The Birmingham age-herald., 1908-03-18
BITTER CHARGES
 AGAINST COMBINE
CONTINUED FROM PAGE 1.)

CONTINUED FROM PAGE 1.) ern Pacific and other stocks went down in like proportions. Five minutes passed-ten minutes passed-2 o'clock. Then at precisely 2:15 the curtain went up with Morgan and Standard Oil Tn the center of the stage with money real money, 25 millions of money, giV- ing 1t away at 10 per cent.
 "Oh, uncrowned king, king.
 "None but himself can be his par alled.
 "Even to the dullest person stand ing by who fastened still on him wondering eye, he seemed the master spirit of the land.
 And so ended the panic.
 Country Terrorized.
 How beautifully it all worked out They had the whole country terrorlzed. They had the money of the deposits or banks of every state in the union to the amount of $5O0,OO00Oo, nearly all of which was in the vaults of the big bank groups It supplied big cI,eYa6crs with money l9 squeeze out investors and speculatofs at the very bottom Of the decline, taking in the stock at an enormous profit. In this connection the operations of Morgan ana Standard oil furnished additional eVi- dence of the character of this panic we have record Jrcnf of their utter contempt for commercial :1i Hrcsts, not only for the country generally. 1ut for legitimate traue in New York city as well
 The Morgan and Standard Oil banks, ne said. pursued in that critical moment the course of ths saeculating bankers
 "Tbey nin-stel ed" he said, ''to the needs of Wall street quite deaf to the appeals of commerce. Their course was that of men who were playing with uhe credit of the country for a purpose.
 Industrial Growth.
 MT. LaFolette reviewed the growth or industrial congratulations from the year 1898. which he said, saw the beginning of that movement.
 e'These congratulations were at the out set limited to those turning out hilsneu nroducts. similar in kind" he said. "Wlto- in a period of three years following l4z congratulations were effected. In making these congratulations the opportunity TOT a large paper capitalization offered too great a temptation to be resisted. HIS was hut the first stage in the ereat'oh of fictitious wealth The success of these organizations led quickly on 10 con solidation of combined industries uhtii /" mere handful of men controlled the m
 
 onnortunity to associate the reorganlza- tion of the industrial institutions or the country with banking capital presented itself Such connections were powellui aia +o reorpanization and reorganization offered an unlimited field for specuia.ioh If was a tremendous temptauoh.
 He discussed the economic deVeiopiiieiie of the country and laid special se,ss' mon the growth of financial eomolhd- tions.
 Two Great Groups.
 ..rho bora names of the directors of two e.reat banking groups, Standard and MOT ean oiven in connection with their pusi- noes assoeiations, is all the need or eVi- soroo that may be offered of the com munity of interest between the palhs, $; railroads and all the great industrles' declared MT. LaFollette. ..a,
 "There are 23 directors or the Na.Iop'a, o an City bank Standard Oll), theie fso,,o s,reotors of the National Bank or com ,,.arce fNorgan). Examination of these atractors show that these two groups are ba,ne knit together in business assocla- tions suggesting their full 1dentllcatiol.' "s,hiect to differences which may arse ,,s between powerful individuals or tnese u sarent groups, resulting in occaslohal coi 1ision. they are practically d ssaS lhoiiopo1S na as far as the public is concerheu anu .;no1i,r one group The business part ner of the head of the Morgan sioup at fonnd on the directorate ol 'iie .,eo enoncia1 institution which heaus .ae standard Oil group. And one or the .', ,eau. ,mg directors of the National City pain Is]ondard OiD is a member or the p poa.0 :. e oe directors of the principal financlal ln' l, otit,,t;ons of the Morgan group. lhe eI rectors of the leading organlzaeion ,o,,,,f ou r,si, g inc two principal groups are pounI ~ ppaoati7er in mutual interest as siiai eiio',' . @ i,, the various industrial eohceIi, 1il, s,s,oi have been financed by one oi 'n' o,,,ar of these groups in recent yeahs'
 Grasp of the Powerful.
 .,Remember that these 52 men %no %aorin' hr' hell.e ~ of the two important pankini l oils ,ee are not additional to the lls. U iass than 100, whom l nave ,'ea as th, as controlling the industrlai iie oA ~ ration. but a part Of IL. .. M.
 ..Eonrteen of the directors ol lne ' . .,onaI City bank are at the heao ol araat combinations. represenuns % pc oant of the capitalization or all 'iie TIT | dustrial trusts of the country. ,,.
 .@rhe railroad lines represented on .n boards of these banks cover lne .,,o''a or ,,lre net work Chief among .nen, ar the Lackawanna, the Chicago, nuiiins ton and Quincy, the Union facl,ic' ln AIton the Missouri Pacific the Chicago NTi,waul,ee and St. Paul, the Chlcago ah' Mnrthwestern. the Rock Island, the Den