The Birmingham age-herald., 1912-12-28
UNTERMEYER THINKS
 HE WILL YET PROVE
 MONEY TRUST CASE
( Continued from Page oneo

promptly and should ask for any ex
 tension of time whatever for further eX-
 animation of the properties, that if l
 would not grant any extension of time, l could obtain all the financial help required
 in that city. To show good faith, loan
 was made in New York for S6OOo0O for
 four months, with s200O,oo0 bonds as se-
 curity with the specific understanding
 that further financing would be arranged,
 providing l refused to grant the French
 bankers an extension of time.
 "Feeling assured that the New York
 people were in good faith, I declined to
 give to the French representative an ex-
 tension of 60 days time required by him for his experts to make extended inves-
 tigations of the coal and iron properties
 owned by the company
 This, evidently, was a fatal mistake.
 On the maturing of the loan in August,
 was promptly notified that 30 days time
 would be all that would be given for the
 payment of the $G00000 loan, and that no
 arrangement would be entered into for
 any further financing of the corporation.
 Realizing that trouble was coming for the
 corporation, l immediately endeavored to secure a loan elsewhere to retire the loan Wltn lHt UuSl COiJDdlN Ol NtW 1olh
 Failing to obtain the money in time,
 the loan was called and the $2,0O0000 of
 bonds given as security were sold and bid in for the trust company, and very soon
 after said trust company applied for re- ceivers for the' Western Steel corpora tion and forced the company into bank ruptcy.p
 Stillwell's Efforts Failed
 No less direct and pointed are tho charges which Arther E. Stillwell has
 laid at the door of tile money power | in his charges ,hat for years 1t has 1 fought his efforts to build the Kansas city. Mexico and orient railroad.
 l MT. Stillwell sent this statement to the rules committee while the inquiry resolution was under consideration:
 We built 130 miles of track in Texas last year. 25 per cent more than any other railroad and 15 per cent of all track built that year in the United States. Recently this opposition has seriously delayed the closing of sale
 of $5,000,000 bonds legalized by the
 French government and all underwrit ten in Paris. Detectives have followed our agents, prominent bankers have not hesitated to make false statements in speaking of our road: other bankers taken over the road and enthusiastic
 over it's possibilities have been told that their business would be ruined if they attempted to help us in any way. Effort after effort was made by let ter and personal interview to prevail
 on the Mexican government to cancel our concessions, and effort was made also to prevent us from securing the harbor at Topolobambo. When in Lon
 don making our steamship arrange
 ments, prominent American interests cabled over endeavoring to prevent the
 closing of this important contract "Prominent brokers have called our investors by phone, advising them to sell our securities at once-people with whom they had never done business and in one case the statement was made
 that we h2d but six miles of road in
 Texas an1rfour miles in Mexico, where l as at that time we had over 200 miles 1 in Mexico and 300 in the United States t But now, with nearly 900 miles 1 in operation, we think we are justified | in calling attention to the obstacles we are daily encounterng in persistent endeavor to prevent the completion Of | this great international transcontinental road. It is a singular coinci- dence that Samuel Untermeyer should | have made his argument before the | committee of Congress during the very | time I was preparing this prospectus | and an advertisement for publication l with me in any enterprise. The facts which he so truthfully and eloquently affirmed are, perhaps, unbelievable ex- | cept to those who. however innocent | ly, have incurred the displeasure of the mysterious, sinister, but palpable in- | fuence called by him the money power. l It is claimed by the New York bank | CTS that all these charges are absurd and will fall to the ground under the scrutiny of the committee. There are | thousands of enterprises in the coun- try" they declare, that have failed | in their efforts for financial aid, but it | is absurd to charge that failure to the
 money power,' rather it should be | charged to the unattractive posslbil- ! ities in the proposed schemes"
 l MT. Untermeyer, himself, declares that the monew power acts within the law" And the point is, if all these | things are proven, what kind of law
 will reach them. and wrest from them their great power? And this brings up | the question which Thomas Lawson has been answering for years, and no one
 knows it yet-'What is the remedy?''