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The day book. (Chicago, Ill.) 1911-1917, November 22, 1911, Image 1

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Persistent link: http://chroniclingamerica.loc.gov/lccn/sn83045487/1911-11-22/ed-1/seq-1/

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THE DAYBOOK
r'398
500.SO..PEORIA ST.
TEL. MONROE 353
V6W, No. 48 - Chicago; Wednesday, Nov!' 22,-1911 One Cent
HOW ROCKEFELLER "ACQUIRED' AtRAILROAD
4 , AND-A FEW MIIXIQNS;BY NEAT PEA GAME '
Stanley Committee Gets Startling Light pn High Finance
and John Ds'Rreacher "Charity' ''Worker Buf
; iglaryPotitcinComparisonV "V" -'- (
t Washington,. Nov. 22. The
I Stanley Investigation "committee
r yesterday took a course, in "How
'totMake a Few Million ."Dishon-
r , estly.' . ' -
' It studied the financial, meth
ods of 'John D. .Rockefeller, ,and
'the membersjare still -wondering
why any man.w'ants'to followso
darigerousan' occupationwas 'tha't!
; of burglary. - - '"'"".
i Albert Merritt, Minnesota, e-
; -plained how Rockefeller and 'his
chief almoner, the ' Rev. 'F. T.'
Gates, "separated him 'from -'the'
Duluth,-Mesaba & Northern 'rail
f t t egad,' which he had built.-
Charles i. Martz, the engineer
h, 'who-constructed the railroad,
f told' how Rockefeller" "acquired'
t a few shares that he ortce owned.,
J After building ' the' railroad,
Merrittfand his brother wanted t6
'& borrow some money 'to build ter-
minals with. t -'
' " Camehen the Rev -Mr. Gafes,
then ih charge of Rockefeller's
("charlfies", and let them injfco a s'e-cref-tb
wit: 'that xlie Oil king
had-been watching them build the'
V railroad, and hadra-gfeat-deal-of-
confidence in them, and, out pf
the fulness jOf hisrheart, was will
ing.tpjend themany money-they
needed.-?
--5 Merritt and his brother, whose
education - in high finance had
been , -sadly -neglected, --were
charmed.' .
.The, -Rev. Gates arrajiged the
details. 'of 'the -loan.' They were
lu'ghjy interesting. For -$3,000,-QQP'.of,
securities,' as collateral,
and a call note, Rockefeller, out
.of -pur e-' charity, was willing to
lend: he" Meritts-$420,Q00.
I l The Rey. Gates explained how
safe the collateralwas, in the
hands of a "captain of industry"
like John D. , '
It was safe in his hands all
righ't For two "months laten,
-Rockefeller became suddenly "fr
nanctally embarrassed". The loan
was.called'and the Merritts were
given" 24 hours in which to pay t
The Merritts tried to borrow;
the money, and discovered that
Rockefeller had spread the report
'that he had bought shares in'their
-railroad Wor ,10- which - were
I
.
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