Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-19

dictate is carefully concealed. II 1t were
known who the men are who are philan-
trust stock for $4,000. 900 less than they
could sell it for in the open market the
mails and telegraph wires would be over
burdened with applications for help from
individuals and companies. Such benevo-
lence would be too good to be allowed to
go unworked. That other story, tie one
crediting the corporation management
with a plan for issuing bonds against ex-
penditures on the Gary plant, Is worthy
of consideration. There is no reason why
this should not be done. 1t Is legiti-
mate capital outlay and no surprise need
be occasioned if within the next few
months $50.OoO0oO in Gary bonds bear
ing the corporations Endorsement is not
offered to the public. If these bonds go
we'll. and they will. the issue may be
followed by another one OF the same
amount. Before the end Of 1910 fully
s1OO, 100000 will have gone into the Gary
plant.
Taft's Speech a Hit.
President Taft's Boston speech made
hit. not altogether because of what
he said. but because the address is
looked upon as a line on what Ia will
say during the $4,000 miles Of oratory.
He said nothing to disturb confidence
or to foreshadow undue strenuosity Of
attack on corporations His views on
the desirability of holding strongly to
the moral improvement accomplished
under the reign of Mr.. Roosevelt is
spoken Of as good DOPE" and there Is
a disposition to let 1t go at that. Public
utterances do no harm and may do
good.
Strange to say. Wall street laughs
good naturally at Speaker Cannon's
announcement that there would be no
currency reform legislation by the
present Congress. Outside of the in,
terest controlled by the Standard Oil
financiers there seems to be no urgent
demand in Wall street for currency re-
form. and in that quarter the anxiety
appears to be concentrated on a plan
for q big central bank. It Is supposed
to be the ambition of the National City
Bank party to ultimately convert that
institution into bank having the pow
Of the old world. Against that PROPOSE
ton is certain to be aroused the strong
est kind of populistic opposition. and
also the opposition of middle-class
element, which sees virtue in existing
banking laws and practices. Speaker
Cannon remarked that the only thing
he could see to criticise in the Aldrtch
emergency law was that it was only
limited to six years. He thought It
ought to be made permanent and inti-
barely possible that the Aldrich law
may be used as a successful club to de-
feat the Standard oils central bank
scheme.
The man with a memory claims to
recollect that "old crouch James j.
Hill was urging farmers a few years
ago to stop raising wheat. corn and
oats and devote their agricultural at
tentiOn to other and better paying
things. That was when wheat was
selling at 80 cents on the farm. corn
% cents and oats 10 cents.
There appears to be substantial basis
for the gossip about the gradual ANAL
gamation of the telegraph and tele-
phone companies. Western Union. Bell
Telephone and the Mackay company
are certainly working into closer af1ilta-
ton, a result Of q community of inter-
est ownership Of large blocks of stock
in the several companies by strong flnan-
ciers who have specialized for many
years in that class Of investments.
w. G. NICHOLS.