The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-14
RICH MEN OFTEN
NEED HARD Cash
investments Often Leave the
PosseSSor of Many Millions
Hard Up for Moment.
CARNEGIE ALWAYS BROKE
n. H. ROGERS IN THE MARKET
FOR MONEY.
PHILADELPHIA Pressl

Both Mr.. Rockefeller and Mr.. Rogers
have been pictured as possessing vast
amounts Of actual money drawn from
the public and presumably hidden or
placed away so that there could be al
most a miser-like contemplation of it,
But the testimony of the Standard Oil
hearing and the equally authentic tes-
timony respecting Mr.. Rogers embar-
rassment go to furnish an object lesson
showing to the public certain facts with
which they have been unfamiliar, but
with which men of affairs have had no
lack of knowledge. For it is so uni
versally true that the exception in the
case of Russell Sage is matter of
comment and amaZement that the
greater men of affairs are frequently
actually poor with respect to actual
cash.
Mr.. Carnegie himself is notorious in
this respect, so that il is frequently
said of him by his friends: Carnegie
never has any money" He has securi-
ties in plenty and one of the worlds
great incomes, but the security repre-
sents invested money and the income
is either reinvested or else is distrib-
uted. MIR. Rogers for six months or
more, Notwithstanding his great wealth,
has been diligent borrower of actual
money or it's equivalent in credit.
Then began the money stringency,
worldwide in some of its features, SO
that in order to borrow more money
Mr.. Rogers was compelled either 10 sell
for what they could fetch securities, so
that he could put up d cash margin, or
else to deposit fresh supplies of securi-
ties, remargined so as to be consistent
with the depreciation in prices. For
the. actual necessaries of life, and even
such relatively expensive manner of
life as Mr.. Rogers has chosen, it is, of
course, no embarrassment for him that
there should be money stringency. But
so far as the necessary protection of
his plans are concerned it does become
a very serious question when, cOinci-
dent with a great depreciation in prices
of securities, which, if continued, must
be followed by depreciation in value,
there comes also a scarcity of money
capital.
StupendOus as is the fortune of John
D. Rockefeller. even now estimating it
in accord with the deprecated prices
of securities of all kinds, nevertheless
it is a fortune which he is sharing, to
a great extent, with the entire ccun
try. His investment in Standard Oil
securities represents a national indus
try, whatever may be said of the mo-
rality of its business conduct, which
COulQ not De greatly OF even IN small
measure impaired without also reduc-
ing the earning capacity % some 100000
artisans and wage-earners; without Sc
riously affecting the railways, and in
that way the earning power of them:
without cutting heavily into our export
trade and in various other ways peril
ously checking national, industrial and
mining activities.
In addition to that, almost all of Mr..
Rockefeller's income has been invested
in other industries and in railways.
His fortune at one time was estima tSd
at approximately $780, e0e,0G0 and his
income at s4O,OO0,000 a year, and this
estimate is not the mere guesswork Of
those who are upon the curb or side
walk of Wall street, out came frnm
men who had a fair basis fO.' the judy
ment.
Almost every dollar of it, excepting
the relatively small sum needed for his
domestic expenses, has been reinvest-
ed, and from the investment there come
gains to wage-earners and pIof ole
employment of industry in many direc-
lions. Therefore, it would be impossi
bic to get back from Mr. Rockefeller
any portion of this enormous fortune,
even if there were any conceive Die way
short of heavy fines or socialism by
which it could be done, without also
taking it out of industries.