Daily press. [volume] (Newport News, Va.) 1896-current, 1908-10-14

Roosevelt had to lay down the big
stick. but you've surely hit the nail Oh
the head. You've left Oh: some things
though, that make It all the letter.
Il consider J. Pierpont Morgan the
greatest executive mind In the
world, and know d--n well that
John Rockefeller can see farth'
er into things than anyone else
alive. And those two fellows
work together. you know. They didn't
for a while. Morgan got gay and tried
to 20 It alone, and Henry Rogers call.
ed the turn and held the watch on
him. Only man who ever did It. TOO.
Well, they couldn't get along with
out Morgan, and SO after they'd made
him know his place they took him
back In and he and the Standard Oil
crowd run-well. they just about run
the whole country. They knew there
was trobule ahead ana. they laid out
how to work the thing SO as to make
money out Of 1t.
when there's a panic, the one
thing everybody wants is money.
ready money. Morgan and his crowd
fixed things so they'd have that money.
They unloaded their securities and
turned everything in:o cash. Then,
acting through their banks they put
out the call loan money on inactive
securities. That meant that the
money of the western banks supposed
to be ready on demand, was tied up
tight; and when the western banker
telegraphed for his funds. he couldn't
get more than five OF ten per cent OF
them See how it works? Well, when
they got things in this shape TIT =
went to work to start the panic.
They went after c. P. Morse. with
his chain Of banks. each one mort
gagged to buy the next one. and they
got him. He had TO sell out his coal
barges and everything. and they must
have several million dollars on that
deal alone. Then they went after
Heinze, and they got him. And by
that time things were panicky all
over the country, and things were,
shaped just as the gang wanted them.
Now, I've got to go back a bit.
The Standard Oil people and Morgan
own the United States Steel corpora
ton. the steel trust. The T. c. L.
Tennessee Coal and Iron company
was their only competitor. The T. {.
|. made open hearth rails, the best in
the market.
The steel trust wouldn't make any
thing but Bessemer rails: and you
can't lay a Bessemer rail full length.
1t is crystalized SO as to be unsafe for
at least two feet from. each end. Well,
Hartman tried to get the steel trust
to make open hearth rails and they
wouldn't-there wasn't enough profit
in it, so Hartman went to his friend.
Oakley Thorne. one of the best hank
ers In New York. ard got Thorne to
buy the Georgia Central. the road
that gives the T. c. :. people an out
let to the coast. Thorne bought 1t.
and Hartman placed an order with
the T. c. ]. for $4,000 tons of rails.
THE steel trust people had kicked
and roared. and tried to find out
where this stock was held. but they
couldn't locate it till the panic.
Then Thorre was caught with the
rsst-Morsan was the only one In
New York who had any ready money.
Thorne went to Morgan for money.
and stated his case. Morgan wanted
to know what security Thorne could
offer. and Thorne had to trot out his
Georgia Central and +. c. !. stock.
Ard then Morgan said:
We've no money TO loan. but W.
We money TO buy-at our own price
What do you thin: OF 1t for a cinch.
Ell -
Pretty good" I said. Go on"
"Oh. you had it all right this morn
Ing. Thorne had to have the money.
and that was the only place he could
get 1t. SO what could he DO But they
wouldn't buy the stock unless Rooss-
welt would Yet them put it in the
trust. and promise not to prosecute
en-
Judge Gary went down and got
that promiss-sot It mighty quick.
They threatened Roosevelt that they
weuld plunge the waoie country into
q panic il he didn't give his consent.
II he'd had the nerve to face EN-. and
publish the interview 20 the country.
they wouldn't have dared 90 q thing:
but Morgan says you can always buff
Roosevelt when you get him alone.
They tIuffed him that time. sure:
and they took over the T. c. l. stock
at 80. II had been selling on the mar.
ket a little while be.pve for 125. And
the Morgan uapers are trying 10 elect
Taft Maybe Il wasn't all bluff that
night Mayhe there was some bargain
abort Il"
And there's the s'ory.-The Com