The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-04-10
JOHN D. ROCKEFELLER SAYS
LATE FURRY WAS MORE DIS
ASTROUS Than OTHERS,
In a Late Article the Oil King Tells
Of Some Of His Beliefs-Was
Punched In One.

WASHINGTON, April 1O.-(SpeciaD
great panics, but 1 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 an article just out.
| In his article, in the language quoted,
| Rockefeller is saying that the republic
cans he would have left unsaid They
have been endeavoring to create the i'm
preston the panic of 1907 was merely
Temporary business depression" The
chances are, the republicans fear,
Rockefeller's graphic description of the
panic may be used against them in the
coming congressional election.
The oil kings April article is one of
the most interesting Of his stories that
have appeared.
The panic of 1893 didn't hurt John
D. Rockefeller a bit, he says. In fact,
it made him all the richer. The worse
the panic, the richer he became. Whlle
other business enterprises were fall
Rockefeller, continued to make money,
large reserves of cash on account OF
our conservative methods of banking
His highest pinch came in ore In
telling of this. Rockefeller shows now
he made it possible for the steel trust
to be organized. His experience IN ore
began in the early nineties, when ne
made his first investments. The panic
forced him to loan his personal Secur-
tiles to save the mines.
1--WE had invested many millions and
no on wanted to go in with us to buy
stock. On tne contrary everybody
wanted to SELL
Therefore, Rockefeller bought IN
alarming quantities. paying in cash.
This had to be done to save what he
already owned.
At last he found it necessary TO
transport his ore because selling the
OUTPUT of the mines was the only way
to get his money back.
Frederick T. Gates, whom Rockefel-
Ter first met in connection WITH bap-
fist missionary work, was made presl-
dent of the ore companies.
At Rockefellers house one night,
WITHIN ten minutes tiiiIC' eiiS'
Samuel Mather of Cleveland, Compel
itor. and gave hi man order for s3,ooo'-
600 worth of ships. Then Gates got
Rockefeller's permission to hlre L. M
Bowers of Broome county. New York
to manage the ships. Bowers, says
Rockefeller. didn't know anything
about ships, but he soon mastered the
whole business. Bowers is now vice.
president of the Colorado Fuel and iron
company.
The ten shipbuilding firms on the
Great Lakes were kept busy all winter
and thousands of men were employed,
getting ready the Rockefeller net. All
this vast expenditure was made 10 save
the money that Rockefeller mad al
ready put into the mines,
Rockefeller points out that all this Is
lesson in how business man can
do this REQUIRES two things: some
| added capital put in by ones SELF OF
secured from others. and a strict ao-
herence to the sound, natural laws OF
| business.
When the fleet grew to Sc great ships
the United States Steel corporation
was formed Rockefeller says he mao
no pressing need to sell, but that the
representative of the United states
Steel corporation who came to him 1ei'
that four mines, railroads, and SHIPS