d tn tt and did ni like .t nut he
iaiie tlicv did not like us to take it up
heiaui" thev tbouitit the plan was too
Lai-tlc. bu' it aptit.il. 01 we ,111 tnl.I.
tfji Hie. In
ilax e a, qiiies, in
I iinriPt'land Thr
- In f
tn a. nu
Mail" t heir i" n I'lnn.
Q TheiPUpon you ton!: it up' A No
Tt made a ip'ti'n plan .md said "Thai
r i . "nix plan nn w iitcli w., will tek" it
Ui. imi iriless no iiiii li" .tsiiiii that
tin' iionrilmlib i "ill null" m with prai ti-f-.il
uiiHiiimlli W" wniinl tint t;ik" it up.
1 mi would not l.i K" it up in, itiu other
pie I.' , Hid W" wej" .tssiirnl by ,X! s.!
V ke t. Sun', and In nn out' "l-e. thai th"
In re liiiiiilhnld"' s and lb" i UnsM-di
fi'erds xx mild etune in. but then 1 im
..I'i'Cat.fill mi tll' ll' p.ut tn us
, Vnu kn. did win rot. that Mer
Mr, nan '" and lb" l'irt" Natlnna'
Its- k unl tin'- alllhatH'ii nntnilli"! a
lr. S" IM'I of these builds" Vnu w I e so
.,s l-"d ' X We illis'illlt' h lllX'T. ,Jl'ld
in' ennx erat"i'i ic nnWhiiiR t)- f)
thr Tit! Vitinna' r.an1. ibmit it
Q Hut I'll Mm Kin ' X VX had a
x' . ' slinri ciinxi'i. itinn with M"i.';in,
simply on tin- mei't- nf thp Vlan
Mr Sehlff faxnicd th" piissaee nf a
law jirohlb'tnm national bank nffli ers
from partlcipatlnr; in underwritlnc syn
d'MteF II" would nm. however, pro
hibit by law the participation ,,f
tinnal bnnks thprnwdxe In nnilerw rltinu
"f think,'' nid Mr Sehlff. "It would
hp a perfectly lecltlinnii' function of n
national hank, nhvnys niimlni; that it
is pruilcntl.' manned!, that nnt n larKc
part of Its free ai-fieis or its deposits or
Its capital Im lockpd up In securities. '
() What propt'itioii In xmir JinlKuiPnt
nUKht tn be loi ked up' A 1 th nk a
xety small part of It pinflts
Q What pint" A 11 I im tlllllrijlt
tn i.ax That depf nd upnn tht JudKiii"! t
nf the hoaid nf dlii'Ctois
y XVhnt proportliiii of Ih" deposits of.
the I'ltv Hank aie lucked up In securities
X 1 do not lieee that It I more than
if, oi Jo pel cut as far a I ran
1 1 niembei
r) What are Its deposits' A I think
the deposits aie about tDinftnOonft
( nnsnlldnlril (las Issue,
Q Who issued tlie Consolidated las
f,a of I9IS A I believe the National
City Hank did It was t h 1 1 inclusive
business. I am not !"
fi Do xou nnt know that the City Hank
are tl' baJikers of the Cunolldated !as
Cnmpanv" A I think th" an- the baiiK
ci" fni the compan)
I) And do you tit t know that the com
p.'tu) is iiintiiilbd and managed fioin
the Clt) Hank" A I am iintc sine it 1
not controlled by the Cltv Hank
Q It Is managed fioin tint City Hank,
ts II not'' A Consolidated (las Is, as fai
iu I know, i out rolled b.x III" su-iallid
.Stlllrnan-ltocki feller inti ifsls
Q That It the cn Hiuik inmri'Hl, Is
n not? A. I do mil think the Cliv Hunk
has anythlUK lo do with it.
Mr. 1'nU'rm.vr dt'ilarcd Unit .lames
SHHman him t'.ISk Mlinrcs nf stuck In
tkt Niitmn.il citf H.mk. r'pic."i'nl,iig
tiK.OOO.fioo pieffnt viiliif
' A very nun investment." coinmeiiifil
WlUiutn Roi'krfr ller Iihs Ifl.nnn nhaien
Mr. Sehlff litiunt'lf linltln tOO sluut's.
Mr. Untermyer then pointed out that
'the Nntlonnl City Jl 100,000 of Con
solldatiil Cum IhimiIs
XJ liii Will itnovx h"W it cot tlirm' A
It look thi tn f i ci mi tli" ronp.irn , no doubt
v..,i m.. ... in in i iiii. j inriM. in l
nf nil.. It i-rni.itti.'il llml sfiriMcil nr'
A. I iri
ii .lu ian,i it in. i .in '
til" Whole lM!C vva It
,ip,i thru thr lue was
A I .',
nn iiIijim linn In ,i national
tuiilim home fur aeeiirl
n ! nn iiil"tit nlijppllnti
; Then Mm
h.lllk" til tUiilllnl"
of lnni f,ii thi'
.mil fui th. .no
Mocks i tli.it
w i mNI allow ii.itliin.il
"litiM In .". for the sale
lliiilcrvv rltini! nf bontls
T lioiiils, hut not nf
rls if X I xoiilil.
1 Ho vnn thitilt th" officers of n h.mk
slnmM Ii" i"i tiiltli il In borrow fnini the
bnik" o thev lionltl not
l.i Will nll I"' Rilllil ,'lKHIKh to e-
nlilh th i-iiii" win. In jour jutticnient,
rrifi ilmiilil not h" pei in I tied to bor
mi' f i "in thiM lnnk' A It nillit lend
Opinp l.nnn In lllrerlnrs.
.Mt SclillT IicIIpvimI that illrectors of
il.illon.il banks nlo nilitlit to be pro
hibited ft mil botrnwinK from lln-lr own
Insllititliiti. but h" xx 1 1 1 1 1 1 1 mil have the
prolilbltliiii Ini'lmln tlit bului"s firms
111 Willi ll III" b.lllk lllti'llol il 1 1' IllPlll-
iii ili'W'i In th
I Pl. "Ml till
ini" of tin
Tti.it.iiuy In a
.lllll I b.'ll"W'
ipplx tn tock corporation i
.i w"i: .i to mil Knwtuinent
i You think th" mitmilty n a cor-
noi.ltlon illU'hl tn II.IW' tin tel,!Pi'llt.ltlon
wh.iti'wr. tin lull'' A 1 think It should
b" Liwn 11 but I d.i not Hill. U tln-x
hoiilil Ii.iX" it .i i ni.ittii of law
Mr Si-lillf t"till"il that he nml mem-
b"i nf hi tltm were Inlet t'steil lis
.itooUholili'i In th" I'liUltlt Xatlnnal
liaiik. the Niiultahli' Ttut I'omn.inv.
the I'nltt'd State .Mot iciiki' and Ttust
I'miipinx nml th" I't'iitial Trnt
I otn- I
Ml Si luffs testltllDtix "hnweil that
1 "linicil to 111" "t"iit of H.tidil shares
iiii tin piiiilKi" of .National li.mli or
.nim.'r..' i.nk in.nl" b tl. ota.' V.
, , , j.... . ...
U..T and .l.imt-s .stlllm.iti from 1 h- ,
iiiit;ib'n ,111,1 Mill l.r, 1.1 f" lnitt.im f I
iiiipiililt's It Hlifiiilx has been shown
t li.it .1 I'. M.iiM.in
11 1 n liateil In
''"w" ''rT - ,n , "' 'lockhoMe, in
Mr .'hllT ho'd ..nun share In the h.mk and stock oompanles Mr Sehlff do
I '..1 nk of I'limmeri" .; n In the Ktttl- xmi c" ,in objection to irqulrliiR the
1. ih!" Trul. ".'.'l "liar" In th" Fourth bunks 10 make public the list of theli h
National It.ink. :i.!Ho shate In thf I H,,,H A Th" more publlcltx the bank I
MM-tsniiM and Trust 1
XX'nnlil I, el I'rniletice lllt'lnle,
I,1 Im xou think It l p.-op"t tint bank
.ni; tioii" should hate s,..',s on the board
of lllti l tti! atil l.ti;., s'ni'l, lllt"!"t in
bank and tin"' I'.itnpaiii" to w hii h th"'
sell li 111"' ' X Tll"M' is Im ,ili"Ctlllll
I i',t 11 ."" I,. 1 iilijifttiin
1.1 Nut t"ii If th,
intinl la" h.mk
X 1 t m si 1. nn nbje. tint.
11 WhPi" would win d'an th
X Where pnidenie wmild dictate.
t; ho I to b" th" JinlK". the man who, Q Suppose Ihtee Individuals hou!d
own the bank and Is -I'triK tlie sis'tiillx" want to acqulie all the banks and trust
A Th" "Xi-mtUe t mniniiti'e nf it tllrec- .minp.mle In New Votk In one way or
toi" 1 another ,md Ret control of them, would
y Wh"i' il'," th" ptudi'iit inaiuKement lnu put any limit nn Hint A That I
eonii- In wlon the rellei and the buyer t Impracticable
ate th- !i.' p.'iMin ' A Tln'v are hn y rant tn know wheie xou would
th" s.mi" pi'isnii Ther- I- an executive draw the line with tepeci to the license
l oniinttt"". anil I think an elf-i "pect-1 vou would ctve to Indlx htu.il to Ret con-
nn; i;.iiii.iii"ii in .in 11....- .minim- Irol r any lmtutri nr unx line nf busl-f-
will make th'inselves felt In th" man- ,., .v 1 uuld let i,aui, mk. it
HKftiieiit and ntak- their wilt e heard. 110 j
lliatti. Whi IMUU's thetll llpnll the com-
I y Tii-
Th"ii ai'inrdlns to tnai IJ".i as Ioiik
tiny .lie s..f.,vsp,-!ins- s-emleiui-n .Vo.l
iiii ui.j.-i nun iii iii-ii iii-nitiii. """Tor tniiiiutin ie ,1,. n,i- l u.i 11
themselw "Ait i the ti.iiik s inon and
With ilepiisltiirs' nionex ' A. Ml riltel-
iiixi!, that ' liardh fair to put it that
wax. I i-a.x If til ai" xelf-ie""'tlm'
Relltlenieil thi'V will make their XOke
hi.tril. Tli"-i people .tie not, a fin a
I can JtnlU". ilealini; wlm th"niselie :
tll" ai" ilftelll.-' M'llllltlt with th" olll-
s ,,f the 'Link ami I shmilil say th"
nllli "i- of tii" bank If tb" are self-re.
pe tltm wnull '.tx that lhex oucht nnt
tn bale ait more, tn tmht not to liaxe
tl,,.,. seiurlii" at nil. and I am unite ute'
In tii" Instance which you name the
people wh'iiti vou call tin -ellei would I
t.tl," nn io. " in the trans.it lion
l,es I. hit lite teller.
J ThPli oji id'-a tlia the law
sho'ild not i"SUl.ite these thin?.' at all,
iUleceil put siinuld depend upon theie self.respect
in c'litb'tnen to leculate themelxp Is
tint it A I 'nlnk th" le laxv In uch
ntames th" better
y Anil no law xxouid be Letter than a
littl" law so fat a th" bank and trust
I'nniparii" are rmiiertiPd. if thpfp wptp
i , l ti i.rnl..t" tliftii n! nil unit ttiev
'wire allowed to i undue t such transaction
a th" saw Ct" X No. I think there
'should be a iirnprr supervision, but you
i ai, iiush th" life nut of a bank by tno
nun h law and will can make It Impossible
for them tn do the functions for whlrh
y Im ymi approve of great banking
'institutions beiiu: Rovernrd liv a xotlnu
i trust" A I do imt
; ( Vou think tbst
i tint think It I wiling
I that they should mil
I wrong" A I do
I think It is better
y X'nii see no nbjectlon. I suppoe.
either, tn iiiterln"kini: directorates" A I
nn imt I -' (;reat aihantage in It
, fj Vmi ee iiii nbjectinn tn haxiiig the
miii,, interests represented in potentially
I I'liinpetlm: Institutions" A Ton moderate
fxtii.l 1 would sen no objection
y xx bin is Urn extent that vou would
call a inoib rale extent" X I ilo not think
that mix Interest should liaxe n dominant
lepit spiitatlmi in too many Institutions.
tj And win can see no objection to their
filling up their investments through that
source ' X Ve. I ilo I'TlllnR up Is an
entirely different question, an entirely
y Where would you draw the line as
lung as ou nine permit that sort of
thing" A Where prudent manaRrment
would tlraxv It
y And xvho decides that" A The di
rectors nnd executlx-e committee
y Ilax'e you b"en uninterested obserx-er
of the concentration nnd control of money
and credit In New ln'k In the Inst few
w rit ' x I ha e
THE SALE OF OVERCOATS AND ULSTERS WILL
CONTINUE UNTIL ALL ARE SOLD.
for Overcoats and Ulsters
that were $22, $25 and
for Overcoats and Ulsters
that were $30, $32, $35 and $38.
Every desirable model is included; fabrics are mainly blue,
brown and oxford chinchillas and rough overcoatings.
(J Vnti have seen It Ktovv I'ty rapidly.
tin vp ymi iinf Yes,
i) Ami ni have pceti It iltlft Itit"
fevxer Mill fcxxcr liiilltl. have nu lint"
uriimi nun rewi i nu leixcr i'hiihii.i-
y Ami thp roiici'iittiitloii iiiul Tonttol
of the" oriorntlnn has ilrlftril Into
fi-wpr hand., haH It not? A. I Htn not
fftirr that It him iIoiip that. I think
Mock holding". In nmt Now Voth i-nr.
potatlona iirp xory wpII dlvldpd.
Q. lln thH KronitiB rotn-Ptlttatlnii of
inonpypil nirporiitloim lip'tt tho Hiihjppt nf
roticprti to you" A No, It linn not.
tj. It would not l" thn subject of con
cern to you If It all drifted the atne way,
xwmlil II'.' A 1 don't fully cninprphpnd
what oii ui". in by that.
y. WVII. uph)p It went on until th"
control and manncniient nf all the Itmtltil
tlim weri In the KHiii" liiind. would that
Khe ,wiii any concein'' A. If you will
prpinlt in", may 1 nn.wpr that In my own
Mr t'ntfrniyer- No. I wmild llkp to
!Iiup in nupstlon answerpil. A Well, 1
t cannot iinn-pr It
, Von cannot answer It" A No, un
lit' oii permit me to answer It In my
I own nay
.Mi. Si hlff nexei nnsneted this que
tlnll Me had noted, he said, that In this
I proces of concentration the (iuaiauty
and ll.iiiktlK ttuM coni(iaiiles had ab
j sorbetl spw-ti ttust companies and that the
li'ontlol I IoiIrimI latuely In the hands
I of Mr MorK.-in and the Klrst National
I Hank .Mr Seliirr knew tlut the tela
I tlons h"tween .Mr Mot Ran and Mr Maker
of the l'lrt Ndtlouul were xery close
Li Villi ktiiiw .In I .ill mil tlmt ti Mm.
K11M )u, pet sunnily a lame lntei"t In the
,.,, ,.,.,. . . s' L... I i ,i,
"i thl week
i. That I all xou know about It" A
That I all I know about It
y And u liaxe undestnod the possibil
ity of thw com entratlon affectlnc you and
xnill own oiiice of ciedlt. have xou not"
X I liaxe not been concerned In that
y Xou ilo not tenulre ciedlt then" A
y Hut have xou eonsblered It pffeft
upon me tnaii imiiuimk houses not o ror
t'K-illt ' A X".
ii win thai ibi
,j K,ni ,1(1H fonsideiert it iiiioii Its
ffect tm the ability of th" smaller houses
I to riow and become Kteat 1sii1iik houses?
I A Ve
1 y III nm opinion should the dealing
" , 1 " "' "r'. ' . Vi',' , "V ' "UF"
lo legal tontiol A I think It would be
,.ttr lf lll!lM ,mol..
h'nxtira I'ubllelt, nf Xaael.
ih' "tpr It will be
I I.' loll see no objection tn Sllch pub-
, lli-lt a to what their assets me" A No,
1 1 see nn objection
y to you not see many tnnnlfesl ad
I xanta"s In It" A I do
I J Villi see no objection do .xou, tn one
1 hank iiuiiIiik another thioimh stock nwn-
, erBlilp" A Ve. I tin objections to It
y Vou ilo not bell-w In ctinieiitiatlnn,
I tin ymi' . I tin not belinxe 111 concentra
tion tlllinlKll . lllllpHnles
A Nut thtoiiKh holdlnc 1 mnpanles " X
1 , Not thrniich hol.lliiK companies 1 bellee
In tonceiitiatlnn thtoiiBh InilHldmils
,.,,,. The fttt monnpoly attempud xx as
, il,e hlllldllnr nf Hie T.iuee of 111,-1
They wanted to make a nmmini.u ,.f Im"
y VoU ,hlr)k ,hilt K0(d ,,rr(.,d,lU
town hv it own weight AnxthlnE thdt
Km'" 'no far win hreak down It) its own
y Ma It eet i. ci lined to xou hat
.would happen while this .-nurture nu
.tumbling, or hefoie t tumbled" A I do
'not bellew mx thoughts haxe made h
flight hs far as tu go, evidenth
y We would like juu to take a night
fai enough tn ie! u w bethel It has
occulted tn nm ui i onsti uctlng this
, theory " x Nn, it i,rt5 not
Q. Iiii win see anv nbjectlon to imvate
iitiiiheis wnosi anaiis ric suujei t to no
supervision bv the Stale oi nmlnn una
Iwho ate not lequln-d to keep any re.
perves acting a banks fui interstate roi
poratlons. whose holding ate scattered
among nianv stockholders' A I see no
objection to that Mv eiper.i-nce has
been. Mi I nteimver. that the Individual
I generally mut h safer I think the In
dividual barkt-i Is safer than the Incor
porated tiut company nr bank. Im you
not know. Xli I'ntermyei, the experience
of 11107. when n nianv bank and trust
companies went to the wall and when not
an individual banker failed Ilo ynu
not know. Mi rntetmyei. that manv
I banks ami ttust t ompanle had to be
maintained hv the Indlv hlual banket"
I know of nn single instance m m whole
expeilence whtie an Interstate toipora
Hon has lost monev because It has de.
, posited It with the individual bankers,
but I know of many experiences where
thev have lost mnriev lnnid n....
deposited with the bank and tnis't com.
anlps or had their funds locked tip
Mr. Sehlff said lie would allow a rail
road to buy n connecting line, but he
would not permit one Industrial com
pany to buy n majority of another's
Mock. Nor would he allow one bank in
buy a bate majority control of another.
Mr. ttejnnlda Teatllea,
'leorse M Reynolds, whose hank, the
Continental nnd Commercial National of
Chicago, hns deposits aggregating H1,.
000,900 represented before the commit
tee the competitive school of bankers
n opposed to .1 P Morgan and OeorRe
V. Haker. who both expressed them
selx'es an In favor of cooperation,
"I nm Inclined," teatlfletl Mr. Hey
nolda, when questioned In reRard to a
concentration of credit In the hands of
a few men, "lo think that excess of
power In n limited number of men al
xvays Is n menace
' What Is your JudRment as to the
On Wet Streets
They Do pre -vent
and you don't
have to bother
present situation In Nw VorkV" nskul
"I Htn Inclined," said the witness, "to
think that the concern tat Ion ai far ns
It has Rone does constitute a menace,
but I would like to add that 1 tin nut
Intend to rrlllclse any Individuals."
Mr. Heynoldft also condemned tlie sys
tem of Interlocking illrectots. He de
clared t lint It always IihiI been Ills
theory that It was not the proper wax
to conduct the banklnc business Hnd he
accordingly hail refused to accept places
on the hoards of other institutions, al
tliuiiKli tliey were offered to lilm almost
Mr lleynolila rhvp it as his opinion
also that the present system of lurRi
reserves tn the leserve cities constltiiteil
Mr Keynohls tesiltleil that his own
bank tairleil 1100.000.000 of deposits by
out of town banks and that it xxas the
.second larRpst bank In the country He
maintained that two or three banks In
New Votk. t xx n nr three In i'IiIchro
anil two or three In St l.ouls tinder the
present defective rtirrency aysteni could
control the loans made ihrotiRlioul the
Mr Heynold xxas In faxor of IcrIs
lutlon prohlbltlnR InterltM-tilnR directors
lnpotentlally competinK banks. He ac
UnowletlRed also that It would be better
if the concentration of bank holdlnns
In one small Kroup could be prevented
Questions bv Mr. 1'nteriiiyei- Indicated
ideally that the committee has in mind
leRlslatlxe t ei'tuiinietidations aimed at
the furtallment of money ami credit
The committee adjourned until next
SAYS MORGAN IS RIGHT.
I'rof. leausbllii XHrrli ll Is lin
poaalblr ! Corner Money,
I'rof .lames liurenre l.aURhllu. head
of the department of political economy
of the I'nlverslty of t'hlcago nnd editor
of the Journal of Political I'conomy,
.speaking lust nlghl on "Iteform of the
t'urreiicy"' at n dinner of the Whole
sale Dr.x'Roods Association, said
Mr Morgan was dead light when he
said that tbeie Is tin combination tn tnn
trol money In this country The teim
money trust Is a mlspomet It Is Impossible
to rorner the supply of money, and tven
If it could be done the supply of capital
could not be cornered, any mure than the
supply of water could be raptured by
cornering the supply of dunking cups
There max- be a combination to control
loanable capital, that is, bank rtedits,
and that is the only combination possible
I'rof. I.aiiRhlln lead parts of Mr
Morgan's testimony before the I'ujo
committee relating to this props, iltlon.
and stopped frequently to express his
approval of Mr Morgans views He
emphasized especially Mr Mot Kan's
statements In regard to character In
credit, calling attention to the declara
tion that he would not lend to a man
he did not trust even If lie had all the
bank credit in the world tn hack him
"Confidence Is a condition of credit,"
said Prof. I-uURhlln, "but credit Is not
confidence. Mr Morgan Rot all his
ramifications in the business world hp
cause, whether rightly or wrongly, busl
ness interests trusted him and sought
"Fraud Is only sporadic. InteRrlty the
usual thing in the huslneas world."
JURY TRIAL ON JUROR'S HOME.
Wise tlemanila II titer Mrllen'a
Pirn tn Dismiss Indictment.
I'nlted States Attornev Wise ap
peared before Judge Julian Mack In
the Criminal Hranch rf the Federal
Hltrlct Court yesterday and demanded
a Jury trial tn dec tie whether Albert
A Stephens, the member of the special
Federal (irand Jur.v which has been
Investigating railroad conditions In
southern New Kngland, Is a resident of
Upon this point hangs the validity
of the Indictments against President
Charles S. Mellen of the New Haven
road. President Kdson .1 C'hamherlln of
the Grand Trunk and Chairman Alfred
W. fimlthera of the board of directors
of the latter road.
The attorneys for the defence Insist
that the true bills should be declared
void on the grounds that Juryman
Stephens Is a resident of New Jersev.
It is said that both Federal precedent
and statute demand that the Govern
ment's request for a Jury consideration
nf Ihe Stephens residence he compiled
BASS HOLDS HIS VOTES.
Deadlock In .it Hampshire and
Other Males I nhriikrn.
Co.s-conu, N H. .Ian. If. The antici
pated coalition of the Progressives and
itepubllcans, by which tt was expected
a Itepubllcan I'nlted States Senator might
be elected to-day, did not materialize
Hx-Oov. Baas wired from Chicago last
night that he was unwilling at this time
to release his Progressive supporters
The Joint ballot on the Senalorshlp showed
no perceptible change from yesterday.
Wn.MiNfrroN, Del., Jan. 16. Th'e Demo
cratic fight for I'nlted States Senator to
succeed Senator Itlcliardson haa resolved
Itself Into a battle of the field against WII
Ciirtknnb. Wyo. Jan. H. Senator
Warren's chances for reelecllon were ma
terlally Increased this mornltiR when the
llepulrilcans forced an adjournment for
three, days, January ! Is the data for
Ihe election of a United States Senator.
If the Hepubllcans can keep those mem
bora whose seats am conteated until then,
Senator Warren will win out.
Nariivim.k, Tenn., Jan. IB, Kx-Con-Rresaman
B. A. Knloe ot 44 x-otes In the
balloting for lonR term Senator to-day.
Col. Il D. Tyion will be voted for to
morrow by Democrats. Tt Is thought
there cannot lie an electlo nbefore Mon
day. SraiNoriRi.n. Ill, Jan. 1. Unbroken
bv thirty-eight ballots 'the House Speaker
ship dcadlocV goes over until netft Tucg
THIRD AVENUE BUYS
: 59TH STREET 'LINE!
OiiiI'hI Trust Compiiny SjuhII-J
nile Ucvoalcil us llic l.nw- !
OKt'KltED TO X. Y. iCN'TRALi
J'roiilpnl Whitiid"!' Sii.vs Hi"
Found Owners nf Unu tt 11 tl i
Plenty of Money. . I
A syndicate closely associated xvlth
the Central Trust Company yesterday
sold to the Third Avehue lliillvvny Coin.
nanv the l-'lftv. ninth street 'crnsntovn
line and Its rlvcr. front connections. I
Frederick W. WnltrldKe, president of
the Third Avenue, nniil Inst lilRht Unit (
the price wan "somewhat In excess of 1
12.100.000." Kdvvard Cornell, lawyer '
for the syndicate, and the man xvltn 1
hoiiRht the road and carried on iieuo- !
ttatlons for its enlc. ienuirkedith.it
"sotnewhnt Is nn elastic xxord," bur- that i
he was not at liberty to slvc the picclsn '
Air. Cornell tarried on Ills nesotla-
tlons with the Rreatest sectec.v. He
has not told vxhti the men xvern who i
furnished the money, nnd si'veral of the
Thlld Aventlf directors said they illil 1
not know xvho the real owners of the
line had been. Hut it was said In WhII .
Htieei on tht' best iiuthorlty t hit t It was
ii Central Trust syndicate. .
"I found nut that the owners of Ihe'
mail hail plentx- nf innnev. i iiniiil ktul
.Mr. WhltriilRi-. ' " Hherxx-Ke 1 xvoulil,
have been Inclined tn let Ihein keep
their road." ;
The xote on the pun base of the line ,
xxas taken at a meetlni; nf the Third i
Avenue tllreclots. For two or three '
days It hail been rumored that the
Third Ax emit' was a probable pur
chaser of the line. Mr Cornell said
he bad been In acllxo ncKotlntloti with ,
the coitipan.x for only ten days.
Mr Cornell botiRlit the Fifty-ninth
street line mi November 14 lust. The '
road waji up at auction on foreclosure
1n Hccottlance with an order of tlie
I'nlleil Stales Circuit Court The Nexv i
York Hallways Company, xvhlch held n I
tlrst mortKiiRc on the ptoperty amount- i
inR to $l,:00,O00. was Innked upon as the 1
only purchaser Tht'odoie I'. Shouts,
president of the New York Hallways
Compunx. appeared as a bidder, hut
Mr. Cornell xvent lusher than Mr. '
Shunts was willing In uu. The mail
was knncked dnxvn tn him at J 1 ,673.1)00.
Mr Cornell kept the names of his
asMiclatcs a seciet It was supposed
that the stockholdet s' committee of the
road had furnished the money for liH
purchase or that the Third Avenue was
behind Mr. Cornell. Hut Mr. x'ornell de
clared he was his own man. and Fred
erick W. WliltrlilRe. president of the
Third Avenue, said lit- had no Interest,
present or prospective, In the road.
Mr Cornell after the auction took the'
line to the New York Hallways Com
pany, but he was told the company did
not want to buy Ii. Mr Shunts xx-.n
satisfied, It was explained, because tlu
company -tood to wt the full value of
the mortRaiie. plus .ici-riied lntc:et,
amountinc to about $.133,000
It was then suKKestt-d m the New!
York Central that the Central Park,
North and Kast Itlver i:.illro.d, the,
company iiwnlnR the Fifty-ninth street'
line and Its rlveg-frotu connection.
would he a profitable Investment. The.!
sURKcs-tlon was not asreoable to the New i
York Central and Mr. Cornell had to look
elsewhere for a purchaser. Various
schems were proposed and turned down.
The stockholders' committee of the old I
company xva approached, hut tin phut j
was forthcomlnR whereby the old stock-1
holders could obtain an Interest In the
new orRanlzatlnn without supplylm; .
more money than lhex- were ready to
Mr. Cornell Incorporated the road on i
December "4 under the name of the Belt
Line Hallway Cnrporntlon. None of his,
backers appeared on the directorate.
The Incorporator nnd the directors xvere ;
mostly yntinR law.xers In Mr. Cornell's
law oltlce and he steadfastly refused to
reveal the names of the men who had
Rone Into the speculation behind him,
The Central Trust Company, with
which Mr. Cornell's .syndicate was
closely connected, Is the transfer HKcnt
for the Third Avenue Hallway Com
pany. James N. Wallace, president of
the Central Trust. I a director of the
Third Ax-entio antl xxas chairman of
the committee representing the consoli
dated bondholders prior to the reorgani
zation of the Third Avenue Kiillunv
Company In l?ll An assessment of
43 per cent, on the old stock xx-ni under
written by the Central Trust Company
under the plan of reorRnulatlmi
Several trustees of the Central 'Trust
Company were members of Mr. Conic I s
Mr. Cornell was obllRated undpr the
terms of his purchase to pay $43,6.1. ".a1
of taxes which hud Brown up nRalnst
Point for Point
Our goods will stand against
any other Office Equipment
made and win out .
Dollar for Dollar-
There's a solider value in
We live up to the highest pos
sible standards production.
We have exploded the inflated part
of the Selling Price.
Telephone, Franklin 2261
The hiBhet type of Piling Equipment
Without the Fancy Prleesi
Ihe ciiinpan.v li"fore lie boilRht It. He
said hi' would have to complete those
payments In fore the lire was turned
over in tlm Third Avenue.
The total Investment Is estimated Bt
ii inn, liia IJxactly xvhnt margin of
profit will pass to the syndicate was
Hofort; the consolidation Is put into
effect Ihe I'ubllc Service (VtmmlRslon
will have tn Rive Its approvnl nnd will
determine xvliat llnnnclliR thn Third
Avenue may resort to In accomplish
"TIGERS" AS STRIKE BREAKERS.
Princeton Mnrr lo Take Hie Plnce
nf Trenton Church ( boll-.
I'ntNCETON, N. ,1 ''an. Ifi. -There Is
a choir strike In one of Trenton's Kpis
copal i'htircho.1 nml on Sunday next
I'llnceton linilt'iKradunti'S will bo seen
there tn the role of strike breakers.
The trouble started some time hro
when the rector and the choirmaster
had a falllntt nut as to how one nf the
fnvorlte hymns should be sunR. The
breach xvlilcncil antl Inst .Sunday the
rector Imported a biiildlni; muhir prima
donnn Id render n solo. Thn m-Ranlst
lefnseil to play the accompaniment and
he xxas asked in reslcn. When he left
he took the choir hoys xxlth hint. The
lector, flndlnc himself xxithniit n choir,
sent n call to Princeton, and as a re
sult the coach of Hit' TlRer dee Club
has chosen a tl07.cn of his best sonssters
to till tn on Sunday
The lector's chief cause for worry
now seems In be tlint the local col
leclnns may branch orf Into the "Can
non Snnc" nr thn latest fnolbnll air.
DOESN'T SUIT MAYOR
nt Spoi'il. Imt CmtIi'ss Ih'iviiiu'
flu- Trnnlile. Ilo Siis. ill
At the close of a heatlnR yesterday nf
lei noon In the City Hull on the new Folks
nuiomobile onllnatice Mayor (laynor
stiRRi'sted that it be taken back to the
Hoard of Aldermen for iecnnldornt!on,
Otherwise, im intimated, Im wntilii feel
constrained tn veto It It Isn't so much
speed that Is the trouble xvlth automo
biles, rtmaikeil the Mayor, as it Is ttie
ciitelrssiiess with which they are driven.
A Rood ileal of opposition dex-eloped
HKUInst the proposed ordinance as the
Aldermen passed it Those who com
plained nuainst It centred their objec
tions nn four points Tlmt the owner
should not be held liable for the acts
nf h's chauffeur, exeii If lie Is rldliiR
.11 the machine at the time of the
offence, that Ihe provision to hold a
machine behind a trolley car which
has stopped to let (iff paHst'iiRtTs xvoulil
needlessly delay tratllc. that Ital speed
rates should not ho prescribed, and
Unit the Callnn laxv as amended will
sutllco for Nexv York motor ii'Rtilatlon.
Henry. Sanderson. Dave Ilennen Mor.
lis and ColRate Hoyt. former prcMdonts
of the Automobile Club of America, xvere
on hand to press objections acainst the
ordinance. With them came W. W.
MlKer, chairman of the laxv nnd ordi
nance committee of the club
Mr. Miller said that the club had no
desire to check a measure for the proper
rcKUluton of tr.Ullc, but that the Folks
ordinance would not only fall in Its
object hot xvotild xvork Rrave Injus
tice. In his address Mr Miller said.
It seem popular at the present time to
la.x sreat stress upon the nuniner of per
"cnal injuries IntlletPil upon pedestrian,
by motor vehicle, nnd statistics of trert
accidents Rcnerally put partlvular em
Pliasl upon thl feature For example,
the repmt nf the special committee of m.i
Hoaid of Aldermen whUh framed the ordi
nance iintlei consideration Rive at lepRth
the total nf acliletits caused h automo
biles, by hoise drawn vehicles and by
"licet cars, but thn total number of these
various classes of vehicle In operation in
the streets nf this elt.v are nowherp stilted.
.1 very vital fact in a comparison of this
If xou xxlll look over the figure of that
repot t. .vnu will see that the number of
accidents caiied hv surface stirei e.n.
often approaches ami nnce even exceeds
me nuniner nr act idt nts caused b mnlnr
vehicles I am Informed by th,.' Public
Service Commission f,n this district that
there are approximately onlv :.Tilil street
tn7vvn.v cars In daily operation In the
Rre.itei' cll.v Tlietc arc, at the same
time, "i execs of 10,00a p.iseiiKer and
S. 111)11 cinnitieriial automobiles licensed In
this city alone, tn which must he added
thn thousand from outside thr city which
ilc our streets every day. With these
additional facts, the llKiire as tn acci
dents caiisttl bv motor vehicles are any
thing bin appalling
Tin- Callan law. If properly Piiforrcd.
I 111 our opinion .1 most satisfactory law
from evtiv point of view and nnt reallv
subject tn the nnnv criticism recentlv
levelled at it In the pies Its defects,
'f anv. aie 111 the penalties provided, nnd'
such defects ate about to be remedied
bv an amendment recently Introduced in
the l.etrisl.-itine hv Senator Fitzgerald and
ordered to a third leading.
Senator FltzRorald's bill was slRned
by the ilovernnr x rstcrdav.
In 1798 New York suf
fered from a yellow
fever epidemic which
was attributed to an in
adequate water supply.
On April 2nd, 1799. the
was chartered, with a
capital of $2,000,000, for
"supplying the City of
New York with pure
and wholesome water."
The Manhattan Com
pany supplied water to
those living south of
the City Hall until a
supply was installed
As the charter permitted
its surplus capital to be
employed in monicd
transactions, on Sep
tember 1st, 1799, an of-
ficc of discount and
deposit was opened in
its house on the site of
the present No. 40 Wall
Street. This was the he
ginning of the "Bank"
of the Manhattan
Capital J70S00OOa5urDIUS $4 100 000
The perfect meclinlcJi contrucil'in.
Thp absolute corrcctne-s vt scale
The unlimited guarantee.
'Ihe warrant to xvlthsUind climatic chatijt,
nnd the artistic bcauix ot
Lyon & Healy Harps
plre ihem on a pedestal ot their nv n
Their Qt'AI.n Y of Line
llirlr XOl.VXJI' nf tone
Their I'I'IIITV of tone
I endorxed by Ihe eicstr.-l livlnc a-tlsi'
the IIAIIP run he cllv learned. Is nipc
fctnatlnc. and has a n-.aenetlxm ptirelv li
. splendid assortment ot
Second Hand Harps'
Harps for Rent
t atalngne free for ihe asklnc
Investigate our I ANV PAYMENT run
Prices ranpe from MSonn to n.vri
s-Ui'i: Kast .Kth .siren
ALL TO HIS WIDOW
Tesfntnr Requests Her to I'ro
vide for Their Son and
The xx-ill nf .lames R Keeno. whlrh
llletl nt Mineol.-i. 1, I , .YORterrlny. Iierail'
Mr Koene collet! himef n reMoVnt of
(Vrliirhurst. leaves his entire estate to
hia xx-ife, Sam .lay Koene, and makes nn
IHcinl prox-ision for his other heir hi
Hon, Koxhall, nnd hla rlailRhter. .!,eic'
Keeno Tnylor, rlix'orceti XTifo of the broVar
Ta lbot .1 Taylor.
In connection with t- fillnR of the will
it wan learned that Mr.Keone left nor'sl
estate, nd tit .t hla entire eaWte cnnsi't"
of Hccurities vnhietl nt nhout K.OOo.OJi
Thei ohtnt has not innreaned 111 xalne
for Bomo years (mat lieratlspof Mr Ixeene
illness, nnd nlthotiRh ho win lielievi"! tf
bnvo lieoefiletl x' thn rollativ 'if
HocUinc pool, of xvhich ho vv,i tiintitRiT
it is Hiiid that the xontni'i cot linn murlr
$l.(mo.iKX). whieh ineludeti the eoht of b'i'
Kiitinn and the hottloment of a iinnil"1'
of units brniiRlit nR.iinr.1 him ny
tnemlxirs of the pool who falle.lt Ii'
'I ho will filetl yeHlerclny by Mr lviii"
nttorney, Solomon lliinfortl. w.i exe-ii"sl
ox-eniiier 2fl. I91K1. and -.liovv. ih.r Mr'
Kee nn rleetrovtil 11 will maile vvenf
yean, hro in xvhirh In- made ft,,r""
diaoontion of his pronerty In theearii''
will Mr Ket-no laliliiliel 'rtn-' f'"'1
for his widow, son nnd dHiichter iinrl al
made 11 few lieqtiett tii friend"
.Mr. Hnnford and Saimiel J1"'"'"'
xvho hns been 11 meiubor of the ' ' '
Mtorli i:vi'hnnt;e bineo lli und xv.i-on
nrMr. Ki'i'tie's rlosesi f rit'iiit xvere iiiin.v
us executors in the xvill tiled ytU'r,u.
Thn lestnlor's fniltiro to prim "'
rally for his son utitl diuiKliter i iixpMtni''
in the rollowiiiK cltiusn in thn will
"I havn intent Iiinally mmttwl in-'"1
anv special provision for my son ' ,A "''',,
nnd mv diuiKliter. .Iesie, relvini; W
my wife lo hereafter mult" such provii
for them as shall he proper. "J'"".',,,,
upon her. however, to be Rin'l"" 1 J
and nil other matter rclatim:
eslato bvtho judKment of mv e.iltl ev'
tors, in tho soundness of whose jinlrt"' "
1 have thn fullest conlldencc
Mr. Sam lolheni Win" Oeeree.
.s;wiW Catile Pftpntrl, tpTm "' '
I.I1N0ON. .I.in 10. Mm S.1111 "sniH'i"
wife of the ai'lor, nbtiilnH 1,f" r' j
rlH.v fui llif r.-.-ttttitlnn .t'f b-'t onJ"
rights. ' ' '