The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1901-05-24
FROM THE
CAPITOL
WASHINGTON Comment on the
Topics Of the Day
Gage Prepared for Emergen-
cies in Case the Panic had
Grown Serious
en-. SCHHAB'S TESTIMONY
Says Steel Consolidation will
Lower Prices
European Commercial Com
binatiOn Against America
Discussed
en-. SCAHAB'S TESTIMONY
Says Steel Consolidation will
Lower Prices

aSnlnRtOn, ~. =. May H.
Secretary Gage declines to say any
thing for publication concerning the
Wall Street crash last week. but it is
known that he felt greatly relieved
when the disturbance did not extend
outside the ranks OF the spectators.
AS financier of long experience he
knows that there is always danger
that these speculative orgies may do
great damage to the country when the
inevitable collapse comes, by unset
Ting values and shaking confidence
throughout business circles. The
government has no control OF these
things, but there are times when the
Secretary Of the Treasury may do
much toward preventing financial
reason Secretary Gage kept q close
watch on the Wall Street specula-
tions. He was prepared to do what
he could had the necessity arisen, but
is very glad that in this case he was
not called on to do anything. He Is
still buying short time U. S. bonds,
whenever they are offered at price
that makes it advantageous for the
the government to buy, and will con-
tinue to do so, because thereby he not
only puts the money that is in the
Treasury back into circulation, but
saves interest for the Government.
Secretary Root made short work Of
the official career of q War Depart
ment official, who offered TO sell cop
les OF official correspondence 10 the
Counsel oflNeely ,lwho is charged with
the embezzlement of Cuban postal
funds. The offer was made by w. ID.
Williams, private Secretary for Col.
Edwards Chief OF the Insular Divi-
sion of the War Department, to Judge
Linsey, OF N. Y, who at once report
ed it 10 Attorney General Knox.
Detectives had no trouble in tracing
the offer 10 Williams, who acknow-
lodged his guilt. Secretary Root at
once dismissed him from the govern
ment service. He would have been
prosecuted, but inasmuch as the cop
les he had offered to sell were all re-
covered and would in any event have
been OF no value in this case, it was
decided that dismissal was sufficient
punishment.
Mr.. c. M. Schwab, President OF the
newly-foun led steel trust, known as
the United States Steel Company, was
one of the most interesting Witnesses
yet heard by the Industrial commits
sion. He was very frank and will.
ing witness, giving all that he was
asked except copy of the syndicate
agreement, which he said he thought
was private matter that he would not
care to furnish at this time. He said
the new company controlled about 10
per cent OF the steel products OF the
country, and expressed the opinion
that the consolidation under one head
would be beneficial all around. When
asked what effect it would have on
prices, he replied: 81 think the
tendency will be toward somewhat
lower prices. do not think there
is a probability of higher prices UNI
less something unforeseen happens.
When asked what, if any effect, the
talk OF the removal of the tariff on
steel products, would have on hiscom'
pany, he replied: "Reduce the tariff
and the wages of labor will bereduced
Labor forms the largest element. Our
greatest exports have been in rails
and billets, wherein labor is the least
factor comparatively, and not in the
lines upon which the most labor is ex-
erted." When asked to state what of.
feet corporate consolidation would
have on the chances of men for EN-
ployment, he said: Opportunities
we're never so great before as they arr
now, for men of brains and energy
who are willing TO work. There was
never 80 great scarcity OF the spec
ial men who are required by manufac
tories. Men with such exceptions
abilities have chances equal to an.
such men ever had. doubt, however
If men with small capital have" III
said that the averages wages paid b,
the Carnegie Co. at Homestead, las
year, were "a a day. The lowest wa
81 so, but Mr.. Schwab said he wa
ashamed to say Wharf.-The highest was
Minister Conger is in Washington
He declines to discuss the Chimes
question, further than to say that h
thinks it will be impossible for Chin