The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-08-28

win need, he said TO me. are energy and
honesty
II you were to demand anything else,
= answered. I should have to go into The
hands % an assignee 4.
Tho road was go miles lung. Ny Of
dce was with the secretary and treasurer
OF the company, and ne gave me ele-
meatary lessons in fnanciering. was
paymaster about four years. The road
was all right, but It was small. I re-
signed my place and spent the better
port OF year, without pay. in learning
ALL could about the various branches OF
the transportation business - accounts.
.eafie, operation. and so forth Then I
was sent to Kentucky as a solicitor OF
freight Tor the Southern Railway.
When 4 came to the general offices OF
the company in Washington at 500 a
month. 1 tried as hard as could to be
useful. and was made assistant TO the
second vice president was assistant
freight traffic manager, with hea6ouar-
ters at Louisville and in line for pro
motion when elected treasurer of Yale
University I loved Yale. the Office was
important and desired 20 increase my
knowledge concerning financial matters
learned, t-A that tralc nan on a
rsilT0ad must livs at right in a sleeping
car a good share Of the time.
business Training Needed.
"A large university in these DAYS Is
also a large business establishment. In
the fve years tina: I was treasurer OF
Yale the endowment funds were in
creased from 100000 to SlO.5Oo OOO and
the receipts from 100000 to 8. 80 600 an.
nuaIly. Yale owns forty buildings and
considerable land, together with 1000
acres in Connecticut. The treasurer e
obliged TO make investments. 10 construct
and maintain buildings and TO executs
leases. "A man in village near Buff
falo, N. Y, left US $4,000. including an
old college for women and several bust
ness blocks. The treasurer must man
age such property I sold the college ana
rented the buildings. An Englishman. a
bachelor whom we only knew by CORE
spondence. willed us $4,000. On going 10
London I found the money invested IN
seveny-five railroad and Industrial cor
porations in Europe. America, and Aus
tralia. I settled the estate satisfactorily.
except that 1 could not learn why an
Englishman and a stranger should have
given us all his property"
What brought about your appoint
ment as Treasurer Of the United states?"
asked
Il really do not know. Mr.. Norton.
now secretary to the President. talked
to me on the subject AS I understood
the suggestion. could be Of service to
the government. could make the ae-
quaintance Of fnanciers and important
men. and could, perhaps, remain in pub
lie life II cared to do so. Secretary
Macveagh recommended me to the Pres.
ident, who had other. plans, I am told,
but was appointed"
Pays Ont Billions.
you receive and pay out all the
moneys deposited in the Treasury and
subtreasuries throughout the country?''
"Tes. A statement that came to my
desk the other day shows that our trans
actions last year with outside concerns
and the government amounted to 5000
100000"
Money is being coined and printed
every day. suppose?"
Yes. Aside from the currency printed
for the national banks. which does not
pass through my Office. we are receiving
$4,000 notes a day, in denominations Of
from 81 to $4,000 each The new notes
are issued as the old ones In circulation