The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-08-17
CAPITAL Goes ON A STRIKE
(con1inued from First Page,)

men arrived during the day, bringing
into Washington E. H. Hartman, ].
]. Hill, George ]. Gould, James Nc
CTea, and Presidents Newman, Baer
and Underwood. Messrs. Wood and
Yoakum of the Rock Island arrived to-
gether C. S. Mellen of the New Ha-
ven had as his guests on his private
car, the Connecticut, Eugene Foss, H.
| NJ. Whitney and T. j. Coolidge, jr. Mr..
| Ryan and several of the other capt.
talists FASTENED to call on Secretary
a long talk with him. Some of the
bankers, including Mr.. Forgan and Mr..
| Simmons conferred with Secretary Cor
| telyou. Senator's lAldrich and Foraker
we're evidently in the confidence of the
| financiers for they were seen with Mr..
Re gers during the early evening Sew
eral of the capitalists were accompan-
led by their attorneys, and ex-senator
Spooner is said to have been on hand
as general legal adviser.
The coming of all these f1nanciers
and captains of industry created the
widest sensation, but the meaning of
their arrival remained a mystery until
late tonight, when sensation became
CONSERVATION and panic. 1t Is under
stood that even President Roosevelt
had no full conception at first of the
stupendous significance of this pill
grimage to Washington,
At 8 o'clock procession of motor
cars and carriages began moving to-
ward the White house, and then what
the correspondents had all along sus-
pected appeared certain, that con-
ference had been arranged with the
president.
The presidents secretary was imme-
diately pressed for Information, but
Mr. Loeb said that he believed the
gentlemen merely wished to see the
president, to advise that the national
republican platform should contain q
plank clearly recognizing and confirm
ing the constitutional rights of private
property.
Il do not think" he added that
anything official will be given out
about the conference"
At $3.50 o'clock it was evident that
the conference was in full session.
More than forty correspondents were
then in waiting. Dispatches asking
for information began to arrive from
all parts of the world. Nothing trans
lpired until II O'Clock, when e. III.
Hartman issued from the White
house, and to the establishment of the
correspondents he was arm in arm
with ]. J. Hill! The two score of cor
respondents Immediately surrounded
the magnates, and demanded the news.
Mr. Hartman chuckled over his an
Iswer as he said:
"Wow, wow"
Mr.. Hill glanced a moment at the
larmy Of newspaper men, and then,
with laugh which seemed strange
lily out of Keeping with his distressed
lcountenance, exclaimed.
Red lights'
Both magnates ran for their car
lriages, as II, eager to escape.
The next scene left no doubt in any,
ones mind that capital was standing
together in solid phalanx. AS If won
ders would never cease, out came An
drew Carnegie arm in arm with Hen
Try G. Frick! The news was demanded
of Mr. Carnegie, but he shook his
head, saying:
Nothing to say, gentlemen, except
that / can see my way clear now to
die poor and undisgraced"
Half an hour later most Of the cap
litalists had left, but for an hour or
more the president, with Secretaries
! Root, Taft and Cortelyou, conferred
earnestly with six or eight fnanciers.
Finally Mr.. Morgan appeared looking
very grave and careworn For the
first time in his life the great banker
did not avoid an interview. He recelv-
ed the correspondents, and said, in a
manner entirely different from his
customary brusqueness:
Gentlemen, this Is very serious
affair. 'Undigested securities are Moth
ling as compared with it. l am not
prepared to say anything. l remem-
Der that the last time / spoke after
leaving the White house l made bad
mess of it. / do not know that any
one Is authorized to speak, but l would
advise you to see Baer"
Mr.. Baer, however would not talk
except to refer the newspapermen to
Isaiah xvi, Is.
Your correspondent, nevertheless,
was able to obtain an accurate sum
mary of what took place. After
President Roosevelt had welcomed the
representatives and asked them to
state their business Judge Gary
stepped forward and said that he was
fully authorized to speak not only for
the iron and steel trade, but for all OF
Y the $4,000 manufacturing, establish
r ments in the United States, represent
3 ing an invested capital of $4,000
e 600, 900. He declared that the manu-
j. faeturers had reached the limit of en-
s durance Profitable operation of theil
. business had become impossible Fol
l a long time the demands of labor hac
: been cutting down the margin OF
' profit, but in the past few months
!. these demands had grown to the poin
e where profit disappeared altogether
n and confscation set in. With every
increase in wages there has been {
proportionate decrease, in efficiency
coupled with the growing disregard o
that discipline which should prevail il
v an effective industrial army. TIL,
manufacturers might have beer
tempted to so ahead for a while, evel
5 under these conditions, in the hope o
an improvement later on, but thu
$ whole financial world had practical.
: collapsed under the shock of socialis
tic agitation, and there was no surplu