Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-08-12
Goal and Food Will Win War;" Says Francis S. Peabody

In the United States the loss is three
and a third men The recovery of coal
in Belgium is 81 per cent of the entire
seam. Here it is scarcely so per cent.
Il would regulate coal mining here
by some national agency, preferably,
so far as l can see, by the Federal Trade
Commission. The operation of the btu
minous mines already producing coal
should be supervised by the govern
ment on a fair basis. Coal wastage
could then be prevented. at least in the
mines; life and limb protected and cap
ital assured a reasonable profit
Let me say that the coal business
is not business for small capital. TAX
ing the average mine of today
standard. the surface plant alone. fully
equipped. costs approximately 100000.
Coal rights. whether they are leased or
owned. necessitate carrying charge of
from $4,000 to 100000 a year.
The law that l have thought about
would authorize combinations and
agreements. so that coal could be pro-
duced and sold under a uniform cost
accounting system. Production would
be evenly regulated. The natural
sources of the earth would be safe
guarded against wanton waste. The
men in the industry-those who work
with their hands. those who manage
the mines. and those who supply the re-
CURED capital and credit-would receive
compensation measuring up to the
value of their services to society,"
The Peabody interests. outside of
coal. include coke, ice plants. electric
lighting. steam railroads and farms.
The Peabody pleasures are found i'm
books. paintings, horses and golf. Books
should be emphasized. because there are
enough of them for a public library.
The collection of those by and about
Robert Louis Stevenson is one of the
largest in the world.
Politics also is Peabody pleasure.
Long age Mr.. Peabody ran for sheriff
in Cook county. Ill, but the republican
candidate was elected. In 1916 he was
the western treasurer of the democratic
national committee, and the funds he
managed helped to pay the cost of the
Wilson campaign.
MY father" Francis S. Peabody said.
was lawyer in Chicago. He was far
from being a poor man and just as far
from being rich one, as poverty and
wealth are measured nowadays He
paid my bills at Yale. where / gradu-
ated before | was twenty-five"
Then you studied law for twelve
months or so?" the interviewer inter-
rupted.
only three months" Mr. Peabody re-
piled, quickly and vigorously, holding up
that number of fingers so that there could
be no misunderstanding about his answer
My father, he added, sounding his
words. SO it seemed, apologetically and
shifting the blame, apparently. thought
Then what happened?"
Il went into the street and looked for a
job. A bank needed a messenger We
agreed that So month was fair TO both
sides Presently the Lake Shore and
Michigan Southern railroad made a higher
bid for my services. The bank was run
ming smoothly and / felt no embarrass-
ment in leaving it, and 1 was hopeful that
1t wouldn't experience any.
My new duties were similar to my old
ones; L went hither and yon, the bearer
of bills and other written intelligence.
Perceiving. in course of time. that the
Lake Shore was on solid ground inan-
cially and listening also to the over
lures of opportunity contracted to sell
coal. locally. Later 1 sold it on the road,
travelling to cities and large towns for one
of the best houses in the west"
Thus began the Peabody millions. Moth
ing was said as to how much was SUBJ
tracted from the capitalization of 800
for the purchase of desk and supply
of stationery. Possibly the business was
carried on without a desk, and even with
out bills. letterheads and envelopes
Wholesaling followed retailing, in the
process of development. Next, land and
mines were purchased. Once, IL is said.
100000 acres containing coal were owned
by Mr.. Peabody and his associates No
single holdings in this country up to that
time had ever been SO extensive
Copyright. 1917. by James 3. Morsew.y :.