The Melstone Graphic (Melstone, Mont.) 1911-191?, December 27, 1912, Image 2

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THE MELSTONE GRAPHIC R. A. LOCK RIDGE MELSTONE, MONTANA. PARAGRAPHS THAT PERTAIN TO MANY SUBJECTS: , ` IRE SHORT BUT INTERESTING Brief Mention of What Is Transpiring In Various Sections of Our Own , and Foreign Countries. Congress. Representative Levy introduced a bill for currency system reform. House leaders plan to recess for the holidays from December 21 to January 3. The postoffice appropriation bill, aggregating $278,489,781, was report- ed to the house. . Representative Allen introduced a resolution proposing a general investi- gation of the canning industry. A bill was introduced in the sen- Representative Sulzer presented his resignation as member, effective De- cember 31. ate to create a major generalship for C-clonel•Geo - rge Goethele. The house passed the bill to repay southerners for property seized by the . government after June, 1865. Secretary Fisher has aliked for $100,000 to continue investigation of mineral resources of Alaska. Representative Mott proposed amendments to the newspaper pub - Reny law, virtually repealing it. The house campaign fund investi- gating committee decided not to re- sume hearings before December 17. , The house ways and means com- mittee failed to take action on , the majority's tariff hearing program. General Bixby, chairman of engi- neers, has asked appropriation for great fortifications at Cape Henry, Va. Representative Hanna introduced a bill to place all fourth-class post- masters on a minimum salary, of $400. The senate agricultural committee ordered a favorable report on the Le- ver agricultural education extension bill. Secretary Stirnson told tho military affairs committee of plans for fortifi- cation of Hawaii and the Panama canal. Senator Smoot entered a motion to provide a president pro-tempore by having Senators Bacon and Gallinger alternate, but action was postponed. Democratic members of the house ways and means committee conferred on plans for tariff revision at special session. Representative Bart hoidt intro- duced a bill to limit presidents of the 'sited States to two terms of four years each. Senator Swanson introduced a hp.I to appoint a committee to attend un- veiling of the Jefferson memorial in :* St. Louis next year. Representative Roddenberry intro- duced a joint resolution to prohibit lIntermarriage of negroes or persons of color and Caucasions. President Taft transmitted the re- port of the economy and efficiency commission recommending radical changes in patent office procedure. The house passed the legislative. executive and judicial appropriation bill. carrying $34,900,583. An effort to insert a commerce court provision failed. Genera,. Mine. Bernhardt bought $5,000 worth of Christmas gifts in Chicago to bo sent abroad. Women of the Neve York under- world have begun a crusade of their own against police graft. Stock exchange operators confessed at the money trust investigation that short welling was a form of gambling. The sight of a Nebraska blind man was suddenly restored while he wait- . ad in a Kansas City depot. ! With double duties facing him; Woodrow Wilson Bays his vacation is over and he will return In a week. Secretary MacVeagh has about, completed preparations for a change! In size and design of the currency. . James Otis Kaier, the author, died at Portland, Maine, aged sixty-fouri lie had written 145 books for boyi under the name of James Otis. An Inspired statement says that inl the future Emperor Francis Josep will grant only collective audience to the, ministers instead of receiVin them separately. Business in general, as reflected id the condillon ,of the banks' of the United States ' has shdred in the Country's prosperity,. aceorditti; to Lawrence 0. Murray in his annual re .+ 1 \ —^ ? port. The story of a plot to blow up non- union jobs at Detroit was told at the dynamite cohspiracy trial. The 1912 convention of the Interna- tional Dairy Farming congress will be held in Tulsa, 9k1., October 22 to No- vember 1, inclusive. The senate campaign fund in- quiry will be resumed about Decem- ber 17. Get. Daniel E. Sickles has been asked for a monument fund account - lag. ` The merchant marine committee set January 7 for beginning hearings in Investigation of steamship pools. Patrons of the South Omaha post - office protest against the consolida- tion with Omaha. The house ways and means com- mittee failed to take any action on tariff hearings. President Taft will not delay in ap- pointing a successor to Whitelaw Reid as ambassador at London. A bill was introduced in the house to prevent intermarriage between whites and blacks. Russia has warned China that there must be an early settlement of the Mongolian question. Progressive party leaders expect much to come from the commission It will send to Europe. A protest was made to the state de- _partment at Washington of unfair treatment of Mexidan rebels. In a battle between strikers and railroad detectives near Hackensack, N. J., two officers were killed. The progressive party conference decided on New York for headquar- ters of the executive committee. America is addicted to taking opium, according to Prof. H. Ilueppe of Dresden, Germany. • Colonel ilbosevelt at Chicago, ad- vised his followers not to dicker with either republicans or democrats. The Hamilton club of Chicago has undertaken the task of bringing re. publicans and progressives together. Enough redwood timber is still standing in Humboldt county, Cali- fornia, to supply the present demand for another century. E. L. Cornelius, assistant sergeant - at -arms of the senate, was made ser- geant -at -arms succeeding the late Colonel Daniel M. Ramsdell of In- dianapolis. On the ground that both contestant and contestre were guilty of corrupt practices, a vacancy in the house was declared in the Eleventh Pennsyl- vania district. The Presbyterians, Methodists. Bap - lists and members of the Christian church of Alma, Mo., decided to unite in one congregation and support a non-sectarian church. By the discovery of a certain kind of _hard pebble in Colorado under the Orchard Mesa, near Clifton, thousands of dollars will be saved nilt e e oper- ators annually. A banquet was given in The Hague In honor of the Dutch cavalry officers, who distinguished themselves at the recent international I.orse show held in New York. The Ohio State Public Utilities commission asked permission to issue certificated aggregating $24,000,000 to cover the purchase of new equipment by subsidiary railroads. Christian R. Easterday of Marengo, Ia., who told the Burlington police a story about having been held up and robbed by St. Louis crooks confebst.d that his story was a fake. Steamships can be taxed only in their home port or In the . port in which they are registered, according to a decision of Judge Itudkin in the United Str.tes court in Los Angeles. Sir Rodger Casement, British commil general at Rio Janiero. who was. the British investigator of the Putumayo rubber district atrocities, has born appointed consul general to a num- ber of other states in Brazil. Imports of luxuries into the United Staten during October were probably the highest on record. The bureau of foreign and .domestic commerce of Cie department of commerce and !O'er holds that luxuries are coming into this country at the rate of $1.0en.eno a day, and if the rale bolds good it is estimated that imports of luxuries will aggregate $250,000,000 for the calendar year 1912. The testimony upon which the house managers ask the senate to convict Judge Robert W. Archbald, of ,the commerce court, of misbehavior and misdemeanors In office was concluded. On Monday attorneys of the accused judge began presentation of the wit- nesses for the defense. A - democratic caucus of the house will be called !immediately after con- gress reassembles. January 2, to fill committee vacancies. The most im- portant seats will be one on the ways and moans committee vacated by Rep- resentative Hughes of New Jersey, who is seeking senatorial honors; one on the appropriations committee, vs - Gated by Representative Cox. goy. ernor-elect of Ohio, and the chairmen- Isblp of the foreign affairs committee, 'vacated by Representative Sulseg, ( governor -elect of New York. Personal. ' Attorney General Wickersham will iot dismiss Texas oil indictments, SAYS MONEY TRUST IS NOT POSSIBLE ALL THE BANKS IN CHRISTEN- DOM COULD NOT FORM COM- BINE SAYS J. P. MORGAN. FAVORS COMBINATIONS. Financier Disclaims Knee/ledge That He, Wields Vast Power—Seeks No Such Position in Finance. \Wasliington Dec. 21.—J. Pierpont Morgan told the money trust investi- gation committee of the house that \all the money In christendom and all the . . banks in christendom\ could not form a monopoly. Mr. Morgan dis- claimed any knowledge that he wield- ed a vast power in modern finance, and declared emphatically that he sought no such power. For nearly five hours the chief wIt- nese, railed by the committee in its probe of the intricacies of modern fi- nance, stood a running fire of ques- tions that covered emery phase of fi- nancial operation. Remarkable Hearing. In rine respects it was one of the most 'remarkable hearings about the halls of congress .in recent years, with Mr. Morgan as tne type and embodi- ment of financial operations on a colossal scale, and the committee's counsel. Samuel Untermyer, the rep- resentative element which seeks to probe to the innermost recesses the conditions tinder which vast financial operations are conducted. Prefers \Combination.\ Mr. Morgan gave at length his views on competition. combination coopera- tion and control in industry and fi- nance, particularly the latter. He de - dared that he \did not mind competi- tion,\ but that he preferred \combina- tion\ in his operathms. Ile was em- phatic in his declaration that \there Is no way one man can get a monop- oly of money.\ Throughout the long examination to which Mr. Morgan submitted with an evident willingness to answer, there was not a moment when interest lagged. Short, sharp questions and answers came with striking rapidity. While the colloquys a - ere at times emphatic there was no serious clash between Mr. Morgan and .'Jr. Unter- myer. Mr. Morgan gave a ready response to questions, although there was often a battle of wits as to the meaning and effect of various financial condition/ and operations. The question of competition and combination brought about a lively In- terchange between the noted financier and Mr. 17ntennyer, the latter opening the tilt with the suggestion that Mr. Morgan was opposed to competition. The witness denied this, but said that he \favored co-operation.\ add- ing that he was in no way opposed to competition and in fact \liked a little competition\ Disagrees With Untermyer. Fie disagreed with the views of Mr. Untermyer on the question of inter- locking directorates. which forms the basis for a large part of the statistical evidence that makes up the record of the money trust investigation up to date. Without actual control. Mr. Morgan claimed, there is no control, although some directors may be com. mon to several corporations. SUES HARVESTER TRUST. Claimed Companies In Alleged Corn. bine Advertised as Independent Companies. - — Chicago. Dec. 21. — Testimony by one manufacturer of harvesting ma- chinery that representatives of the International Harvester company had sought to lure away his customers by false statements was given in the hearing here in the government's suit to diesolve the International company as all Illegal combination. Copies of advertisement a by companies alleged to have been absorbed In the Har- vester company. but who proclaimed themselves as \independents\ were introduced in evidence by government counsel. The testimony that his customers had been taken from him by, misrep- resentations was given by A. J. Glass, manager of the Adriance-Platt com- • pany of Poughkeepsie. N. Y. Mr. Platt said that agentit'of the Harvester com- pany had told his customers that the Adriance-Piatt company had been ab- sorbed by the Harvester company and that they might as well order from headquarters. TURKS CAUSE HALT. London. Dec. 21.—The pea% confer- ence held a brief session and after fresh Indtructions had been despatch- ed from Constantinople by special courier, therefore adjournment until tomorrow by which time instruction should reach London. News came from the Ottoman capital that the government is empowering the dele- gates to proceed with the negotiations with the Greek as well as the Balkan plenipotentiaries. This decision tends toward peace. MME. COROMILAS — • Mme. Anna Ewing Coromilas, daugh- ter of former Senator Cockrell of Mis- souri and wife of the Greek minister of foreign affairs, has written to her friends in America Interesting ac- zounts of her experiences in Athens during the war. She and other ladies have been giving up most of their time to making clothing for the sick and wounded Greek soldiers, and all social functions have been suspended HOURS SPEW STUDYING LAW PRESIDENT-ELECT IS WORKING HARD ON DUTIES. Announces That He Will Confer With Bryan Saturday or Sunday. Trenton. N. J., Dec. 21.—President. elect Wilson bored studiously for sev- eral hours here over the corporation laws of New Jersey. with a view to recommending radical changes in' them to the legislature. After he had worked most of the day In his capacity as governor, he listened to a formal appeal by United states Senator Lee Overman of North Carolina, that Josephue Daniels. na- tional committeeman from that state for nearly 20 years. be appointed poet - master general In the %Vitae,' cabinet. The presient-elect made no comment. lie announced also that he would meet ‘Villiam Jennings Bryan for th first time since the election on Satur- day or Sunday, either at Trenton or Princeton. The governor's day was concentrat- ed for the most part on the corpora- tion question.. Repeated charges were made during the national campaign by both Colonel Roosevelt and governor Hiram Johnson that Mr Wnson had failed to put into effect any legisla- tion curbing trusts that were charter- ed as Jersey corporations. Though his opponents devoted many speeches to tfils argument, Mr. Wilson never made a speech of reply. 'One he tele- graphed briefly to Senator O'Gorman of New York, however, an address which was made public, in which he declared that as the state legislature always had been Republican in one or both branches he had been unable to put through his promised program of reform lie added also that evils com- plained of. In connection with the trusts mostly concerned federal Wig , diction. On National politics, the president- elect was most reticent. Ile had noth- ing to say about his approaching visit with Mr. Bryan and in recounting the events of the day passed quickly over 'the mention of cabinet appointments. Chinese Oppose Pact Clause. Pekin. Dec. 21.—The terms of the Russo-Mengollan treaty of November 8. have been published here. The Chinese regard them as far more com- prehensive than the Manchurian agreements which finally led to the Russo-Japanese war. The features to which the Chinese patricularly ob- ject as infringing China's sovereignty are the right they give Rushia to send consuls and consular guards to' all Mongolian ports and to establish post- odices. Dealer Back of Egg Fight. Chicago, Dec. 21.—The man behind the 24 -cent storage egg sale,. which was conducted here by members of the Women's Clean Food league, Is a Chicago wholesale egg dealer. Ho Made public his connection with the crusade last night after many 'notify , fro had been made as to the source -of 'the dnances behind the movement., 18 CORPORATIONS HOLD 25 BILLIONS FINANCIAL STRENGTH OF COUN- TRY RESTS IN THE HANDS OF 180 MONEY KINGS. MORGAN PRIME FIGURE. Takes Stand for a Short * Time— Confirms Data Prepared By Members of the Mar- ganHotise - : Washington, Dec. 20. — Eighteen trust companies, three of them Chi- cago institutions, control, through in- terlocking directorates of 134 con- cerns, $25,526,000,000 of the capital of the country invested in industrial, transportation and general financial enterprises. These interlocking ell- reetorates consist of 180 men. Charts Introduced. Such is the report of 30 statistical experts, which, backed with a vast ar- ray of maps and charts, was made pub- lic at yesterday's session of the house commiere investigating the so-called \money trust.\ The invetigation sud- denly reached its larger phase—that dealing with \concentration and cred- its\—and the biggest frog In the finan- cial pool, J. Pierpont Morgan, was there waiting for his own turn as a witness while the charts were being explained and the figures reeled off by Lawrence Scudder, the committee's accountant. Mr. Morgan sat for nearly an hour listening to the mass of statistics which Mr. Untermyer and the com- mittee was piling up concerning the colossal financial operations of lead- ing New York, Chicago and Boston Institutions through so-called inter- locking directorates. Mr. Morgan heard his own name and that of his firm referred to many times as tables were presented showing the affilia- tions of that concern with many other banks, trust companies, transportation and industrial corporations. Morgan Unmoved. He appeared to be unmoved through- out it all, sitting surrounded by a number of his business associates, rel- atives and legal representatives, in- cluding J. P. Morgan, Jr., his eon, and Mrs. Herbert Satteriee. his daughter. The examination of Mr. Morgan was Just reaching a point where it might have become interesting, and perhaps sensational when the adjournment was taken. Rapid Series of Questions. Mr. Untermyer conducted the ex- amination of Mr. Morgan, asking a rap. Id series of questions to brink out the general standing of the firm of J. P. Morgan and company. Its branch con- nections in dris country and abroad and its affiliation with many other fin- ancial institutions. The preliminary examination has brought out no clashes. Mr. Morgan responding promptly to the various queries or calling for data. lie confirmed data prepared by mem- bers of the Morgan house, Showing that 66 accounts 'kith thq Morgan firm in January last had depoitic of $68,- 113,000 and that 78 accounts on Nov. 1 had deposits of $81.968,000. The total capital, surplus and fund- ed debt of these depositors, Mr. Unter- myer stated. was $9.765,000,000. J. P. Morgan appeared in the elab- orate tablerfand charts presented earl- ler in the day as the dominating figure among the group of New York, Chi- cago and Boston financiers, who, as it is designed to show, constitute the power that controls a great part of the wealth of the country. Three Chicago banks, listed with the New York and Boston institutions, are the First National, the Continental and Commercial National and the Illin- ois Trust 8c Savings. Their affiliations represent $20,726,000,000. The 18 banks and trust companies named, through flrm members and di- rectors numbering 180, hold in the aggregate 385 directorehips in 41 banks and trust companies, having s to : tal resources of $3,382.000,000, and to- tal deposits of $2,834 000.000: SO di- rectorships in 11 Insurance companies. having total assets of $2,646,000; 156 directorships in 31 railroad systems, having a total capitalization of $12,. 1b3,000,000. and a total mileage of 163.- 200; six directorships In two express companies and four directorships in one steamship company, with a com- bined capital of $245,000,000 and gross . Income of 897,000,000; 98 directorship; in 28 producing and trading corpor- talons, having a total of $3,583,000.- 000 and a total gross annual earning In excess of 91,146,000,000, and 48 direct- orships In 19 public utility corpora- tions, having a total capitalization of $2,826,000,000 and total gross annual earnings in excess of 9428,000.000; In all, 746 directorships in 134 corpora. 'ions, having total resources or capi• siltation of 825,325,000,000. •

The Melstone Graphic (Melstone, Mont.), 27 Dec. 1912, located at <http://montananewspapers.org/lccn/sn86075007/1912-12-27/ed-1/seq-2/>, image provided by MONTANA NEWSPAPERS, Montana Historical Society, Helena, Montana.