New-York tribune., 1907-10-30
WOODRUFF GIVES REPLY
TO MCARREN CHARGES.
Cheers Greet EUery Name Without
Regard to Political affiliations
an Brooklyn Hall.

Henry McCarren- The services of one hundred
policemen were required to keep the mob in
check. which thronged around the hall and
blocked traffic in the streets. Fully as many
were unable TO gain entrance as there were in
the hall. which seats more than four thousand
persons.
Several persons were injured by mounted po-
Hcemen in their efforts TO get some semblance
al order II was almost impossible for the
speakers to force their way through the crowd
that surged around the door although each was
acconpanied by bodyguard of policemen.
Justice Dickey of the Supreme Court. pre-
sided and he had TO use his gavel frequently
during the debate. No decision was given. and
the audience had to decide for itself who had
won the debate.
The audience was impartial, and cheered with
great enthusiasm for both Mr.. Woodruff and
Senator McCarren and. in fact, every name
mentioned. Senator McCarren began the YER
bal tilt.
Senator McCarren opened his argument by
comparing the American nation to a human
body. He said that the blood was the life OF
the body and a good supply of it was the nam
source of strength to the human system. He
then referred 10 the old custom used by doctors
q bleeding their patients TO cure them of their
ailments This custom has now become obso-
lete. This was the basis of Long Pats" argu-
,nent President Roosevelt the blood draw
ing doctor he said, and was sapping the life
blood from the nation He said he did not think
.'Dr" Roosevelt was using the best method Of
curing the present evils
PRAISE FOR MR.. MORGAN.
About March 4. if you refer TO the files Of
the New York papers" McCarren continued
.--ou Hill find that Mr.. Morgan visited the
Ute House and had a conference with the
President The story reads that after Mr.. Nor
gan left the White House he hied himself 10
New York and as soon as he got there he un-
loaded all Of his stocks the market. If there
IS anv man here who owned stock last March
A-Ill remember as distinctly 1 do what
occurred al that time Mr.. Morgan Immediately
proceeded to Europe and remained there until
a short while ago And right here I want to
compliment him the good work he did two
days ago. He deserves credit for preventing
what would have been one of the greatest panics
the world has ever seen"
The crowd cheered and howled at this refer
ence TO Mr.. Morgan. It several minutes
before Mr. McCarren could resume his speech.
He then tried TO show how the condition of
business and the markets in this country, fol-
lowing the White House conference. steadily
pointed 10 the present crisis. In one of the
newspaper articles printed at that time diagnos-
ing the situation il was stated that as one OF
the preventatives 10 threatened panics and hard
times the deposits in savings banks are never
speculated with" The Long One said specu-
lation was necessary to realize profits on in
vestments. How, under the law can a savings
bank pay out all its deposits at time?" he
asked Speculation is necessity in business"
he continued Il simply want to call your at
tention to one point and it is that this startling
information shows what the public can get from
the men who control the newspapers.
SPECULATION BY BANKS
The money of the banks is deposited in rail-
roads that have paid dividends for a certain
time" he continued. Here is where the spec
ulation comes in. II may be possible that the
railroads, through some mismanagement, may
not have been able TO the interest the
bonds that the savings banks hold" Then the
Brooklyn Senator went on to show that specu-
lztion was necessary to protect our investments
declaring with much emphasis: we are COM
PEELED to speculate by the laws Of the state to
get out money
Mr.. McCarren then referred to the banking
laws and the kind Of protection they give He
declared that the savings banks ought TO be
examined as to their collateral He said that
the banks ought TO be in the control of business
men because men conducting the affairs of
business and passing upon the investments Of
the banks do not accept cats and dogs as col
lateral for money. The value of the collateral
depends entirely upon the business conditions
of this country and knowing that fact should
not consideration have been given to the value
Of the collateral taken by the banks affected
in the recent criss?" The speaker argued that
the collateral held by the banks had been re-
duced from 30 10 100 per cent of its value and
he blamed the business associations and deal
ings that produced the low value on these col
lateraIs for bringing about the recent crisis.
TO the extent that President Roosevelt
brought about that condition hold him respon-
s.ble" said the Senator. The crowd howled
Itself hoarse With the audience frequently in
terrupting him, he hurled question after ques-
ton at Mr.. Woodruff Mr.. McCarren then
turned TO the conditions previous 10 the present
trouble.
CHEERS FOR ROCKEFELLER.
j told" said MIR McCarren, that Morse
the Thomases Barney, Heinze and somebody
Csc caused this bank crisis" Right here his
reference 10 somebody else" was interrupted
b. cry from the audience "and Rockefeller"
After the laughter had died down Mr.. McCarren
SAID: mo. He IS the man who saved the
banks" The audience then broke into another
cheer, and of the men the platform
jumped to the front OF the stage and yelled
Three cheers for Rockefeller" They were
given with vim. Everybody cheered for every
nody and every time they had chance.
Turning 10 Mr. Woodruff, he asked: Did
l1enze Horse, Barney and Thomas cause the
.Iiihken Brothers firm. the grentest contractors
n their line os business, 10 fail some time ago?
iad they bring about the failure of the Westing-
rouse Electric Company which went under for
s7''Aogt0 a few weeks ago? You are not going
70 insult and this audience and say No I'll
HSk you other questions. Did these men prevent