The Washington herald., 1908-04-22

Continued from Page One.
honest man at any time. and It clearly
demonstrates that any insInuatiOn that in
any mysterious or unworthy way what
ever I had accumulated such con-
siderable fortune as your speech i'm
plies is as unfair 10 me as it is IN
worthy OF you.
Made No InslnuatiOu.
Il made no insinuation nor any state
ment that Mr.. Loeb had accumulated 4
large fortune. We all know that it is
not necessary to have a large fortune in
order to have stock in a corporation. if
that stock has a collateral value You
could pawn it, you could pledge il and
borrow money on it. I made no inslnu-
alton OF that kind whatever I intended
10 make that statement in connection
With il at the time, but I was rushed for
time and let 1t slip.
/ never said one word about his at
tempting to influence legislation. Il is
not necessary for Mr.. Loeb TO verify any
thing he has said by the Chairman Of the
Committee on the District OF Columbia,
the gentleman from Michigan 1 take
Mr.. Loeb's word for it, l never said
one word about his attempting to in
fiuence legislation. | only referred to the
fact that il was an embarrassing thing
10 know that a man of such powerful in
fluence as he must be presumed 10 have,
was st9CkhOlder in public service cor
pOTation, and l submit that It makes no
difference whether IL was 100 shares or
10000 shares. so far as principle and con-
duct goes.
I never thought once that he had
this stock, because he had accumulated a
/. large fortune in any way whatever IN
fact, I thought the stockholders OF this
company had accumulated him by elect
ing him a director, for the purpose which
was most natural 10 be supposed and
that is the influence that the fact of his
occupying and holding such a position
would have Of this legislative body
7 want TO say that we are not always
the best judges of what ought 10 be
done in d matter in which we are the
actors. that man may himself not really
see what is proper, or what is just.
submit this letter and I submit my
| speech, and II this House thinks that IN
/ Justice to BIr. Loeb what | say ought to
/ be expunged, you are more than welcome
/ to do 1t.
/ Il mean nothing Tnkindly to Mr.. Loeb
/ but I want TO say TO him that II he wants
/ TO keep this House from being misled, If
/ he does not want to be misunderstood,
/ let him walk out OF that board Of direc-
| tors, or walk out Of the executive offices
at the White House
Senator NeHIands' Statement.
Senator Newlands said that before he
entered Congress a considerable block OF
street railroad stock in Washington came
/ into his hands as trustee of the estate OF
William Sharon. That this amount was
gradually reduced by sales and divisions
among the benefciaries, until the amount
/ in his hands was reduced 10 about Loco
| shares: that when the legislation regard
/ ing the street railways in connection with
| the Union Station came before the Dis
| trlct Committee, he informed the mem-
| beTs Of the committee of his interest in
! the stock, and announced that he would
not participate in their deliberations. And
/ that he has since taken no part in the
/ deliberations or action OF the District
/ Committee or of the Senate upon this
/ subject
| Senator Newlands further stated that
/ for a long time Il has been his belief that
/ the regulation of such matters should be
/ turned over to a public service commits
! sion, similar to the one organized by Gov
/ Hughes IN New York.