The evening world., 1908-03-17
PANIC MADE TO
ORDER BY MORGAN
AND STANDARD OIL
-Senafor LafoIeffe.
Wall Street MaSnateS Arraign-
ed in Senate as Schemers
for Revenge and Gain.
LINES TO WASHINGTON.
Stage was Set for Great Crash
by Group Of Men Who
Control 81, 100000, 900
LINES TO WASHINGTON,

| WASHINGTON. March l7.-Declar'ng
that the recent financial strtngcncy III
the country was brought about by the
influence Of STANDARD oil" and ]. Pieg-
pont Morgan, Senator La Toilette. OF
Wisconsin, to-day in speech, prac-
ticany closing the debate on the AL
drich Currency bill. entered upon de-
nunciation Of men high in the financial
world
There were no commercial reasons
for a panic" said Mr.. La Toilette
There were speculative legislative and
political reasons why a panic mig Z
serve special interests. There wero
business scores to settle. There WAS
rency measure suited TO the system to
be secured. There was a third term TO
be disposed OF and policies TO be dis
credited.
"A panic came believe that It
needs only to be followed step ev step
to show that 1t was planned and exc
cuted, in so far as such proceeding
is subject to control. after once in mo-
ton. Such a statement, without sup
port In facts warrantins 1t. would de-
serve condemnation. To withhold such
q statement. to shrink from plain speech
setting forth the facts In so far as they
can be uncovered is, in the discussion OF
this legislation, a plain public duty"
Held Centre Of Stage.
He recounted in vivid language his
view OF the events Of Oct. "a, when Wall
street was in the throes OF the currency
etr!ngency.
For the first time since the panic
began. ll.30 A. NJ. arrived and every
body on the floor Of the Stock Exchange
was seeking money at any price. In
terest rates which had for several
days ranged from 20 TO 50 per cent.
began TO climb higher. Sentiin ent mus.
be made before O'Clock. Money must
be forthcoming or the c.ose OF the bus!-
ness day would see Wal street mass
of ruins and banks and trust com
pan!es on the brink OF collapse.
How perfect the stage setting. How
real it ell seemed. But back OF the
scenes Morgan and Stiliman were In
conference They had made their repre-
sentations at Washington. They knew
wnen the next instalment OF aid would
reach New York. They knew just how
much IT would be. They awaited it,
arrival and deposit Thereupon they
pooled an equai aInsunt and he!o u
Then they waited. Interest rates SCARED.
Vail street was driven 10 frenzy.
"Tuo O'Clock came, ana interest rates
ran to one aunored ana nifty per CEN
,.rr,fic' SuiI they walled. Union
taclnc aertineI ten and oAe-Aa!f po...ts.
Ncrlhern Pacific and other stocks Wen
oown in Ike proportion. F1Ee minute
pa ssei-tsn minutes past TWO O'CLOCK.
| lien at precisely 2h the curtain wei''
up with Morgan and Standard VI! IN tie
| center OF the stage with money-re,'i
imoney-twenty-five mtllions OF money
giving it away at ten per cent.
'"Ard 30 e.'ded the panic.
Had Country Terrorized.
How beautifully 1t all worked uot!
| They aad the wnoie country terro.izeI
,rh.y nau the money OF the deposits
| Of tae banks OF every State IN me Union
| to the amount of Ave hundred million.
| nearly all of which was N the Eau!ts
OF the big bank groups. 1t supplied
big operators with money to squeeze
out investors and spec Ilators at the
| very bottom OF the decline. taking in
| the stock at an enormous proit.
"In this connC ction the operations OF
| Morgan and Standard Oi! furnish add
! tional evidence OF the character OF this
panic. We have record proof Of their
utter contempt for commercial inter
ests, not only for the country sener-
ally, but for legitimate trade In New
| York City, as Well"
The Morgan and Standard OIL banks
he said, pursued in that critical mo-
| nent the course of the speculat!ng
.erhey .nistered." he said, ito the
| needs Of Wall Street, quite deaf 20 the
| appeals oil commerce. Their course Was
tbat OF men who We're playing with n,
| credit of the country for purpose.