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phone Co. $10,000,000 or $20,000,000 or $30,000,000 for -what it got for
$6,000,000, and then increasing the capitalization of the Chicago Telephone
Co. by that amount instead of by $6,000,000?
And what's to prevent that company from making it? subscribers pay
back every dollar of those millions?
And WHY SHOULD COUNCIL CONSENT.TO THE DEAL?
What does ihe city get out of it? What do telephone subscribers get
out of it? Whatoes anybody get out of it except the owners of the phone
trust, the promoters of the deal and any aldermen who may sell out?
The people alone can stop this gigantic steal. The newspapers have
been strangely silent all these months and they have been getting monthly
checks from the phone trust for big advertising.
The interests back of the Chicago Telephone Co. are powerful in Chi
cago. The enormous Marshall Field estate is interested in the Chicago
Telephone Co., and Chauncey Keep, one of the trustees of the Marshall Field
millions, is a director of the Chicago Telephone Co. And the Marshall Field
store is a big advertiser in Chicago newspapers.
It is up to the people themselves to make this fight, and it is up to The
Day Book to help them make it. I'll do my share by finding out all I can
about the deal and giving the public all the information I can get. I shall
have more to say about this matter from day to day.
ONE MAN'S OPINIONS
BY N. D. COCHRAN
Whose Money Is It? Did YOU no
tice in the papers that Morgan, Schiff
and other New York bankers had a
conference with the federal reserve
board at Washington and decided
that the New York banks would re
lieve the foreign exchange situation
and take care of the payment of the
$80,000,000 owed by the city of New
York to European creditors?
And did you notice that the Amer
ican banks are to contribute some
thing like $150,000,000 to take care
of American debts generally abroad?
When they talk about the hun
dreds of millions the banks are to do
this or that with, do YOU know
whose money it is?
It doesn't belong to the bankers or
to the banks, for their capital is only
a small part of the money they han
dle. The bulk of the money belongs
to the people, desposited in savings
banks, with insurance companies,
etc., and handled by the banks.
Doubtless you have noticed that
the national banks now have trust
and savings banks in connection.
They need the savings of the people.
All very good if the money is used
for the good of the people to whom it
belongs, as very often it is. I just
wanted to call your attention, how
ever, to the fact that the bulk of
the money used in one way or an
other in large sums millions and
millions belongs to the people who
have saved it, or have it on deposit.
That's why it is well for them to
watch carefully how it is used.
Sometimes it is- used to help
finance railroads, and too much of it
sticks to the fingers of the financiers
like New Haven, Chicago & Alton,
Rock Island, etc.
Many men become millionaires by
handling other people's money.
Labor in Australia. Labor won a
sweeping victory at the general elec
tions in Australia and will have a
joint majority of 36 in both houses of
the legislature. House of Represent
atives: Labor, 41; Liberal, 33; Inde
pendent, 1. Senate": Labor, 32; Lib
Evidently Labor votes for itself in
Australia. The American congress
would be as strong for Labor if work
ers voted together here as they do in