The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1901-04-19
Inform dtion and
Entertainment, Too

| NN AN ANALYSIS OF the mental quality which
| d has raised j. Pierpont Morgan to his pres
Il ent commanding place in the world Of
| finance and industry, Holland cites this
! instance: When in 1851 Secretary Chase came TO
New York TO plead with the bankers for their
aid in carrying the government through an
emergency that for the time more danger
ous than the armies of the South, he met at
bankers house up town group containing
about Of the leading bankers OF New
York. The secretary told them that the govern.
nlrnt must have aid, and lie added that he
was not a iinancier, only an administrator OF
the law as it related to the treasury depart.
ment. They were tnancicrs and to be fnan.
cier meant to create the ways and means for
meeting an embarrassment OF that kind. The
bankers hcmined and huwed; they weighed every
detail and the next morning when the secre-
tary met them in the directors room in the
old American Exchange Bank building, he found
that even then, although they disposed
10 furnish him Sj0,000,O00 in gold they had
no clear idea Of the best way by which that
could he done, and it was perhaps a week before
an understanding was reached by them. Six
years ago when the secretary OF the treasury.
VINO had watched the drain OF gold from the
treasury department until he saw that within
day or two his supply would be all gone,
sent in despair for Piclpont Morgan. Alr. Nor.
gan Was closcted VII. the secretary not more
the secretary better understanding OF the con,
diions of the treasury tnan the secretary him.
self possessed, and he laid before Mr.. Carlisle
Il plan involving the turning over to the govern
Incnt oi a good many millions more than Secre-
iary thasc asked for in 1861. 1t was plan
than involved mastery OF foreign exchange,
grip upon the international markets lasting for
six months and promise that ii the secretary
made instant agreement Mr. Morgan would
guarantee not only that the drain upon the
treasury department wouu at once be stopped
but that the supply of gold would be replen.
ished within week by some sixty.siy millions.
That interview OF an hour involved not only
absolute comprehension Of the whole field OF
modern finance and the specific application OF
financial conditions in such u manner as in.
slantly 10 relieve the smbarrassments OF the
treasury department, but promise to continue
this protection tor Ieast six months, and vet
Mr., Morgan had had less than twenty four
hours 10 consider this subject. Probably had
Mr.. Carlisle called upon him at 10 o'clock In
The morning and laid his embarrassment before
him, he would have gone away from Mr. Nor
gan's Office at II with the difficulty ended
the agency OF school savings bank, in which
they could make weekly deposits without re-
gard 10 the snallness OF the amount. A friendly
savings bank helped his plan by agreeing to re.
ceiye savings accounts from five francs up The
attracted the attention OF the French govern.
ment and official sanction was given 10 it,
Since then il has spread all over Europe and
more than 100000 schools are enjoying Is bene.
fits. Fifteen years ago the school sav:ngs bank
was introd ICED into the United States By re.
tired Long l''snd capitalist, who has siEte
given up his whole time TO its interests. Last
December j, II, Brady, Los Angeles bank presi
dent, established the system in each of the
hty'tour schools in that city. These school,
contain an aggregate OF 80. rooms each Of
which is 4 savings bank in itself The Los An.
gclcs Herald says tha. the first weeks deposits
amounted to Si,@0SO, in which 5000 dcpostors
participated. Now the savings OF the school
children amount to nearly 5000 The records
oi the school savings in scranton are well known.
last year our national liquor bill Amounted
to Sl,OjJ asi, an average per capita of sl30l
or H.6s gallons. The people of the
United States are consuming larger auauti.
ties Of alcoholic liquors than formerly Last
year the average consumption OF spirits reached
per capita OF LEI gallons, more than since
1891, when it was lSi gallons; 40 gallon per
capita Of wine, more than since 1907, when
the average was .53 gallon; and 1901 gallons
of beer more than since lSg3, when il was
1870 gallons. The increase IN the drinking of
beer has been more pronounced thau In either
spirits or vine. The average oi all alcoholic