The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-04-12
Public Not So Easily Fooled.
y as One8hllght Imagine.
ALLEGED COFFEE LOSSES.
Lewlsohn Brothers Laugh and Hold on
h to Their Berries Maxwell Evarts, a
Lawyer, Who Knows the Law.
5 Guggenhelner No Candidate
/ BY JOHN &MARTHoL.
sreclnl q rho rtmes. 12lspstch. !

Il or novel In this statement except that
II 1t has been uttered by Mr.. Morgan. Tho
readers of this column are familiar with
Il the facts. ! have repeatedly called at
a tenhon to the operations Of the certi-
4 ficate mill, its overproduction, the money
"a locked up by promoters and underwriters
Il stheir attempt to float the shares and
N OF the attitude of tho public In relation
y to them. II q SitSs q 81 i
When Mr.. Morgan speaks Of undigested
y seourltie no reflects on the stomach Of
&the general public. In that he is wrong.
IS The public Is not suffering from having
bitten of more than It can chew
n neither has 1t gorged itself 80 that Its
Sdigestve organs need rest or recupera-
v ton. The public has not been fooled It
4 has not been parted from Its hard-earned
e wealth. It scented danger long time
Ii lgo and became cautious. Tho only trou-
4 BILE which has ensued is that in the gem
eral }cautiousness It has become so timid
that many really good things have not
I been taken up. Ejse HI
IT rs computed that the sum Of $780,
U 900, 900 Is locked up In these transactions.
ut would be interesting to know what
portion of this sum Is derived from loans
against which the shares are pledged as
" collateral. there IS any danger ahead
#for.sthe general community 1t Will arise
from tho relationship existing between
tho debtors and creditors in loan trans
4 actions.
&T That the country IS In q prosperous
condition, and that the industries and
railroads which have been reccrtflcated
or rebonded arc enjoying a maximum OF
trade and transportation Is proven g not &
only by statements of earnings. but by
evidence visible to every eye. But the
Relationship Of ca pltalization to the value
\ Of properties whether based OH earning
capacity or the assets, is quite another
matter The general consensus OF opin-
ton'3s Is that Il the actual values are one
thing and the value per capita lizatlon
another n This difference ofEopinion IS
reflected by market values. The question
whether the capitalization is too high,
hut whether the market value IS too
Some persons would object to this view
for the reason that on a smaller capl-
,ta!ization the possibility OF dividends
would be greater. Judging from the mar
';et price Of United States Steel shares,
nreferred and common that is not true.
InGthis particular case the common stock
I,nys a four per cent. dividend. and there
Is every indication that the dividend Is
laid out Of earnings On the actual cash
invested the holder receives about ten
per cent. II would seem from this that
there would be an active demand for the
common stock. If there We're such de-
rand, the price would certainly rise. AS
tho price does not rise to tho plane which
It should go MS n dividend-payer. 1t Is
8rairto assume the public Is skepucal
rs to the intrinsic value OF the PROPOSE
ton.
There Is no truth In the sensational
storie shat the Lewiston Brothers lost
millions In coffee. They are the largest
Individual holders Of coffee in the world.
and the decline in the price must have
marked down the value of their holdings
as an asset. But loss is another thing
Coffee is a commodity which improves
with age and fluctuates in price. All the
ELewisohns have to do is to forget they
have It. and time will find them with q
supply ready to meet higher market
There is a world Of difference between
ownership and ownership "on margins"
Il saw Jesse Lewisohn and he only laughed
at the stories. LET them talk" he said:
tive are not bothered by the talk
IA "A few weeks ago q. suggestiou was made
by me that"the.one man who would make
X n hard candidate for the Reformers to
heat in n mayoralty contest would be Ran
#iolph Guggenheimer. Tho suggestion has
been taken up, and there Rre those who
put his name forward. Mr.. Guggenheimer
y has no desire to give up his hard-earned
leisure time TO being either n candidate
or an elected Mayor.
K .
That comfortably situated part OF this
community which seldom drinks beer
md enjoys at club restaurant and homo,
wines and liquors under the best labels,
has often expressed belief In a high license.
Our Governor for no reasons of promot-
Ing morality and temperance, but for
the purpose of making Democratic cities
pay the cost OF running the Republican
government OF the State, has caused tho
- l,t 1,,,,
Workers will now see the result OF this
much talked of measure. Lager beer
will now DO sold In smaller glasses, and
higher prices will be charged for other
drinks. Thousands of workingmen send
10 the corner saloon for a pint Of beer.
With which they make palatable an in
g different dinner. The "high license" tax
5 comes heavily upon these men. the great
majority In all cities, 1t is a direct blow
Mt their health. comfort and happiness.
Among the lawyers who have come
to the front. is Maxwell Eyarts, find
him connected with many of the great
railroad suits which in some way or
shape come before the courts FIe re-
gently appeared In behalf OF the Union
Pacific In Nashville. In the suit brought
by James r., Keene to restrain the Union
Pacific from voting It's holdings Of South
s Urn Pacific stock, also In defense of the
suits brought against the Huntington es-
n tate. 2 III II Is possible Tor man 10
i inherit n legal mind. it is right 10 state
that this Is what has happened IN Max
3 well Evarts case. His father, William
4 NJ, I1varts was probably one Of the pre-
Is eminently great American lawyers, As
Re. remember Maxwell Evarts' twenty-five
FEARS ago, he was young lawyer, work
inG In hard school. He was virtually
n clerk In the great firm Of Eyarts
q 5outhmayed and Choate. Mr.. Evarts SEN
ior was then full OF honors, and held
10 the belief that great lawyers We're
made by hard work, This doctrine he
& forced upon his son, Maxwell. who at
4 that time showed himself to be uncom-
y monty brilliant Had he been less tall
y snted William NJ. Fyarts would prob
ably have been less determined 10 have
HIS son "buckle'' down to his books"
But Maxwell "buckled" and the result
has been the finished article. "a lawyer
who knows law
ssThere rs nothing like being million-
aife, except it be. TO be a millionaire
\ willing tn enjoy 1t Most Of the million-
aires who have made their millions have
one desire millions. This Is not
= rue OF Charles S. Bryan. lie seeks com
fort. pleasure and agreeable society, TO
I, - tht. any7 ne has built the Czaripa