The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1908-10-29

eH. Its ..s ..
a.t "a Lae Last 1 .4uE
''- 300 his aamr-DusIuess cgu1i-
''"fs are quite unsettled enough sl-
'eaat But Le has q husef-end snd
'1l 'se-ehd ku0~leuse Of the inti.
mate details 81 high finance that 1
makes Us conversation a JOY, aud / |
am going to report some IL the .
thlhRs he tells on the chance that
Ihey may interest you. This isn't
verbatim report, understand, but
J III sure 1t gives the substance Of
Ihat talk pretty fairly. Here 1t is:
don't know where you fellows
got the story you told in the editorial
Uhls morning, the story about the
way Mr.. Roosevelt had to lay down
The big stick, but you've surely hit
The nail on the head. You'v left
ouo some things, though, that make
IL all the better.
consider j. Pierpont Morgan
Che greatest executive mind in the
world, but l know d-n well that
John Rockefeller can see further into
things than anyone else alive. And
CnoSe two fellows work together, you
know. They didn't for while
Morgan got gay and tried to 90 it
alone and Henry Rogers called the
turn and held the watch on him.
only man who ever did it, too. Well,
they couldn't get along without Nor
gan and so after they took him back
IN and lie and the Standard Oil
crowd run-well, they just about run
the whole country. They knew there
was trouble ahead and they laid out
how TO work the thing SO as to make
money out of it.
"'When there's a panic the one
thing everybody wants is money,
ready money. Morgan and his crowd
fixed things 50 they'd have that
money. They unloaded their secur-
tiles and turned everything into
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 de-
maud was tied up tight and when
the western banker telegrapnei for
his funds he couldn't get muie than
or 10 per cent of them. See how
it works? Well, when they got
things in this shape they went tC
work TO start the panic.
"' They went after G. r. Morse
with his chain of banks, each one
mortgaged to buy the next one, anc
they got him. He had to sell out his
coal barges ami everything ana they
mNt have made several million dol
lars on that deal alone. Then theS
went alter lleiuze and they got him,
And by that time things were pan
icky all over the country aud things
was shaped Just as the gang wanted
them.
Now I've got TO 20 back bit
The Standard Oil people and Morgan
own the United States Steel corpora
ton, the steel trust, The Y. G. l.
Tennessee Coal aud Iron company
was their only competitor The +
G.. !. made open hearth rails, tn,
best in the market.
The steel trust wouldn't MAKE
ANYTHING but Besscmer rails, and y0I
can 1 lay a Bessemer rail full length
1t is crystalized SO as 10 he unsai,
for at least Two feet from each end
Well, Hartman tried to yet the stee
trust to make open hearth rails ant
they wOuldn't-there WASH / enougl
profit in it, So Hartman went t
his friend, Oakley ThUrne, one q
the best bankers In New York, am
got ThOme to buy the Georgia Cen
trail. the road that gives the Il. Z.
people an outlet to the coast. Thorn
bought it and Hartman placed a
order with the T. c. l. for l5s, 90
4 tons OF rails.
"'The steel trust people bad kicke
aud reared and tried 10 find on
where this stock was held, but the
couldn locate it until the panic.
"HThen Thornc vas caught wit
The Morgan was the only one