Montana news. [volume] (Lewistown, Mont.) 1904-191?, 1905-08-16

mo hiShu, WI NOShSiCilSIs Il
owe you, with accrued interest, S4oa-
ooo," he wrote in substance. You
have fully 500, 900 as collateral in
my Standard and shipping stock.
Surely that is enough to cover the
loan. Can you not release my
Franklin mining stock (held as col
lateral for his endorsement of the loan
to Mr.. Rockefeller's brother), in
order that | may meet my outside
obligations1 II you do not, fear
| must make personal assignment" /"
And Mr.. Corrigan claimed, in the
letter he wrote Mr.. Rockefeller max
ing this request, that it had been
stipulated that he could get this col
lateral at any time that he needed
it; that his leaving it with Mr..
Rockefeller was a wise precaution
in Mr.. Corrigan's own interest.
Mr.. Rockefeller's reply was en-
tirely businesslike. He could do
none of the things Mr.. Corrigan re-
quested. He could not release the
mining stock. Nobody at 26
Broadway remembered that any ar
rangement for releasing it had ever
been made. Besides, he must also
have the dividends on the Standard
Oil certificates. Mr.. Corrigan's
case was desperate. He felt that
his property much more than COW
cred his debts. Iron ore in the
ground, and good boats in a dock
may temporarily lose value, but
their intrinsic value cannot be de-
stroyed. There were already signs
that values were recovering. II he
could but get hold of his mining
stock! Mr. Rockefeller was firm
and he began gently to hint that
there was one way out of the trouble,
il Mr.. Corrigan would sell him his
Standard Oil trust certificates, that
would wipe out whatever of the debt
that was due, give him the ready
money he needed and enable Mr..
Rockefeller to give time on his other
loans. Mr.. Corrigan would not
listen to the idea. The Standard
holding represented the work of his
early manhood. 1t was his largest
dividend Garner; that he could not
give up. He called in Frank Rookie
feller to plead for him. The inter
view broke up without a decision,
but as Frank Rockefeller left the
room John called him back 'Corrigan
is going to the wall, Frank, he said
/ might as we'll have his stock as
anybody, Persuade him to sell it,
and you get his mining stock"
By the fall of 1904 Mr.. Corrigan
was desperate. He must have mon
ey, would not Mr.. Rockefeller help
himp There were interviews, plead
ings. promises, but always they end
ed in the same impasse sell me
your Standard Oil trust certificates
and that will help you," and to fur
ther his plan, Mr.. Rockefeller now
began to apply his favorite process
of creating a panic. After all Stan
dard Oil was very uncertain in its
value. One could never tell what
would happen. Beside, the mining
stock was of little value. Accord
ing to Mr.. Rockefeller. all of Mr..
Corrigan's property was doubtful.
Nevertheless, he would buy the
Standard holdings to help an old
friendl
Now some time before this Mr..
Corrigan had made an assignment
of equities in his Standard Oil trust
certificates and shipping interests to
Judge Stevenson Burke, of Cleve-
land his council, and an associate
in business. Judge Burke believed
that the property in Mr.. Rockeleller's
hands was ample to extricate Corri-
gan, and he decided to try to nego-
tiate loan upon his equities in the
securities. To do so, however, it
was necessary to be able to show to
lenders of money what the Standard