Middletown transcript., 1901-05-18
WASHINGTON LETTER.

81 hCRETARY GAGE declines TO sax
anything for publication concerning
!he Wall street crash of last week, but Il
h Known that he felt greatly relieved
When the disturbance did not extend
outside the ranks of the spectators. AS
hnancler OF long experience he knows
'hat there is always danger that these
speculative orgies may do great damage
70 the country when the inevitable col
lapse comes, by unsettling values and
shaking confidence throughout business
circles The government has no control
Vi these things, but there are times when
'"e secretary of the Treasury may do
nluch toward preventing financial trouble
ol a serious nature. For that reason
secretary Gage kept close watch on the
wall street speculations. He was pre-
pared to do what he could had the neces-
SlIy arisen, but is very glad that in this
case he was not called on to do anvthing.
lie Is still buying short t;n,~ United
States bonds, whenever they are offered
at price that makes it advantageous for
the government to buy, and will continue
TO DO SO, because thereby he not only
puts the money that is in the Treasury
back into circulation, but saves interest
tor the government.
~
Secretary Root made short work of the
offlclal career of War Department Off
clal' who offered to sell copies of official
correspondence to the Counsel of Neely,
who is charged with the embezzlement
OF Cuban postal funds. The offer was
made by W. D. Williams, private Secre-
tary for Col, Edwards, Chief of the In
sular Division of the War Department,
to Judge Linsay, of New York, who at once
reported it to Attorney General Knox.
Detectives had no trouble in tracing the
offer to Williams, who acknowledged his
guilt. Secretary Root at once dismissed
him from the government service. He
would also have been prosecuted, but in
lsmuch as the copies he had offered to
ell were all recovered and would in any
went have been of no value in the case,
t was decided that dismissal was suffic-
ent punishment.
~
Mr.. @. NJ. Schwab President of the
lewl ly-founded steel trust, known as the
Jnited States Steel Company, was one of
he most interesting witnesses yet heard
y the Industrial Commission. He was
very frank and willing witness, giving
IL that was asked except copy of the
indicate agreement, which he said he
lought was private matter that he would
OF care to furnish at this time. He said
lie new company controlled about Is per
mt. of the steel products of the country,
I'd expressed the opinion that the con-
'lidation under one head would be ben
icial all around. When asked what
feet it would have on prices, he replied:
think the tendency will be towards
mewhat lower prices. 1 do not think
ere is a probability of higher prices
lless something unforeseen happens"
hen asked what, if any effect, the talk
the removal of the tariff on steel pro-
lets, would have on his company, he
piled: Reduce the tariff and the wages
labor will be reduced. Labor forms
e largest element. Our greatest exports
We been in rails and billets, wherein
Dor is the least factor comparatively,
d not in the lines upon which the most
DOR is exerted." When asked to state @
lat effect corporate consolidation would
We on the chances of men for employ
mt, he said: Opportunities were never
great before as they are now, for men
brain and energy who are willing to
rk. There was never so great scare
of the special men who are required
manufactures. Men with such ex-
otional abilities have chances equal to
Y such men ever had Tdoubt, how
n, if men with small capital have"
said the average wages paid by the
'negie Co., at Homestead, last year,
re 81 a day. The lowest was 81. so, but
Schwab said he was ashamed to tell
at the highest was.
~
Iinister Conger is in Washington. He
lines to discuss the Chinese question,
her than to say that he thinks it
be impossible for China to pay the
'unt of the indemnity that the repre-
.atives of the powers have decided to
land.
~
lille it would be obviously improper
The Department of State to take any
ce officially of the constantly repeated
'rts of efforts being made to form
combination of the great
opean nations, for the purpose of
ing war upon American trade, ofic-
OF that department say in private
'ersatlon, that no such reports would
circulation, had the Senate ratified
reciprocity treaties negotiated with
'pean nations, as President McKin-
IN public messages and in converse.
with Senators, repeated requested.
add that, in their opinion, it is still
BILE for the Senate to head off any
pean commercial combine against us
romptly, at the next session, ratify-
uch of those treaties as are still alive,
cularly that with France.
~