The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-07-12

most important question 10 be soiSea os
ocp s. ssnas. w'e 81 The country
with no the !President aud waits upon Con- fnr
rress II has waited upon Congress LOT
Years, while The BaltimoSe CG ION Is
me -nn.rsss Secretaries OF the Treasury
~ s"ssnbs,s az Commerce have va1niy
urged notion. .,.,t NOS tended
The agitation OF this sn .Ssrs is i strong
snS ,rotyInr Feeling Throughout tha phs
meas and f,nanSal world IN favor oA "i'
is called an elastic eu dra, Kat Congress
shall Rive the banks power 70 ~, "a avert
amerrei1cr currency 10 meet anG nrt
extraordInary danger N umes u
utrinsency and distress. ,,,,r,ous In
Business m~n are alfnost ua,s aven
IA nninjon that 1t Is unW1se aho
dangerous to rs.dly eont;n,s the i,e,,t tu Of the
TO an amount no. Irn frss States Fl bonds which
son w ~ denosited as collateral with IN, tns
seoretary OF the Treasury. such q po vel,
results in consequences e e H NAVE seen since
M I'm midoL bout tha The business Of the
cour,try having outSrown the u1s i.n,ns
SoiIn 1 t o. its expansion. tho banks have
Rehabilitation to reduce abe volume y.
bt,s,ness in the country TO suit mo VoiuA''
OF TIE currency. ..,,, huslness
20 a. Tie currency has reVultsd. as we ,, a.
NAV ~ nv n stupendous losses to the pun-
liz IN a partial destruction OF coi, aa. ~
Saa s l,na 81 p at ea,S0 from the hands
oT-thn reople OF moderate means litto .s
Ssndr Of those who have at conNnan ~
tho Immense resources srs OF t c;,es In or
der 70 illustrate the danger TO WhlGn Wv
business Of this country is constantly en- en-
posed by the unexpanslVe nanie ~
~ ~ ~ az. ',ra,sn ctions of the last twelve
months: u.o,+ ,oom
Last summer there S Tas IEasahed 9o the
highest level of prices eve. known. Nv Nv
fhrnugh the month of August ana ealty
In September the banks ana great na,.n
Ing houses in New York ireely S Sapr e of
Wy stuiaa,o IL The money market. While
a. sa n,oys We're being moved during the
r vas we'll known then, as 1t is now,
"a, N y hitter war was being waEed on
Cnuld by the Pennsylvania Railroad OH OH
nanw and that the Rockefellers VERY cry
ellies of Gould. The Gon nnn an hnd s nil
ions sc Of dollars. the Rockefellers ABOUT ~.
, n,,n fhousand millions and their associates
and the great banks which they con, con
troll something IKE IA tn no August. 1902,
viii suppose John D.. Rockeieller,+ t fnr
head of the Standard on parry. so, ri1,a a4e
and Continental talk about as ioilows Ala
TRockefeller-Ge gorge, you know ! , .nr
yo,I at the proper time would heip yG you
In your fight against inc re'i's' $50
Gould-Yes, hone the time has come t act
1hc time Is ripe.
Rockefeller-Of course. what l say , ~
YOU must be a graveyard secret &c w y,o'is1
i.ever do for 1t to get out. no one 1r,uss
know the details ,a o. nr,e oar Pe Penn
sa1l,n ~ at is. and other stocks in pro-
n reltitS Jim Keene. the great, manipu,
tator the Bull SIDE 3l;.h Is loa senr up at M''
r,dicmloms price. Bates and the western
e e%s tie banks n ssooeSooo They are the
sort Of ps s1p Who 1se via ana Utterly
,lnsuspicious or the tight money that
IS coming. How many securities are yoh
and your party carrying, ana o,, nov i com-
panies in the banks and trust COM
panies? rr,,,rr ono
hundred millions OF secuta,ae IVY a,.u family
KAY nave l probably s15.oOo,ooo on deposit.
good, we are nnd ca haye
campanies. The Pennsylvania Railroaa"dd
Company has to sell next year SloooI 1917
of new stock to the public. we uiu ~
Commence now and sell all the securities
his bull market will take. Sell every.
thing you can: sell your own stocks. u
you cannot sell your own, sell short. es-
pecially PENNSYLVANIA: | ana . my , lptenIs
say about September l5th We VIII com
uence to lock UP, money. ! WI men
warn my banks and trust COMPANIES s INV dnu
10 be tight. We will lock up enough TO
make ii tight. We will make the banks
cali in theiv; loans on Mr. Keene's south IN
eHn paf fnis tlis sso,op'oo he owes them
and al, the other plungers will be treated
similarly BY tho Goth OF September we
win have them thoroughly fs'g griI n"i
money up to 100 per cent per day. and
Gould But what VII tho go gove, n ,Ss
do7 NV!ll not Mr.; Shaw , come 20 me
'c RocpefelieraThe Secretary OF the Treas
ury cannot do much to Influence the
r.oney market. This banks have put up
al the United States bonds that ara
available as basis Of their CURRENCY
and as collateral for deposits. No new
currency can be issued; no now deposits
ran be made by the government, because
the United states bonds are too high to
PURCHASE For the same reason the sec
fetary win not he able to relieve the
Into Inc market TO buy the bonds he Will
put rp the price II he puts up the price
the banks viii sell them the bonds and
Withdraw their currency tror, circulation.
no relief can nc obtained from Europe.
Our Indebtedness 10 Europe "a already
enormous. Instead Of Duropes sending
money TO relieve. the str!ngency here, II
viii become frightened at The enormous
Cec,ine in our securities and sell us It's
stocks and bonds. thereby helping q
break we VAL accumulat. Pennsylvania
RAILROAD stock, aeau!r!ng enough 10 con
yanie Railroad Company announces tht
Offering OF It's new stock 70 the public
we Will aga IN hammer the whole market
knock Pennsylvania down TO or below
the price at which It Is offered to III
public and buy 1t ourselves, Before th
snnual meeting in 1909 SO will have &C
cumulsted enough Pennsylvania stock I
enable us, together with discomfort
stockholders, who Will be Disguised q
see!ng their stock so low. to control tn
dtuation and turn out Mr.. Cassatt an
his board.
iou!d.-I sec: we will put our own boar
In stop the war increase the dividend I
per cent and put the stock up TO 700
With this understanding, DE friend
shook hands and parted