The Washington herald., 1917-05-28
HOLLAND LETTER
The Biggest Daily
Financial News Feature
Of the Counhy's Best Newspapers.

Oh its tentative allotment of the liberty
loan bonds in the reserve districts, some
tntimations have reached New York that
in Boston little disappointment, prob
ably some chagrin. has been felt that
the allotment for the district of which
Boston Is the center is considerably less
than the allotment for the district of
which Chicago is the center. A certain
somewhat characteristic pride of finan.
cial strength has always prevailed in
Boston and Is even stronger now than
ever before.
The minimum allotment for the Bos-
ton district is $50, 100000 less than the
minimum allotment for the Chicago dis
trict while the maximum for Chicago Is
SIS, 100000 greater than the allotment for
the Boston district. Occasionally hints
have been expressed that in these figures
are to be discovered a desire greatly To
encourage the West and to make mani
fest the belief of the Treasury DEPART
ment in the financial strength of the
West.
| If that be true, then the officers of
the Treasury are persuaded that the
Minneapolis district Is as strong finan-
cially as the St. Louis district and only
a little under the Kansas City district,
Minneapolis, st. Louis and Richmond.
cities which are the centers of reserve
districts, are to receive precisely similar
aHotments' Yet those who are familiar
with financial conditions in the North
west are persuaded that they more than
match the financial strength in districts
to which allotments equal in amount to
those made for the Minneapolis district
| have been announced by the Treasury
Department. The strength of the East
ern financial centers-New York, Boston
and Philadelphia-is so great that the
Treasury Department presumes that
fully so per cent OF the liberty loan will
be allotted to these three reserve dis
tricts.
The Conversion Privilege.
Many who contemplate purchasing
bonds of the liberty loan have been maxi
ing inquiries so that they may get a
good understanding of the convertible
feature of this loan. Secretary McAdoo,
In making the Offering, announced that
should there be a new loan offered, which
would bear higher rate Of interest than
| that nominated in the liberty loan, then
| those who possess liberty loan bonds are
to have the privilege Of converting them
| into the bonds of the new loan. How
this Is to be done is a detail. but those
who thoroughly understand the PROPOSE
ton say that should all Of the liberty
loan bonds be converted into per cent
bonds land very likely almost all of them
Wild should such a loan be offered, then
the total debt represented by the new
loan' exclusive OF any third loan that
may be offered. will be $4,000, 900.
Some have suggested that the 81 per
cent bonds when converted be called the
Windows" because It is thought likely
that Secretary McAdoo may deem II the
best and simplest plan simply to stamp
the 81 per cent bonds and the coupons
with the statement that thereafter they
will bear per cent interest. It was in
yFyoy
Secretary of the Treasury in Presi-
dent Garheld's administration. converted
bonds. Thereafter these bonds were call
ed ''Windoms."
Joseph III. Choate's Estate.
A few days ago the will of joseph H
Choate was offered for probate and the
statement was made that the value Of the
property Of which he died possessed was
in excess OF 100000 and might amount
to as much as A0oo.oOo
Within short time three man who
were esteemed among the great forces of
the American bar and who had practiced
Tor nifty years or more passed avav
These were Richard Olney, of Boston:
John g. Johnson, OF Philadelphia, and
Joseph H. Choate, OF New York. Each
OF these lawyers accumulated. by profess
slonal methods which did not greatly dIf-
fer, fortunes which enabled them. had
they so desired, to say that their wealth
was in excess of s., ZOO 900 or 100000
None OF these lawyers so far as is
known ever speculated. All Of them made
careful investments of their incomes.
One OF them, Mr.. Olney. lived in a modest
manner not entertaining much, COM
Portable in his Boston home in winter
where he met now and then a few init
mate friends, and in an unpretentioTs
home on Cape Cod in the summer. His
earnings were gained partly by practice
In the courts, partly by fees and retain
ers that came to him as a counselor and
In considerable measure by his legal fees
as trustee for several very large estates
Mr.. johnson converted q considerable
part Of his income into pictures. doing
that With as great caution and vet with
as much courage and wise judgment as
characterized Mr.. Choate and Mr.. Olnev
when investing their surplus incomes in
various securities,
Others Made More Money.
Other lawyers have left larger estates
than that left by each of these three
great lawyers, but they did not gain
their entire possessions exclusively from
professional practice. Some of them Sc
cured fortunes through association with
corporation financing, into which they
were admitted, as the saying is, upon
the ground floor" The late John E. Par
sons left an estate approximately equiva-
lent to that named by those who brought
Mr.. Choate's will to the Surrogate's
Court the other day. Mr.. Parsons was
fortunate enough to possess a very large
professional practice, but It has always
been the belief among his brethren at
the bar that al least one-third of his
estate was gained through the apprecia-
ton in the market value of the certif-
Gates of the so-called Sugar Trust, with
which he was paid for his services in
organizing that trust.
Choate, Olney and Johnson were as
lawyers alike in many respects and in
one In particular. Each was a man of
the highest conception Of his RESPONSE
bility to his conscience for honorable
and Just conduct as a lawyer. The for
tunes gained by each of them serves to
refute an impression which occasionally
Is expressed that no lawyer can make
great fortune without unfairly getting
the better of somebody else. Mr.. Choate,
unlike his former partner in the firm of
which William NJ. Everts was the head,
made wise investments in real estate
and in securities. Mr.. Southmayd, the
former partner, invested much the great
er part of his income and principle in
United States and in State bonds, doing
that because there was for him perfect
sense of security, no concern about taxa