The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-01-10

ing achievement is another now in
progress practically along the back
bone of Manhattan Island. Here and
there at distances of about a mile
apart sheds have been set up. some of
Tor the engineers have located these
sheds at convenient open places and
few persons who see them realize that
they cover the openings to shafts
which are to penetrate about two hun
dred feet on the average below the
surface of Manhattan. BY them the
Workmen will descend to the low level
and then blast out a great channel
practically equal in dimensions to the
tunnel under the Hudson river, which
is to afford a passa geway for water
flowing from the Catskill reservoirs
to the aqueduct on each side of the
river.
This great boring under the surface
of Manhattan viii be about fourteen
miles in length. The present plan, if
carried out, will continue it to Brook
lyn. and ultimately to Staten island
BY means of it there will be adequate
and permanent distribution of water
throughout the greater city of New
York
From the point of view of the en-
gineers no undertaking of this kind,
If the length of it and the depth of it
beneath the surface of a great city are
much less attempted. This work was
initiated in the year 1911. but it may
be a year and half, possibly two years
before the great channel or artery
beneath the surface of Manhattan is
completed.
Mr.. StIIman Declines.
The annual meeting OF the stockholders
of the national banks of New York took
place yesterday. For day or two there
have been intimatiOnS in banking circles
a n p
United States would announce his with
drawal from active participation in any
bank excepting possibly the one with
whose success his name will always be
identified. These reports were confirmed.
in part. at least. at the elections of yes
terday. James Stillman sent word from
Paris, where he now is. that he should
decline the reelection as director in the
Lincoln National bank and of the Sec
ond National bank Various interpreta-
tons have been put upon the act of Mr.
Stillman. In this city the opinions among
men of finance is very strong that the
chief object which the committee that is
to investigate the so-called money trust
has in mind is to discover what relation
the National City bank has borne toward
some of the large financial operations
and great promotions which began short
" after Mr.. Stillman became president OF
this bank The suspicion has been gen
eral that the administration at Washing
ton has been preparing for some time to
aim its guns at the National City bank.
he attorney general Mr. Wickersham,
organization of the City company,
state-charte-ed Institution. which was or
ganized in part to take over various bank
stocks held by individuals who were
stockholders of the National City bank,
was a violation of the spirit, at least. and
probably of the letter. of the national
banking law. The City company. not
waiting approval by the president of Mr..
Wickersham's opinion, decided to part
with all Of its holdings of bank stock 1t
has already done that 1t must be con-
fessed, however that it is thought to be
somewhat strange that the attorney gen
eral has not seen fit to antagonize like
which have been organized by
officers and stockholders of other ma
tional banks.
Some who have asserted that d money
trust. either potential or actual, has been
created which. unless throttled win have
in its clutches the credit and money of
the United States believe that this trust
of ownership or association by the Of
fce=s of one bank in the directorates o.
other banks Mr.. Stillman took hold of
the National City bank nearly twenty
years ago. somewhat reluctantly He had
gained a large fortune as a cotton mer-
chant. In that business he was trained
and to his fathers Identification with It
Mr.. Stillman owes the accident of his
birth at Brownsville, Tex. where his
father resided for a few years as a cot
ton merchant Like J. F. Morgan, MI !
oullman is of Connecticut family, his !
ancestors having settled in the town of |
W eth eTSfield. which adjoinS Hartford, |
and. like Mr.. Morgan. he spent the early |
years of his boyhood in Hartford. Mr.. |
Sullman's father was very closely as |
ISOLATED with Moses Taylor. who was for |
years the president of the City bank ana !
who was also the creator of the New /
York Clearing House association, at least I
upon its broader foundation. When the /
directors of the City bank appealed tn |
Mr. Stillman to take the presidency III !
1891 he would have declined but for the |
fact that his fathers association was /
very close with this bank Having be- |
come president, he begun to expand it /
and taught some of the modern lessons /
Of banking expansion to other bankers. |
He never tolerated the idea of increas- |
ing the resources and prestige OF the City |
bank by buying out and merging other /
banks. But ne with others of the City |
bank group, did buy large and in some |
eases controlling interests in other banks, |
thereby establishing a strong community |
Of interest with the City bank Whether /
Mt. Stillman has declined reelection as |
a director in other national banks than /
he City because he recognized the growth I
Of opposition to duplicate or triplicate /
dictatorship or whether he is preparing I
to retire from active bust +
ness is a question which not even his in I
innate friends can answer.
HOLLAND. /
SHE NOTICED UNEVEN NUMBER.