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ELKINS LAW COME WHEN CONDITIONS ARE NORMAL. OK INTO THE FUTURE Reduction of Rates While Busi. ness Is at Present High . Water Mark. Washington, March 25.-In deter ing the results of the new Elkins , the subject has been set forth follows by one of the members of e inter-state commerce commission: In general, and perhaps most im ortant, the law enables the railroads withstand the demand of the big hipper (popularly designated as sts) for specially low rates, which the past, have taken the form of bates. Of this, the immediate con equences are: I(a) To Shippers-1i. To the big ippers, higher rates on their pro ets. 2. To small shippers, rates entical with their stronger competi STo the railroads-1. Increase freight earnings. 2. Elimina the secret methods, i. e., the of rate cutting as a method 'competition. ;Consequence, better maintenance of tea. hIt should be noted that the conse uences or the immediate conse uences may not always continue the .me. Which is to say that fur er time is required for a fair test thle law. The conditions which rvail just now in the railway world nd in the country at large are not ormal. At least they are not the onditions which will continue to pre all indefinitely into the future. Com erce, internal and external, is at he flood tide. The carrying business ever was such as it is today. Not the history of this country have e railroads done so large or so pro table a business. From one end of he country to the other the common arriers are straining themselves to andle the great volume of traffic. The real test of the law will come hen conidtions revert more nearly o the normal. Then competition 11 become more spirite-l again, not uly between the different roads, but etween shippers. Competition be ween the roads, under the new law,, _|l have to be open and above board. .atead of taking the form of secret be-ates, which were given to the g shippers (the trusts) for their .Slness, the competition will take " form of an open and notorious eduction. The road which takes his method of going after business, ll publish its new schedule of tar s, and the advantage will be open o all the worl', the big shipper and e small. The rival road will have otice of the cut, and will have the ption either to reduce its own tariff r see the business go by the lines f its rival. Under these conditions freight rates re certain to be reduced. The prin ipal difference under this new ar angement, will be that the reduction 111 result to the advantage of all blppers-the small as well as the rge-instead of being absorbed in e form of rebates, by the few fusts. Will open competition be more or is fierce than competition by means secret rebates? Will the general vel of rates be lower, un:der the bw order of things, or higher? This a problem which affords an inter. ing subject of speculation by rail d man and shipper. n working out an answer it must 4borne in mind that now the large per and the small shipper are ted as against the railways. Hither. the small. shipper was not an ele t in the competition; he got none ,is benefits; the fight was solely ithe business of the large shipper. w the influence of the small ship is added to that of the large one, eat down freight rates. the other hand, the railroads protected, to a certain degree, the publicity requirement of the w law. A war in the open is not dangerous, in some respects, as ht in the dark. Hitherto a road onlly guess what its rival was do It had no means of knowing anly what sort of a rate its rival sng for the traffic it carried. ting to meet the rival's rate j: played into the hands of the enemy-the shipper-and got too low. With both roads to give an equal rate to to. give three days' notice aer ; with all rates a onion Inotoilety, the fight lmplepi.s it is easier to avert an open conflict than to es cape an ambuscade. The Elkins law, it will be seen, is of primary interest to railroads and toc people who have a considerable business with railroads. Indirectly the railroads and the subject of freights affect all business and all the people. By secret alliances be tween the railroads and certain ship pers there have been built up such concerns as the beef trust, the oil trust, the grain elevator trust andl similar concerns. They thrived and secured monopolies because they had special rates from the railroads. They used their power to stifle competition and to crush competitors. Then they turned their power against the gen eral public, and finally against the railroads which had helped to build them up. The railroad's finally cried out to be delivered from the monsters they had created. In this sense the Elkins law is favorable to the rail roads. The small shippers had been nearly exterminated, and the big ship pers were in secret league to mulct the railroads. Putting aside all technical or spec ulative questions, there is one thing about the Elkins law which must be apparent to the man in the street, namely, that it is not in the interest of such concerns as the beef trust, the oil trust, and other monopolistic shippers of that class, and that it is in the interest of a fairer deal all around4 to the general public. OFFICIAL PROCEEDINGS. Special Meeting-One Day. Billings, Mont., March 7, 1903. This being the day advertised for considering proposals for the pur chase of $75,000 of Yellowstone coun ty court house. and jail bonds, the board met at 12 o'clock noon in spec 'al session, pursuant to adjournment and public notice duly given for five days or more previous. There were present Chairman W. O. Parker, Com missioners S. K. Deverill and C. M. Jacobs and Clerk J. W. Fish. The minutes of the last meeting were read and upon motion duly approved. The publishers' affidavits shoWing that advertisements of sale of bonds had duly appeared for 30 days previ ous to date of sale, in the Billings Gazette, a newspaper published in the city of Billings, Montana, and The Bond Buyer, a newspaper published in the city of New York in compliance with the resolution of the board of commissioners passed' at their meet ing of January 24, 1903, were duly iled. The following offers for $75,000 of court house and jail bonds were re ceived: Otis Wilson & Co.-Par, accrued interest to date of delivery, and a premium of $2. S. A. Kean-On 41/2 per cent bonds, to be dated March 1, 1903, $75,375 for the issue, and furnish bonds free of cost to county. Chas. H. Coffin-On bonds of $1,000 each, par, less $749 for cost of bonrds and attorney fees in connection, and furnish bonds. Thos. Cruse Savings Bank-Par. N. W. Harris & Co.-Par, on bonds of $1,000 each. Upon motion a recess until 2 o'clock p. m. was taken, when further consideration would be given to the bids submitted. Afternoon Session. Saturdajy, March 7, 1903, 2 p. m.: The board reconvened at 2 p. m. and after due deliberation, upon motion by Deverill, seconded by Jacobs, and unanimously carried, it was decided to award the $75,000 court house and jail bonds to Messrs. Otis Wilson & Co., of Chicago, their bid having been the highest of those submitted. It was further understood and agreed to in writing, that the said Otis Wil son & Co. should deposit with the board of cimmissioners a certified check for $3,750 payable to the order of W. O. Parker, chairman, as a guarantee that the bonds would be accepted by said Otis Wilson & Co. in accordance with their bid, and that such certified check should be filed with the county clerk on or before March 14, 1903. The same form of bond and coupon last used was, upon motion unani mously carried, duly adopted by the board for the issue just sold. The clerk was instructed to ar rane with the United States Mort gage & Trust company of New York for the preparation and certification of bonds, in accordance with the form adopted. The official bond of F. S. Dulin, con stable of Billings township, was pre sented, approved and ordered filed. The board then adjouined. Heartbroken Girl Takes Her Own Life San Jose, Cal.. March 25.-Ruth Zeigler, 25 years of age, lately a teach er in the public schools of Minneap plis, c ,mmitted suicide near Saratoga last nignt by drowning herself in Campbell creek Dr. Riesland. the celebrated eye specialist, will be at the Rademaker April 5 to 7. Remember, he comes here regularly and grinds all glasses while you wait. Consultatfon free. td PAST MASTER OF CON CAMES CAREER OF WHITAKER WRIGHT, BRITISH PROMOTER. ROPED IN THE ARISTOCRATS The Peer of Modern Promoters, What He Did and How He Live---Mil. lions Made and Lost. The arrest of Whitaker Wright in New York last week gives a nearby view of one of the greatest confidence men the young century, or the old one, for that matter, .has produced. He is a British product, with some American polish acquired during a residence of six years undier the sha dows of the Philadelphia Stock ex change. Wright out-Hooleyed Hooley in boosting a skin game with aristo cratic backing. The late Barney Bar nato was not in his class. Compared with him the American get-rich-quick er-diamond tontine, turf investment, home co-operative, numerical bond, Iron Hall and other defunct schemes are as three small pieces of silver to a double eagle. The nearest ap proach to Wright in magnitude were the operations of Jabez Balfour, a countryman, who is serving a life sentence in a British prison. An account of the life of the wrong Mr. Wright in the New York Herald says he has made and lost millions, and is accused of having .been the cause of the loss of $100,000,000 through the organization and failure of the Globe group of companies. He lived in Philadelphia for six years, from 1885 to to 1891, occupying an office in a building where the Stock exchange now stands, and engaging in business as a broker in cotton, grain and petroleum. His wife is a native of Philadelphia azndl her father was killed during the civil war while serv ing under General Grant. His successes did not begin until after he left this country. In West Australia he is said to have made $15,000,000 in mining speculations, and to have made several times that amount in London in the operation of companies he organizedi to float his properties. He induced several members of the nobility to serve on his boards of directors, among them the late Lord Dufferin, at one time governor general of Canada, who was financially ruined by the failure of the concern. In appearance he is not especially striking, but his personality is mag netic, and it has been said that if he could get a man to listen to him for fifteen minutes he could in most instances obtain from him almost any thing he Idlesired. Weighing about 250 pounds and five feet ten inches ta4l, Mr. Wright's expression, except when he is greatly interested in the matter under discussion, is colorless and heavy. His small eyes, set well back in his head, his thick neck, retreating forehead and rounded chin fail en tirely to convey any impression of the great intellectual power he is adL mitted to possess by all who have known him well, but when he devotes his attention to the furtherance of his plans or wishes to convince any one his whole bearing changes. His eyes, turned full upon the person to whom he is talking, seem to grow larger as he warms to his subject, and it is impossible not to feel the effect of his magnetic personality. Until a short time before the crash came-and the whole financial world was'shocked by the enormity of the failure-he had been for several years one of the most prominent figures in business circles in London. Himself comparatively unknown when he be gan his operations, he induced Lord Dufferin, Lord Loch and others with great names to allow him to use their names as members of his boards of directors, and by this means inspired so much confidence in his undertak ings that money flowed in profusely from all quarters, and, in several in stances subscriptions to stock offered for sale were far in excess of the capitalization of the companies he was floating. Although never admitted to a social equality with the members of the nobility, he was on intimate terms with many men whose names appear in Burke's Peerage. He claims even King Edward as his personal friend and is well known to such Americans finaciers as Charles T. Yerkes and Charles M. Schwab, the later of whom he says he met a short time ago in Paris and found him looking in the best of health. In his expenditures he has been as lavish as he has been bold in his financial ventures. His country homse in iSurrey is one of the wonders of that part of the country. with its. derground ball room sa 77 7 fashioned appartments. He also has a London house, which is one idf the most magnificent in the city. ' His yachts have been among the best in British waters and his dinners were magnificent in the extreme. So great, indeed, was his fame at that time that a successful novel was written by the late Harold Frederic, called "The Market Place," which was understood to veil under a thin guise of fiction the main events in the career of the promoter and his connection with Lord Dufferin. The former is called in the novel Stormout Thorpe. He had ,started in early life as Joel S. Thorpe, but had dropped the Joel and spelled out the middle name in full, just as Wright's name is said to be J. W. Wright. Lord Dufferin masquerades as the Marquis, of Chaldon. This is the novelist's description of the pro moter: "Thorpe was tall ,but of a burly and slouching figure. His face, shroud ed in a high growing dust colored beard, invited no attention. One seem ed always to have known this face thick featured, immobile, undistin guished. Its accessories for the time being were even more than ordinarily unimpressive. Both hair and beard, were ragged with neglect. His com monplace,dark clothes looked as if he had slept in them; the hands rest ing on his big knees were coarse in shape and roughened and ill-kept." The novelist goes on to describe how Thorpe induced members of the nobility to lend themselves to his schemes, and tells how the Marquis of Chadron, "ambassaidbr at Vienna in his time, but willing to gather in his five hundred a year just the same," became chairman of the board of directors of Thorpe's great com pany, just as Lord Dufferin became chairman of the board of directors of the London and Globe Finance company. In the endl, all of Thorpe's enemies are ruined, his friends enriched, he himself marries a wealthy and aris tocratic wife,.and the novelist leaves him planning new schemes by which he may utilize the noble friends, under whose tables he is now privileged to place his feet. Mr. Wright's financiering has been of, the pyrotechnic order, He floated into prominence and fortune on the flood gates of the boom in West Aus tralian goll mines. The London and Globe Finance company was a promoting concern for manufacturing securities, and it has been said that none of the direc tors except Mr. Wright had the slight est grasp of its affairs or the remotest conception of its ramifications and ventures. Men like Lord Dufferin, Lord Loch and Lord William Beresford were useti by Wright to dazzle the bour geois public, rather than to assist in guiding the affairs of the company. He had a marvellously rich mine in Lake View, in West Australia, which was turning out $700,000 a month in gold, and the stock soared to $140 a share. An American mining engineer was in charge at the mine, and reported to Mr. Wright's London office that the Bonanza mine, which was produc ing most of the profits, was grow ing bigger and stronger in depth. Mr. Wright bought all the stock in sight, only to learn later that the great store of ore was dug out. Before the collapse of the Lake View mine Mr. Wright had advanced $10,000,000-the total capitalization of the London and Globe Finance com pany-to the Baker street railroad scheme in London. Then he bought out the British American corporation, with a capital of $7,500,000. It was over subscribed and the stock went to a premium. This corporation bought up the Le Roi and other mines in British Columbia, and within two years the Le Rol mine alone was said to have made $2,500,000 profit. Four different corporations were organized to control these mines and the companies were floated on the London market. The stock of all rose to a large premium and the mar ket value of the stock of the four com panies soon rose to $40,000,000. repre senting an investment of less than $5,000,000, all made within three years. This was inflation and manipula tion which could not last. Collapse was inevitable. Thirteen firms, in volving about thirty members of the London Stock exchange, failed through the Globe group collapse, some of whom were among the best known men in the London financial world. At that time it was salk that the crash, while it was certain to come sooner or later, might have been de layed had it not been for a quarrel between Mr. Wright and Joseph Kauf man, a mine exploiter, who were once bosom friends. The former led the bull movement in West Australian shares and the latter led the bears. After a three years' fight Mr. Kauf man conquered. 'Even then the Stock exchange wits had a fling at. the promoter. "When was Whitaker Wright?" they asked, to which the proper answer was, "When he took a Duffer-in." he story was alo told at that time, JUST A WORD TO THE WISE Have you bought any Burlington and. Northwest Building Lots? If not, do it quick. Don't delay! If You Could Make $1,000 Would You Do It? We give you the greatest opportunity ever offered in the City of Billings. The chance to buy these choice building lots on easy monthly installments of $5 or $10 each. Thousands of dollars have already been invested through our office in this way and ac tually represent the confidence careful real estate buyers have in us. Make Money USOH Real Estate We will sell you an eight-room house for $100 cash and the balance in small monthly payments. We will sell you an improved farm of 120 acres for $500 cash and the balance in yearly payments of $500 each. DO BUSINESS WITH North Real Estate, Loan & Title Co. Established Jan. 1, 1892. Department Offices-Real Estate Block Fifty Foot Front on Ground Floor, 202-204 North 27th St. BILLINGS, MONTANA. YOUR BUSINESS SOLICITED, CORRESPONDENCE INVITED. as illustrative of klangers he had es caped, of how an Indian squaw once saved his life after he had given her a trivial present. He was out pros pecting one day and looked into her tent. She immediately told him the braves of her tribe were after his scalp and hid him beneath some skins. Presently up came the redskins and asked if she had seen him. She stood at the door of the tent and said he had passed in a certain direction. Every other white man in the neigh borhood was murdered. Much American money was lost in the failure of the Wright companies. There was a great outcry against the attitude of the authorities in not pros ecuting Mr. Wright and his fellow directors in the London and Globe, and in January last a petition was cir culated on the London Stock ex change, signed by many influential men. Idemanding the prosecution of Mr. Wright, as it was considered that the credit of the city and of the Lon don Stock exchange demanded a thor ough investigation. A fund of $25,000 was raised to ini tiate the prosecution of Wright. Ar nold White, an author, at a meeting said( the reason the prosecution was not undertaken by the government was that the directors of the London and Globe were sheltering themselves behind members of the royal family. He added that he understood that a royal duke hail invested money in the concern, and he believed that "certain hangers-on at court" were using the name of the king and others for the purpose of hiding their own nefarious deeds. Other speakers at this meeting de clared that the stockholders of the London anid Globe were victims of one of the most "terrible, heartless and gigantic swindles of the present age." Action was taken against Mr.Wright on March 10. Justice Buckeley, in the chancery division of the high court of justice, made an order directing the official 'receiver as liquidator of the Globe corporation, to prosecute Mr. Wright on a criminal charge and to utilize the assets of the London and Globe to pay the costs of the pros ecution. The following day a war rant for Mr. Wright's arrest was is sued. FAVOR THE CANAL. Colombian Statesman Offers Resolu tion in Assembly. Panama, March 25.-Representative Laso de le Vega, at today's session of the department assembly, introduced the following resolution; which was unanimously adopted: "The assembly of this department, considering of transcendental and de cisival importance to the isthmus and the republic of Colombia the openin of the inter-oceanic canal, which will contribute powerfully to the develop meut of commerce and the economic interest of the country which are the true foundation of order and peace, commends to the patriotism and en lightened judgment of the national department in the next convention the consideration of this important ques tlon." Dr. Juan B. Perez Solo has been elected third senator for the depart-. ment of Panama. The senior senator of the department is Senor Augustin Arango and he and Senor Abolda, who was elected second senator and Dr. Solo are all in favor of the Panama. canal. ROBBER KILLS MESSENGER. Ukiah, Cal., March 25.-A lone high wayman commanded the stage run ning between this point and Men docino City to halt this morning. The bandit, seeing that a shotgun mes senger sat beside the driver, fired, instantly killing Q. A. Overmeyed, the messenger. Yellowstone 4593 National OF Bank BILLINuS CAPITAL, - $50,000 SURPLUS - $20,000 A. L. BABCOCK, President DAVID PRATT, Vice-President (O. A. ORIOGS, Cashier B. H. HOLLISTER, Ass't Cash DIRECTORS. A L. BABCOCK. DAVID FRATT. G. A. GRIGGS. ED. CARDWELL PETER LARSON. Regular Banking in all its Branches. Safe Deposit Boxes Rented. Special Attention Given to Collections. DEALERS IN Foreign and Domestic Exchange. Segen Bros. Savings Bank OF BILLINGS, ONTANA. Transact a General Banking Business. Admiulster Estates. Buy and Sell Real Estate and Live Stock. Responsible Capital, $125,m Collect Rents and Take Charge of Business Af fairs for Non-Residents. FRED INABNIT, Cashier. Stockwell's dmpoym 76o7x Moat. Av Bell 'Phone 89a; Moffett 'Phone 181. No Charge for Male Help. Help Wanted. Chambermaid and' second girl for private boarding house. Waitress for hotel. Woman cook for hotel; Junction. Second girl, same place. Girls for general house work, city and ranch. Men for railroad wo rk; extra gang; east. Ship tonight, free fare. For Rent. Two rooms furnished for house keeping; north side; $15.