New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-01-22
ALDRICH'S MONEY PLAN.

senator Nelson W. Aldrich submitted 10
the National Monetary Commission IN
Washington his long looked for plan for the
REORGANIZATION of the monetary system or
the nation. This plan provides for cen
trail banking mechanism. described by MI.
AlGrich as the Reserve Association or
America which is TO have its headquar-
ters in Washington, which is TO make dis
counts. fix uniform rate Of discount, be
the governments fiscal agent. issue its own
barknotes as fast as national bank notes
can be retired and rediscount commercial
paper or the direct obligations of stock
holders. The capital stock of the Reserve
Association is fixed at about $500, 100000,
one-half Of which is TO be paid up. Each
national bank may purchase stock in the
Reserve Association TO the amount Of 20
per cent Of its own capital stock The ma
tionaI bank law IS 10 be amended so as 10
authorize national savings banks and ma
t.onal trust companies
III. j. Dawson, Of J. p. Morgan & Co..
who while vice-president Of the First Ma
tional Bank was associated with the Ma
tional Monetary Commission in its work Of
studying the banking systems Of Europe,
expressed his approval Of the plan.
y. p. Morgan & Co., who within the last
year or so have acquired control OF num-
Der Of independent telephone companies or
the Middle West, are conducting negotia-
tons il was learned, looking TO the merger
Of these and other leading Independent tele-
uLone systems Of the United States with the
American Telephone and Telegraph Com
pGny
The United States Steel Corporation cut
the salary Of its president TO $4,000 year
Although Charles VI. Schwab and William
l.. Corey. as presidents, received 100000
q year. James A. Farrell, the newly elected
president. will receive only $4,000.
"a new voting trust agreement covering
the control Of the majority stock Of the
Equitable Life Assurance Society now
owned by ]. Pierpont Morgan, was an
ncunced. The voting trustees are George
w. Perkins, Lewis Cass Ledyard and ex-
Justice Morgan J. O'Brien.
SUIT AGAINST STANDARD OIL
'oThe suit Of the government for the disso-
luton Of the Standard Oil Company, as a
combination in restraint Of trade crushing
out competition and depressing the consum-
or is now with the judges Of the united
states Supreme Court for final determine
ton. The last word Of argument for the
repression Of the giant corporation, amalga-
mated from score OF powerful subsidiary
concerns was said by Attorney General
Wickersham in Washington. The final plea
for mercy and in disputation Of the facts
presented was made by John q. Johnson or
Philadelphia, the tried representative of the
n onopoly. On the decision Of the court the
future Of the most powerful commercial or
ganization the world has ever known VIII
dCrend
arguments in the Western rate cases
were begun before the Interstate Commerce
Commission in Washington. In general the
cases are similar TO those involving the car
r!crs In Oficial Classification territory. They
differ from the Eastern cases, however In
an important respect The latter Involve
only-or practically only-class rates. while
the Western cases involve only commodity
Rates.
Railroad employees, through many or
carnations. came 20 the support OF the rall-
roads iu arguing before the commission Tor
Ga. approval of the proposed freight rate
increases. The formal statements wsr0