Los Angeles herald., 1908-03-19
EQUITABLE
TO INVEST
S2.ooo,ooo FOR LOCAL USE, SAYS
MORTON
WAS FIRST TO OPPOSE REBATES
ON COAST
Former Secretary Of the Navy Arrives
in Los Angeles and Pays Ad-
miraI Evans High Tribute
of Friendship

Upon his arrival in Los Angeles yes
terday. Paul Morton. president of the
Eol1itable Life Assurance society and
former secretary of the navy, in an
interview announced that his COM
pany would invest $2OOO,00O in projects
that will be of benefit to Southern
California, He discussed railroad re-
bates, expressing disaprpoval of them,
declaring that they were contrary TO
law and the public good. Speaking OF
Admiral Evans in most glowing terms
of praise, he said that he was sorry
that his old friend would not be made
a vice admiral before his retirement,
For the Equitable said Morton, L
can say that thv policy of our COM
pany is to invest its funds where pre-
miulns are produced. The people or
california can rest assured that as
much of our money shall be invested
here as they invest with us. We now
have SS. .0O0, 900 invested in California,
and by January l we will have 100000
600 invested here.
Railroad investments
'Tn addition to the money invested
in the state, I believe that we have
at least $50, 900 900 invested in securities
of transcontinental railroads. These
roads afford the Pacific coast trans
portation by rail and l know of no
way that a great financial institution
like our society can more equally serve
its members than to invest its funds
in adequate railroad facilities. There
can be little value to lands unless the
producer can have his produce trans
ported to market. Distribution is the
handmade of production
inv CT Morton
shifted to the matter of rebates and
said:
II believe that I was the first one
that actually brought to the notice of
the government the subject of rebates
on this coast. I am out of the railroad
business now and am interested from
the viewpoint of the investors and
even from that viewpoint I am op-
posed to rebates, always have been,
and always will be-"
Asked if he knew rebates were being
enjoyed by the Santa Fe while he
was president of that railroad, Morton
answered:
"Rebate Proposition"
1.-THE rebate proposition was built
up as a matter of competition. 1t
was started and other railroads had
to take it up for self-protection. Mr..
Carnegie, who builds libraries and
poses as a philanthropist, is one of
the greatest rebate enthusiasts this
country has ever known. Every one
who knows anything about the steel
industry knows that. But Ripley was
opposed to rebates and so was l. I
am opposed to them still"
He said that rebating was made
necessary by the Southern Pacific and
other large competitors.
He continued: It believed that re-
bates were wrong. So did Mr.. Ripley
We were not slow to say so. The re-
suit has been this investigation. I
believe that the rebate system. on the
Santa Fe. if Mr. Ripley says it is so,
is absolutely a thing of the past"
Morton then paid Admiral Evans the
highest possible tribute as a COM
mander and as a man. He said:
"I am sorry that I will not be here
when the fleet arrives, because I know
Admiral Evans we'll Personally, I
am sorry that congress has decided
not to make him a vice admiral. I
believe he deserves the honor He was
shot and lamed for life at the attack
on Fort Fisher in the Civil war. He
has been an able and patriotic Off
Ger ever since. His men like him
and that is half the battle for any
commander. He has used good judg-
ment time and again when good judg-
ment was needed to avoid trouble"