davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-28
To Sell by Auction Impracticable.

The enlistirg Of such supper, ia the
shape of fiscal agencies or OF other clos,
relations with bankers appears sound botn
in principle and practice. For their ulti-
mate success great enterprises depend al
most AZ much upon wise financial counsel
a. upon technical management. \ great
business well conceived as 10 interior or
ganilation. frequently goes on the rocks
FOR failure 10 obtain broad and strong
financial guidance. Any man undertaking
10 build q cotton mill. perfectly appointed
with modern machinery and technical
skill. who should rely upon obtaining tho
necessary funds by a public appeal 10 in
ycStots would be deemed reckless.
Yet such a principle is precisely that
involved iu the suggestion that corpora
tons should refrain from making financial
arrangements and should rely upon s"cur-
ing their money from the offer Of their
securities at public auction. Furthermore.
as has been hitherto pointed out In this
memorandum. large factor which in
spires confldenc" In the Investor and leads
him 10 purchase some specific security l.,
the knowledge that banking houses Of
good standing have investigated that par
Ocular security and themselves have
undcrwritten or have invested In u.
Still another consideration inducing
large corporations To appoint fscal agents
Is that frequently such corporations are
Obliged Ia undertake operations OF such
magnitude and ComplcNity over a series
~ years that they must invoke uninter-
Iuptedly tn" best financial advice obtain
able Nm operation Ike that Of the Penn
sylvania and TIA" Long Island railroads I'm
tunnellirg respectively the Hudson and
East rivers and building an enormous
terminal I'm the heart OF New York in
yolved the expenditure OF. say. goo 600 %
900. and from inception To completion oc-
cupied the best part OF decade
The unwisdom Of embarking upon such
Il development and Of relying through
good times and bad. panic periods and
Al h.IyfiSs NJ mo ,.D
bonds 10y auction 10 the public could hard
~ bc characterized. even n II were CON
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-28
VALUATION BILL TO TAFT

Washington. Feb. 27.-Thc Adamso'
bill. giving the Interstate Commerce Com
mission authority to make physical 'as
uation of tie property OF the coilmo"
carriers under the jurisdiction Of INV
commission. was sent to tho President w
night. needing only his signature to msA'
II law. La.
The House. without n dissenting vo1 -
ooncurred in the amendments WRITER
the bill by the Senate.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-28
Lid Down on Cabinet.

The President-elect kept the lid down
on his Cabinet to-day and would not
give the least Inkling as 10 his plans. II
was learned however. that he is taking
the most extraordinary pains 10 keep his
selections a secret not even trusting MS
stenographers with the sending OF the
letters containing offers OF places IN MS
official family. The President-elect 70
sending these offers of Cabinet places IN
his own handwriting. and. lest some one
here should discover them. he is mailing
them from Princeton. I'm fact II Is IN
derstood that those invitations he has
already sent ont were written by him at
his home at Princeton.
The Presldent-elect will pay his ma
visit to his dentist tomorrow morning
He will go to New York later in the day
and in the evening viii go TO theatre.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-28
How Securities Are Handled.

Another line Of your inquiry certainly
pertinent to the general sublect was a.
Ia whether the marketing OF the seCuil-
ties that from time 10 time nave p'eH
ISSUED bv interstate railroads ana lnuus-
trial coz porations has been by colnpetitlNs
bidding or otherwise This question u Oh
such importance that there must ne gen
eral regret that the time OF your comm,
tee did not serve for the exhaustive sturdy
of the subject which you undoubtedly up-
sired including testimony from enough Ill
verse sources 10 show YOU the exact STU
alton. on this matter we are pl'hse" "
submit certain considerations when, ""
are confident are borne out by the facls
First-In general and over period
Of time the sale of such securities ~
invariably subject 10 the competition on
market conditions. We have not h"ald
nf AN instance whore any corporation
failed To secure TN" benefit or pro"
FOR itS issues as excellent as conditions
at the time warranted.
Second-ln NEST Of the Leading COM
u.rcial states public service commits
sious pass with great care upon inc
prices AT which the securities OF All
transportation and public utility cor
uorations are sold
Third Competitive bidding. III Ut"
sense ~ having railroad ana INDUS
trial securities offered practically al
public auction. as in the case Of rnu-
nicipal securities. Is seldom or never
rractise1.
The reasons against such practice are
plain such corporate issues hat' neither
the security. the steadiness nor ~" gener
confidence possessed by municipal bonds
and while iu good times II is possible tha'
they might be- subsci ibed FOR atlpubiic auc'
ton In bad times there would he no one
To- bid for them. IT is practically neon
ceiyablc that municipality should g
bankrupt and make permanent default 81
its obligations. quite otherwise ls IN,
ease with railroad OF Industrial corpora
tiOns should these latter appeal directly
To- tho proverbially timid investor there
can be- little question that IN times -
stress support would he totally lacking
We should have the spectacle Of number
less corporations falling for lack Of strong
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-28

to prove that the general was not OF
sound mind when he made his will. and
Miss Eckert told yesterday OF his looking
at newspaper that he was holding up
side down. "a
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-28

security values, such losses-as tne puu
lie records will in many cases Slo" +, is
ming into many millions Of dollars. IL Il
impossible. therefore, to imagine NOR ,n'd
on the part Of such persons as Wouiu ie"'
TO a camnaipn of self des truCtlOn.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-28
CLOAK BRYAN COVETS
MAY FALL TO MARSHALL.
Hoosier vice-President LikeIv
to Become Chief Adviser
to Wilson.
HEART-T0.HEART CONFAB
President Elect Devotes Most
of Day to Talk on Cabinet
and Government
Policies.
HEART-T0-HEART CONFAB
by Telegraph to The Tribune. !

Trenton. n. j.. Feb. T.-When ex-Gov.
ernor Thomas Riley Marshall OF Indiana
is formally indicted into the Office OF
Nice-President he will not be the figure
head that a good many OF his predeces
sors have been. Instead. II looks as
though the Hoosier Vice-PresIdent Will
be one OF the confidants and chief ad.
vsers Of Mr.. Wilson, even overshadow-
ing in importance William Jennings
Bryan.
Mr. Marshall came here to-day to have
a heart-to-heart talk with President elect
Wilson, because the latter sent for him.
The two men talked for hours over poll
cies of government. Cabinet places and
a lot OF other things. and, after Mr. Mar
shall had departed, Mr.. Wilson lauded the
Hoosier in terms which no other visitor
TO the State House here has been able to
elicit, not even the Peerless one
The Vice President-elect reached the
State House at 1890 o'clock. and did not
leave here until close TO o'clock the
only break being for luncheon. from 1 to
9 o clock
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-28
Demand for Larger Banks.

These mergers, however. are q develop
ment duc simply To- the demand for larger
banking facilities To care for the grovt IA
OF the country's business As our cities
double and treble in size and Importance.
as railroads extend and industrial plants
expand. not only il IL natural. but il Is
necessary. that our banking institutions
should grow IN order 20 care for the In
creased demands put upon them
Perhaps il Is not known az well as IL
should be that in New York City the
largest banks are far inferior in size 10
banks in the commercial capitals OF other
and much smaller countries. The largest
bank in New York City TO-DAY has To-
sources amounting 10 only three-ffthR of
the resources Of the largest bank In Eng
land. 10 only onefourth Of the resources
Of the largest bank in France and 10 less
than one-ffth OF the resources OF the
largest bank in Germany. As the COM
mittee Is aware, In New York CITY there
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-28

sor for the corporations securitic' ~
Keep an eye upon It's pohclcs anu " P,
tect the interests OF investors III .''o
curities OF tndt corporation. ,o,,
FOR d private BANKER 10 III upon 80.
a directorate ~ In most instances a u"t!
not a privilege. inquiry VIII reauii! uS
velop the fact that the members VI t"e
leaulng banking houses III inns Couii., ,s
and IL was the leading houses ON! Ok "'ii.
which animadyersionS were dlrecteu az,
besoughl continually TO act as drew :
in various corporations whose secui i It'en
they may handle. ana that IN genera .,io
enter only those boards when the oPln''t,
OF the investing puDllc requires tneH, ~
enter as an evidence of good faith lna'
they are willing to have their names pun
licly associated with the management.
Yet before your committee TINS nat AZ
and emincntly desirable relationship "a n
made TO appear almost sinister, anu Ho
testimony whatever was adduced 10 5iioW
the actual working of such relationships
II is easy To overlook the fact that prdC-
tically all the railroad ana lndustIia' nv
Velopment of this country mas tahoi,
placc initiallv through the medium OF
The great banking houses Were II not
for the opportunities provided ~ thvnS
houses, ID is difficult to imagine no" ,iie
great transportation systems ana lhuu.
trial plants of the country could Have
been ere ated. , ,,..
Many persons fail To realize the variety
of the functions performed by these bank
ing houses. If a transcontinental IaIl""!
system, building up the wheat iaIins W
the West and affording employment 10
thousands of workmen, desires To Obtain
Slo0.0OJ.vcJ for purposes Of still iurther ue
Vclopment il goes to some great Dahhlls
house or institution for market Ior US
securities. The bankers make expert III
yestigation Of the property. agree To Duy
the bonds and thus To make p0ssiple IL
great ana important developnent TWO or
three thousand miles away. Next the
banking house serves the investing con- cor,
mtIuitv rhousan Il Of investors are seek
ing sound securities for their saNlnss
Tney have Meth ~ the knowledge nor the
opportunity for investigating great ram
road enterprise. They look TO BANKING
houss. To perform those functions ana 10
give It's stamp Of approval to that rall-
roads securities In this manner inc
banking house fulhls Il double duty 10 the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-28
Continued from first page.

distressed this country, and finally CO.
operation among all committees IN
Congress which consider this subject
to the one end Of wise and compre-
hensive--as contracted with piscemeal
Legislation.
I'm the following considerations,
which we offer with respect and with
an earnest desire to cooperate with
YOUR committee. we have not hesitated
to quote from and comment upon the
resolution under which your committee
has acted. the language Of that resolu-
ton in its assumptions being so ex-
traordnary and in its limitations so
unprecedented as 10 call for especial
examination. But again we must beg
YOU to believe that the offered com
ment and suggestion are given with due
respect and because of our profound
conviction OF the importance or the
whole general subject
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-28
lieart-to-Heart Talk.

Mr. Marshall has such a stimulatin
way OF putting things" said Mr.. Wilson,
I'm discussing the Hoosier's visit. Il
wanted him TO know whar was in my
mind and | wanted TO know what was in
his. went over the ground with him 10
find out his impressions as 10 what the
country at large-the people and the mem
bers OF the party--were thinking about
Nj. Marshall has been very generous in
MS support; uncommonly generous since
election.
Mr.. Wilson spoke enthusiastically OF the
sharp and concise way that the Vice
sident-elect hac Of treating public
questions. and he left no doubt as 10 the
high regard he had for his Judgment.
Asked as TO whether he, would confer
with Mr. Marshall frequently after In
auguration. the President-elect said:
"Why, Of course: / naturally viii dis
cuss matters OF policy with him.
Reminded that ricepresidents hereto
fore. especially those since John {. Cal
houn. have not taken much part in shap-
ing the policies of an administration. MI.
Wilson said II depended entirely on the
personality OF the ce-Prcsident. Usual
Is, he said. the Vice-Presdent fills about
the same place in government as the
English King. There are some, however.
who have played q large part In the
councils and affairs OF the country
Will Mr. Marshall take part in the
Cabinet meetings" the President-elect
was asked
That will be decided after I get to
Washington" he replied.
Mr. Marshall declined TO discuss his
talk with the presidcnt-elect. except 10
say that he was in thorough accord with
him on every public question.
I'VE went over plans and discussed
questions OF government" he said
That's all can say"
Asked II he was going 10 occupy
house at Washington. he said quickly:
Did you ever hear of Hoosier lawyer
who could afford a house in Washington?
I'm going TO stay at the Shoreham
Hotel
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-28

Yet, although such adequate evidence
was readily available. the commuters ex-
perts who testified on this point gave go
you and 10 the public figures which. in
their deductions, were absolutely incom-
plete and incorrect.
In offering TO you such criticisms as We
have upon the incompletoness Of certain
features OF the testimony laid before YOU
we once more beg that you will not con-
slider us as lacking IN respect to your
. committee or as out of harmony with ITS
desires TO examine certain features which.
as 10 the financial development of this
country, have attracted widespread at
tention. We readily concur with YOU that
many highly legitimate subjects Of value
TO the public interest have been developed.
One Of these. TO which we call partlcu-
lar attention. has been the steady growth
in the size NJ banks through consulda =
tior or increase ~ capital Such growth
in the size Of banks i'm New York and
Chicago has frequently been orroneousiy
designated before your committee "a
concentration" whereas. as We have
hitherto pointed out. the growth Of bank
ing resources I'm New York city has been
less rapid than that OF the rest OF the
country But increase Of capital and
merger OF two or more banks into one
institution with the same resources as
the aggregate OF the banks merging into
~ has been frequent. especially since
January l. 1915
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-03-05
HIGHWAY MAPS PREPARED,
Publicity Bureau Plans Booklet on Trans
continental Highway.
Special 10 The Trlbune.

Special 10 The Tribune
OGDEN. March Am n conference with
Road Commissioner P. NJ. Pierce. of Box
Elder county. Manager o. J. Stilwel of
the Ogden publicity bureau, has been
assured that the Box Elder authorities
Will Immediately prepare maps of the
transcontinental automobile highway as
1t extends through that county II lis
the plan Of the local publicity bureau
manager TO secure reliable maps OF the
route in every county through which II
extends.
The map for Weber county has al
ready been made and Mr.. StilwelI will
take up. the matter at once with the
commissioners In Davis, Morgan and
summit counties. In each instance ther.
Will be six folios OF the maps, one to
be retained by the Weber club, another
TO be placed at the court house and the
remainder to be distributed along the
route for the accommodation OF the auto
tourists
Reduced reproductions of the entire
route will be prepared for use I'm book
lets and other literature 10 be printed
for the use OF the tourists. BY secur-
ing the services OF the official surveyor
IN each county the Weber club officials
hope to obtain technically correct map
OF the Overland route from the Wyoming
state line to the Nevada line
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-03-05
BIG BOND IS FILED
BY DAVID c. ECCLES
Custodians of st,ooo,ooo
Fund Qualify With Addi-
tional Security.
Special TO The Tribune.

Special TO The Tribune
OGDEN, March 3-The largest bond
ever filed in Weber county became
part OF the official records today when
the 81. 900, 600 security OF David c. Ec-
cles. as administrator OF the estate of
David Eccles. was officially received The
bondsmen arc NJ S. Browning, Joseph
Scowcroft, r. o. Watts and Fred j.
Kiesel. all of Ogden, each being held
Ing that each oondsman qualify for dou-
BILE the amount for which he obligates
himself.
In addition to the $50 900 qualifca-
ton OF the four bondsmen. the court
holds within its control 81, 600. 600 worth
Of securities which form the principal
asset Of the Eccles estate. The total
and insures the heirs In the settlement
OF an estate represented 10 be worth
81. 500, 900. While the law demands
bond OF twice the estimated valuation.
the fact that the claims of the creditors
are represented to be little more than
500 influenced the court to reduce the
$4,000 bond 10 approximately
81, 900. 900.
Mr.. Eccles is now officially qualified
to proceed with the administration OF the
large estate. While the usual ten months
Will be allowed for the creditors to pre-
sent their claims. IL is stated by the at
torneys for the estate that a full set
tlement probably could be reached with
In sixty days, After ten months the Of
fcial appraisers will make their report
and the division of the property or the
organization of an estate corporation will
be possible when the inheritance tax has
been collected.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-03-05
FUNERAL OF POLICE
OFFICER IMPRESSIVE
Final Tribune Paid to Ser
geant G. G. Brown by
Ogden Friends.
Special to The Tribune.

Special to The Tribune.
OGDEN. March I.-The final public
tribute of respect was paid to the mem
ory Of Charles Garfield Brown, late po-
lice sergeant, when simple but impress
sive funeral services were conducted In
the Ogden tabernacle at l o'clock this
afternoon. Thirty officers OF the law
consisting principally OF members of the
police department In full uniform. head
ed the funeral cortege as Ii proceeded
from the residence to the tabernacle. In
addition to the late police officials fell
low officers, there were several repre-
sentatives OF the sheriff's office In line,
The officers bore the numerous floral
offerings.
The pallbearers were City Commission
er I. S. Browning, former Chief of Po-
lice T. T. Browning. Henry b McCune,
Fred j. Brown, w. G, Cragun. James NJ
Barlow and W, E. Newman. Bishop II
G. Jacobs, in whose ward Mr. Brown
had resided for The past many years,
was In charge OF the services. The other
Speakers were President John Watson.
Bishop 3. G. Thatcher OF Logan, Presi-
dent G. +. Middleton, President l.. w.
ShurSlin and President Charles W. Pen
rose OF Salt Lake.
The musical numbers were furnished
b, Mrs, Myrtle Higley. Mrs. Agnes War
ner. Miss Stella Wright, Miss Mary Ja-
eobs. Jed Ballantyne. Leo Madison,
George Douglas and Walter Stephens
lnterment was In the O-den City ceme-
terry.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-03-05
POWER CONCERN GETS
RIGHT To TRANSFER
City Gives Up Option on
Merchants Light & Power
Company Plant.
Special TO The Tribune.

Special TO The Tribune.
OGDEN, March 4.-The request of the
Merchants Light 6 Power company to
transfer its local plant and distribut-
ing system to the Utah Power & Light
company was granted by the city COM
missionerB today. and a resolution was
unanimously adopted lesalizing the pro-
posed deal, 1t is held by the commits
Bioners that the city is not financially
able TO purchase the property within the
next ninety days or pay for II within
six months after sioh ninety days. as Is
stipulated in the franchise.
The petition OF the local lighting COM
pany was presented TO the commissioners
only last night by It's local manager, P.
NJ. Parry, but the board had previously
received information regarding the pro-
posed taking over of the property by the
new corporate Under the terms Of
the existing franchise. granted to A, L
Brewer, Brewer, J. $. LeTis; N s. Browning,
Wright on February 9, 1911, the city re-
serves Its right TO purchase the system
at some future time. should second
transfer be contemplated
According TO Manager Parry, the next
development In the career of the Mer-
chants Light & Power company will be
petition to the district court asking for
ago the merchant stockholders sold their
interests to the Utah Power 81 Light COM
pany, but owing to the terms OF the To-
cal franchise 1t remained necessary TO
operate under the original name.
This city will now become the scene
OF tho most extensive competition be-
tween the new Utah lighting company
and the Utah Light & Power company.
The Merchants Light & Power company
has already gained q secure foothold by
taking the street lighting contract from
the older corporation and has entered
into an agreement TO furnish lamps and
current for the ''Great White Way"
lighting system in the business district
In addition to this. the newer company
has entered the general commercial
lighting field.
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-03-05
INSTALL SMOKE CONSUMERS,
Nuisance Eliminated by Number OF oa E.
den Firms,
Special 10 The Tribune

Special 10 The Tribune.
OGDEN, March 4.--Without official in
ducement on the part OF the CITY au-
thorites number OF Ogden manufac-
turing firms have installed smoke-con-
sumlng devices during the past few
months, majority OF the plants In the
downtown district now Offering no
due smoke. The latest device OF this
character has been installed at the plant
OF the Ogden steam laundry on Twenty
NTH street, Other plants where the au-
tomatic stoEers are now In operation
are those OF the Troy laundry JOIN,
Scowcroft & Sons company Becker
Brewing e Mailing company and the
The city ofYicIaIs Tae, ti,a ~, +,
logical way to solve the smoke nuisance
and by cooperating with those who have
already installed the devices they hone
10 make hotel proprietors and Others
realize the advantages OF the automatic
smoke-consumlng gtoker
The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-03-05
LEFT TO LEGISLATURE.
Matter Of School Funds to Be Decided by
Solons.
Special to The Tribune.

Special to The Tribune.
OGDEN, March 4.-The county board
Of educa ton has withdrawn its applica-
tion to the county commissioners for an
increased appropriation Of school funds
and will rely upon the present legisla-
ture for a satisfactory solution OF the
problem. There is now pending a bill
which Will give the country school dis
tricts of the state the right 10 vote u
special school tax.
Should this bill become a law, ii will
be possible for school districts outside
Of cities to raise funds by special taxa
ton without the city districts coming In
for their usual pro rata. In the case OF
Weber county, the Ogden city board OF
education has ample money for carrying
on tho work OF the schools. while the
funds. The bill provides for a ma ximun
rate of II mills. but it is stated by Su-
perlntendent W. y. Peterson that 8
mills would be sufficient In this county.