New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-29
Clark Denounced
For Attack on
N. Y. Financiers

An echo of the last Liberty Loan
campaign appeared yesterday in the
copies Of letters issued by Benjamin
Strong. governor Of the Federal Re-
serve Bank Of New York. These con-
tain an account of the warfare in let
ter form waged by Mr.. Strong upon
Champ Clark, Speaker Of the House, be-
cause of the aspersions cast by MI
Clark upon the patriotism OF the oa ai {,
ers of New York in general and wall
Street in particular.
The Speaker in a Liberty Loan ad'
dress delivered at Oklahoma City ac-
cused an unnamed ring of New YORK
hnanciers with hampering the Notation
ef the second issue Of bonds so that a
higher rate of interest might be afhXed
by the government to subsequent
issues.
Directly after this was published Mr..
Strong telegraphed TO Mr.. Clark re-
ouesting his authority for such charges
The governor of the Federal Reserve
Bank yesterday made public copy OF
the Speakers reply. The Speaker said
he got his facts" from editorials IN
sThe New York World" and continued;
al take II for granted that you read
these editorials in The New YORK
World The people out West read
them, among the rest, and it was not
q very violent conclusion, as The
World is supposed TO be one of the
great and leading lights in the news
paper realm, that The World knew
what il was talking about.
Mr.. Strong, in his reply, first reviews
the incident itself, and calls attention
TO the fact that on October 70 the
Speaker reiterated his charges to an
Associated Press correspondent IN 81
Louis.
"Three hours later" Mr.. Strong's
letter continues, "you withdrew the
charge and stated that you had made
il because the newspapers were full
of stories about the sale Of Liberty
bonds tagging all over the country;
that when the first Liberty bonds were
issued some fellows in New York had
tried to beat the price down below
par, and that. in view Of that fact, you
had made your statement at Oklahoma
City.
"And now" Mr.. Strong continues
con November 2 you write me that
your conclusion that ring Of New
York financiers haC entered into Q
REASONABLE conspiracy was the out
growth OF your reading two editorials
in The New York World printed on
October II and 10, and that these edi-
torials were the basis OF your re-
marks. Neither Of the editorials re.
ferred to. which | have before me
made any reference TO higher rates OF
interest on subsequent loans.
"lt seems apparent that at no time
did you have the slightest ground for
publicly or privately charging the
most serious crime in time Of war
treason against a group Of unnamed
men; that the basis Of your remarks
was not. as you at first stated, source,
Of information but two editorials in
The New York World which simply
expressed the opinions or conclusions
Of The author Of the editorials regard.
ing the stock market, and that your
so-ealled retraetion sought 20 imply
that other acts Of these New YORK
hnaneieTs justified your charges. al
though your first surmise had turned
cut 70 be incorrect"
Hr. Strong then calls attention ID
the magnificent manner in which men
in the New York Federal Reserve dis.
trict have been supporting the govern
nsnt since the outbreak Of war.
Figures" he says, have just beer
furnished me, based upon the wealth u
the nation in 1912, which ! believe "a
be reliable, which indicate that t.
New York district subscribed BIB per
cent Of the total wealth Of the distrir,
70 the Second Liberty Loan. and that
the Kansas City district which 10.
eludes part Of your own state) .ss per
cent Of It's total wealth, the New York
percentage being the highest and the
Kansas City district the lowest Of al
twelve distriets."