Bisbee daily review., 1909-04-14
GREAT AND SMALL CAUGHT
 IN l909 PANIC
John D. Rockefeller, the Oil King, Says It was the Most Trying of All Panics Within His Memory

WASHINGTON, April ls.-sSirice 1857 can remember all the great panics. but believe the panic of 1907 was the most trying. No one escaped from it. great or small"
 Washington is much interested in this and other statements of John D Rockefeller. made in the Apr1 num- Der of the Worlds Work, just out. In his article in the language quoted Rockefeller is saying something that the Republicans wish he would have left unsa,d They have been endeav- oring to create the impression the panic of 1907 was merely a tempo rary business depressionr The chances are, the Republicans fear, Roekefeller's graphic description of the panic may be used against them in the coming congressional election.
 The oil k.ng's April article is one Of the most Interesting cf his stories that have aoDeaTef
 The panic 9f 1S)3 did not hurt Join D. Rockefeller Q Lit. he says. In fact. it made h.m all tns richer The came While other enterprises were failing on all s'des. Standard Oil, says Rockefeller. continued to make money during the gr2at panic, "as we had large reserves of cash on account of our conservative banking methods"
 His tightest pinch came in ore. In telling of this, Rockefeller shows how be made it possible for the steel trust to be organized. His experience in ore bgan in the early ninet.es. when he made his first investments. The l l.s h f= securities to save the mines.
 "We had invested many millions and no one wanted 10 go in with us to buy stock. On the contrary, every l,odv wanted to sell.' Therefore he bought in alarming quantities. pay ing in cash. This had to be done to save what he alraedy owned. At last he ft und it necessary to transport his ore because selling the output of the mines was the only way to get his money back. Frederidk T. EGtes. whom Rockefeller first met in connec- ton with Baptist missionary work, was made president of the ore com panies.
 At RockefeIler's house one night within ten minutes time they em- ployed Samuel Mather of Cleveland, 9 competitor. and gave him an order for s3,00O,0 600 worth of ships. Then Gates got RockefeIler's permission to hire L, M. Bowers of Broome county, New York, to manage the ships. Bow CTS. says Rockefeller, didn't know anything about ships. but he soon mastered the whole business. Bow CTS is now vice president of the Colo rado Fuel and Iron Company.
 The ten shipbuilding firms on the Great Lakes were kept busy all win ter and thousands of men were em- ployed getting ready the Rockefeller fleet. All this vast expenditure was made to save the money that Rocke- feIer had already put irto the mines
 Rockefeller points ont that all thls "a a lesson in how a business man can nurse a seemingly failing project To do this requires two things, some added capital. put in by ones sell or secured from others, and a strics ah- berence 10 the sound, natural laws of business. ....
 When the fleet grew to fifty-six great ships the United States Steel Cornoration was formed. Rockefeller says he had no pressing need to seh' but that the representative or the
 
 .rited States Steel Corporation who came to him felt that four mines, rall- roads and ships were a necessary mart of the shceme. and we told him we would be pleased to facilitate tne conpletition of the great nudertaK- ing" s.,. ,orv
 "The price paid was. We felt VeIy moderate. This transaction bids talr to show a great profit to the steel company for many years. and as our navment was largely in the securities of the company we had the opporlu- njty to share in the property
 There is no mystery in business suecess." says Rockefeller. The man who starts out simply to make money uon't succeed-there can be no per manent success without fair deaAhs that leads to widespread confidence in the man himself, and that IS the real capital. If you do each day task successfully and stay faitniuily within these natural operations ol commercial laws and keep your neao clear you will come out all right
 .-The question has been asked II thick we shall revive quickly from the manic of Ocotber. 1907. 1 am not a prophet nor the son of a prophet. but as to the ultimate outcome there fe m dof1hf 1