The evening world. Newspaper, December 19, 1912, Page 2

—se i J. P. MORGAN TELLS SECRETS OF HIS VAST FINANCIAL INTERESTS THE EVENING WORLD, THURSDAY, sailon of the Equitable company was presented by Mr. Morgan's attorneys ‘and put into the record. Mr. Untermyer then offered a ai ment of securities held oy the Rqut- table, Mutual, New York and Metropoll- tan Life companies, issued through Mor- gan & Co, and now held by the Ins ance companies as part of their A® to the reason for the formation 4 the First Securities Company, an ad- Janet of the First National Bank, and the National City Company of the Na- tional City Bank, Mr. Morgan said he | thought they were organised to deal in seourities the banks themscives could | not handle. In the National City Com- pany he said he had a small holding, which he later said was worth, present | value, about $,000,000. | D that a emall interest?” ‘Mr. Morgan Satan that requires constant wate Mr, Morgan oni he knew Little of ae! tramssctions on the Stock Bz manipulation was | nine, and regarded it ae illegitimate. | eo adden that he Pee as & majority governors of the Bzchange con- Stasrea ‘manipulation a bed thing.. Mr. eaid he knew the sales of the Mew York Stock Bachange were thirty or forty times the amount of the ont- standing securities dealt in. Mr. Morgan concluded | Alert Mr, committee adjourned until Jan, 6. At the opening of Mr. Morgan's ex- ination Mr. Untermyer asked Can't you give the comm! ment of the deposits of ak firm in New York as of Nov. Mr, Morgan approximated it cat about state | yanking | $10,000,000. 1 Jd he would furnish @ Ltatement showing the figures. Mr. Morgan said he and is partners) Were directors in some of the Interstate corporations that “aave accounts with a. P. Morgan & Co. 1s counse! agreed to furnisi: a list of those directorships. Mr. Morgan produced, in response to & Question, copies of the Mscal agree: | ments between J. P. Morgan & Co. and the New York Central and the New York, New Haven and Hartford Hall- toad companies. ACTS AG FISCAL AGENT TACIT AGREEMENT. Mr. Morgan waid that there were no other such Agreements made by his house. He said tho firm acted Agent for other compante: agreement.” “You are acting for » sumber of other corporations. are you uot, includ- y | with « omile. ‘Merges fee the i e ; this E Fr t agha te] Hi Ht it ii E } ‘worth rose Bova Sepived years these securities Deen handled om & commission ll i 4 organ thought the New Haven, issued securities not handled yn & Co, in the last ten years, 3 E ‘ | they were the reports of the trustees, | the rafiro: to be able to offer it | the stability am@ success ef corpora-. \ don't take or refuse an offer we make,” vata | Mr. Morgan. “They don't often refuse, do they?” “Oh, yes, often.” “Then you offer them another oppor- tunity?" "Yes, air." Mr. Untermyer asked if there were not many banka In New York not al- lowed to participate in the Morgan un- derwritings. Pacific reorganization. ‘Was that property reorganised un- der a voting trust?" Mr. Morgan said it was end thet was & member of the voting trust. “In that connection,” he added, Hke to present these reports of the vor: ‘ing trustees for the Northern Pacific and the Southern Raflway.” Mr. Untermyer looked at the reports | Mr. Morgan presented and asked if! dite they were not “arguments by the vot- | ing trustees in behalf of their good management” Mr. Mor replied Morgan's throat became husky turned to his daughter, *. », and asked for a throat tablet. tterles produced it from @ handbag. ami attorney Lindabury interposed to} “Do you want be giass of water?” @ay they were “accounts of the atew- ardship of the voting truste: Don't you think that interstate cor- Pporations should be entirely free to sell | thelr securities In the open market and not be tled up to one firm, no matter | how just its methods? asked Mr, Untermyer. year ee are -| Mr. Morgan could not say. He d dete he oud banan a8 Tabaicd te not balleve It would amount to $1,000,000, directors appointed by himself as al 0 a year, He agreed to furnish @ member of @ voting trust, entering into | bag A to show the amount. Pe fiscal agreement with his own firm. think 1s generally overestimated, he remarked, Mr. Untermyer asked if Mr. Morgan aid not think, arcurities of interstats “OH, NO, ONLY ABOUT A MILLION corporations should be sold in open DOLLARS’ WORTH.” competition as were United States | Morgan took up the relations of bonds. the Morgan firm and the First Nation- “Ld id Mr. Morgan, Ho |al Hank, which he referred to as “Bak- | plenty of competition | er's bank.” he, personally, had 4 securities. |? Mr, Untermyer asked where there, could be conipetition between the New Mr. Morgan. suggested Mr. ‘don't hesitate to may # “I'm not tired,” returned the finan: cler. Can you tell us of the amount of se- | curities marketed by your firm year by Mr. sald the two firms worked tomether In @ great many bond and | | stock Insues, Mr. Morgan could not r Foad and Morgan & Oo, in | member when the Firat Securities Co: jew Maven securities. ny Was organixed or whether it: “They may want a great deal more board of directors wan identical wit! for them than we think they are the board of directors of the First Nu- worth,” sald Mr, Morgan. tonal Bank. Mr. Morgan sald his son, not himeelf, “Do yon think it would be better for) V5. director in the National City nk. “Bat you are «a large securities to an Ba; er banking house?” | about money and credit,” said Mr, gan. of the former, but could not get the lat- not belfeve that from one to three men on each board of directors could exer- cise control. “You take three men and put them in all those banks. In one bank they are three out of fifteen, in another three out of twelve, in another; three out of ten,” he sald, “But through a voting trust they might have appointed all the board of directors,” suggested Mr. Untermyer. “They could not contro! the bank #0 long as they were in the minority,” aaid Mr, Morgan. “I don’t think I could carry any proposition through any board of directors againet the wishes of the stockholders.” tame. Cones ie th "important tring. e How you speak of @ money trust, a: one man oan got control of ail’ the | Sopolise money?” “Yes, that’s it.” “But when a man has « vast power euch as you have—as you admit you nave, you” asked Mr. Unter- myer. fo,"' aaswered Mr. Morgas. “Don't you feel it?” asked the law- “Mo, X don't,” replied the finan- “No man, you think, could keep great control of money?" asked Mr. Unter- the Reading road?” asked Mr, Unter-|@wer he could make as to his purchase if we do I don’t know] of the etock was that he “No, air; eafl Mr. Morgan. seme tae, Ly} you have any power in any line of industry eountry”” “Ho, X do not,” said Mr. Morgan. “Four power bad ‘nmocnoctone see about this concen- jon,” said Mr. Untermyer. “You took over the Baldwin Locomo- " “Yes. We handle their a. ‘Prior to that time the American Locomott Company had been formed? “Yes.” “Now, assuming that you and Mr. Baker control the great railroad sys- DEUEMBER Td, was the thing to am “2 ready im this/ community om that,” he declared. Data bearing on the proposed mutual- “thought it do." to stand before the dealt of the governors of the Stock Byohange| pany any wagons fhat might be sent considered manipulation a bad thing. ‘Mr. Morgan enid he knew the sales of the New York Stook Bachange were thirty or forty times the amount of the outstanding securitie fzation of the Equitable Company was) said it would be dificult to eel im any direction ts em-| presented by Mr. you!” “¥es,| and put into the record. Mr. Untermye; ment of securitl Mutual, Ne life compantie: & ©. and now companies ¥ the First Securit Junct of the First National the National City Company of the Na-| issued thro part of their te, As to the reason for the formation of Morgan's attorn probably would then offered a state-| high enough. held by the Equitabl ‘ork and Metropolitan fh Morgan held by the tnsurance t gg he along wit an ad Kk, and ities Company, iaewt got.” rope, Mr. of hie hand. tema of this country and between you, you are interested in the American Locomotive Company; what chance do | you think a new locomotive company tonal City Bank, thought they were organized to deal in the banks themselves could securttle hot han pany, he i. Morgan said he “Then tnt niation that ‘Mo, I think not ¢ had a small holding this, If he hought stooks, ell it agais ‘Do you approve of short selling “E don’t like it. I never did any that/ ware I think you can’t Lat} it’ onye can alon gwithout 4 | ro itke # ian selling something ” “Then they'd get the gold from Bu- ‘Mr. Morgan with a wave think you can’t stop spec- | bg hail thought « high mate of interest would would have to succeed?” think it aid was Worth, present aot prohibit it, nor a usury law. which he later ¢ would have a good chance. We could bout $6,000,000, not ‘buy our locomotives all from one company.” “Do you think it is a healthy con- dition for the interests in the supply companies to be identical with the in- terests of the railroads that buy sup- pllei It's not @ controlling inter “It Is not an investment that requires constant watchin Mr. Morgan and the Jawyer then went into a long discussion about houses and the possible benefits of gov- Mr. Morgan. commitm: companies could your own partners?” imone.” clearing you delve you wanted to find out the its of a Wall street oper.) ator, into how many banks and trust | ‘Mr. Morgan said that directors could | myer, “You believe our when he be 7! his power he lo: at hristendom and all banks: in endom could not control money There could be no money trust.” Mr. Untermyer asked if men had not monopolized railroads and industries and abused thelr powers. NOT DISCUSSING paleneoee BUT MONEY. “I am not discussing the question of railroads or merchandise; I'm talking Mor: He said a man might get control ter. “Mo, 5 do not,” returned Mr. Morgan. suggested Mr. TIntermyer. Mr, Untermyer askel whether Mr. We added that the position of the bauk- only about a ee ane worth,” | Morgan thought competition among tug house often had much to do with tions. | “There's another point about It" he) added. “You must remember that 3i!|f Commorss. securities sold and issued are not al- er. ways good and when there is @ respons. | miliiee fy, {ble fixcal agent there is moral strength | ment with behind them.” “Wil you name any instance of | railroad bond proving bad, where your | Meroe firm has had to pay the loss?” asked | O00 Mr. Untermyer. donor | mas “1 can't remember any case, but I sqentiqed wit ore have been veral,” said | Untermyer, firm who happens “All of that comes ont of the security the matter,” gaid Mr. Morgan, ‘Mo, out of the property. ‘Mr, Untermyer asked if the Morgan Of the railroad and eee if you cam and one case where the banker has had to | said stand the loss.” “Well, I've had a good deal of rail- rosding"——— interrupted Mr. Morgan, “Yes, thats why I'm asking ypu rejoined Mr. Untermyer. in gaid he could recall no Mr, Untermyer returned to tho fiscal Qifangement with the United States | ham Bteel Corporation. “Did you not same the entire beard Girectors of the United States Steel opp asked Mr. Untermyer. “3 think I passed on it.” “But didn't you hand out @ slip con- taining the names?” “If passiag on them is naming it, I am quite cone see oe cp ane stents go Te ara ae meeps " jater % “ant Gic's you say whe shonle ge the next day,” sad Mr. Morgan. He said he aid not know of the or- ganization of voting trusts within the firm for the International Agricultural anything bout thet.” wnt Ae gy Rg “Yes, I it ‘but Mr. Perkins had Sharge of tak” oald Mr, Torgen. crowd, Mr. Morgan said he had not passed on all who went on the board of the Steel Corporation, but said no members | had ever gone on the board aguinst his | Leng ry ead Orporations named and 0 0 \tor he. Bri the International ‘Marin Untermyer asked tf Mr. Morgan | Chairman of the Steel Corporation Fins | ta waters ot ike voting os fer the |ance Commitiee when George W. Per-| inecvnational Mercantile Marine 1| ‘Tho voting trustees in all these cov- |porations have the po' to name the Hl |hoards of directors, have they not?” Who fixed the prices at which the |Rtvea'atr. Untermyer. "Yes, ait,” aald | 4 It's very provable. ij ue (l Peciiel was accepted Jai rte by the Maine Central; Dec. 28, | 1910, by the Boston & Maine, and Dec. New York, New Haven & Martford, he acceptance in each | ee being signed by Charles . Mellen. | “Can you give ux from memory a lint of other interstate oorperations for) which you ere fiscal agents?” asked Mr. -Untermyer. Mr. Morgan couki remember no others except the United States Steel Corpora: tlon, and could not’ estimate the num- ver. ‘Mr. Morgan said his firm had eup- | plied the committee with data on that point, Mr. Untermyer replied that such Gate included only those corporations | had formal Morgan said his firm | aeted for the American Telephone and with which Morgan & Co. agreements, Mr. Telegraph Company, the Northern cific and the Southern Railroad, though they had no agre them. NORTHERN PACIFIC REORGANI: ZATION TAKEN UP, Good to Give ‘A FAMILY PET: - See World “Dogs & Birds” Ads.; A MUSICAL INSTRUMENT: See World “Piano & Organ” Ads.; A COURSE OF INSTRUCTION: See World “Educational” Ads.; A VACATION TRIP: See World “Winter Resort” Ads. A HORSE OR AUTO: See World “Horse & Carriage and “Used Motor Car” Ads, for Bar- Ss a gee 1 |funde shall be deposited?” “The Fi- al- nents with ‘Mr, Untermyer took up the Northern re | variowts subsidiary companies should mn Mr. Morgan. into the orgenization?” asked M: “and they im turn “usually select the jorgal jut It was left"to you to determine f price at which they should come ‘stock is widely scat: | “Yea, but I wasn't always coreg to get them at the price we wante anes the. mhan nal dere. wer SELECTION OF J. P. MORGAN @| ‘procure cope | 10. instance, the Steel Cor-| Mr. Untermyer suggested that Amert- ‘poration selects the banka where its | nance Committee, ho selected J. P. Morgan & Co.?* | “Why, tt was sort of ex-officio, J. P. | Morgan & Co. then had the whole com- | pene and its funds naturally came to i “You thought ft would be a profitable business?” guggested Mr. Untermyer. | “We did not know then whether At) | would be profitable or not,” said Mr. | | Morgan. ‘It didn't look much tke it when it went down to 89 a share, ‘War, Morgan added he had bought all the Steel stook he could get hold * that he bad never lost comfdence ia| showing the prosperity votin the Stee) Corporation and that he hea brought to the Reading. | edvised uch has the price of coal been | Untermyer, when | Dany made in 1904 when the trustees | surrendered the company te stock- holders, Mr. Untermyer read the fi trustees Mr. Morgan eald he 414 not know. ‘You don't know how mu the ling has increased the price of Mr, Untermyer took up the ot | coat Yo socure this prosperity?” asked large issues of stocks. | Mr, Untermyer, » X don't know Mr. Morgan sald that in some instances | what the price has been,” said Mr. stock {ssues were underwritten by| Morgan. “My idea is that @ voting ndlcates formed by his firm. Ho ex-| trast fe a necessity to a big company x 1 of the syndi- | im ite infaney, im order to protect the ‘Mr. Un- | company.” to know If there existed | GIVES HIS IDEA OF THE VOTING names trom whic TRUST POWER. tes were made up. “Mr, Morgan,” asked Mr, Untermy. “don't you think these voting trust: bring enormous control concentra. fon of money and business in a few hands? , T don't" sail Mr, Morgan, ntermyer asked if one banker, uch as Mr, Morgan, would not have ntrol if he had voting truats ‘roads, banks or industrial “But that would be im- said Mr. Morgan, termyer insisted that system brought about great tration and control, ‘aut I know of none.” ‘The class we would offer one kind of | securities to we would not offer an- other MANY BANKS DO NOT WANT TO PARTICIPATE, have been generally who par- | im all the | corporat! Powsidl Mr. It they the members would not go into the concen- Morgan said many banks and aw ding | ought to be allowed to go’ added he would favor cumulative voting | there was any great combination among banks or concentration would be better. ‘d rather have competition,” replied Morgan when pressed for an an- He aid he thought several men could be directors in different banks and com- etition still be maintained between the banks. He added that he did not be- lieve one man should run @ great enter- prise, “Don't you run your firm?” Pi T ado not.” ‘Me said 414 not favor one man control of great enterprises of any Kind, overt rallrosds. “You believe in ntrated power?” asked Mr. Untermy “Well, that is a question of personal power, of personality,” replied Mr. Mor- Mr. Untermyer asked about the possl- bilities of competition between the Guar- anty Trust Company, the Bankers’ Trust Company and the Bank of Commerce. of the details of the management of those concems, Ho sald that the Bankers’ and Guaranty companies had taken in seven other companies and really represented nine old trust com- and concentration,’ “How far do you think they “I think hey have got enough,” sald Mr. Morgan. “You don't think they ought to absorb “No. They may be forced anies absorbeaT" asked Mr. Untermyer. Yes. Forced to absorb them to pro- teot them. Mr. Untermyer referred to cumula- tive voting. ‘ou know that there ts cumulative voting in the Pennsylvania Railroad. Under that plan one-seventh of the stockholders can get together and elect two-sevenths can elect two Thus they can secure a minority representation, Now most Airectorates are controlled by bare mi Jorities,” he said. “Yes,” agreed Mr. Morgan. ‘ HE WOULD FAVOR CUMULATIVE VOTING. “Don't you think that the minority hould be represented in a directorate?” I think that's a very good plan." He If it would secure that result. Mr. Morgan observed that the fig- ures showing stock-voting methods in foreign banks as introduced by Mr, Untermyer seemed to indicate control by what resembled “voting tru: dat Z don't want to suggest that, | Dut 16 comld be dome,” he said. “But they don't allow that sort of | hocus-pocus over there,” remarked Mr. Untermye: “I think the records will show differently,” he returned. ‘There no place where mergers and consoll- \eatnan have taken place to any extent they have in Great Britat: Mr. Mor- gan added, Mr. Untermyer declared under the ingilsh system there were many groups bankers entirely independent of each other, and that persons desiring to finance a proposition could go to any one of them, ‘Mx. Morgan said he 4id not believe Dankers in the United states. “Do you know of any railroad financed independently in recent years?” asked Mr. Untermyer, Mr. Morgan said that he knew nothing | $3,000.00. not go into the affairs of a bank that Mr. Morgan sald he did. ernment supervis: fon. way, according to nis understanding Mr. Untermyer asked Mr. Morgan if Mr. Morgan inolined to the helief that of the duties of a director. He was cer- he knew anything about the organiza- tion of the New York, Wyoming and Western Railroad to open up ne dependent yoal fields. This. railroad figured In the recent “hard coa before the Supreme Courts wher was held that the Temple Coal and Iron the banks in a clearing house were en- seeking membersnip. e admissibility of others tain of his position, Well, them Z guose that will be all, Morgan,” snid Mr. Untermye: and ‘Mr. Untermyer arata took up “com- the » Amancie: left the ae He shook | centration of money.” ‘The control of credits involv. |hands with Mr. doesn't it?” he the | members of the ‘committee held a wil Company had strangled the new road. Mr. Untermyer asked if Mr. Morgan control of money, A. think not. What I call money pered conference with hin attorneys knew Robert Bacon, a former member of his firm, had gone into the coal field is the basis of all banking—gold,’ piled Mr. Morgan. Me said credit was re and bought up the collieries, so that Mr, Mor- the new road was not built. the “evide: of banking” but not the basis of it. Credit wes a great part gan said he knew nothing about tt. The consolidation of the Lake Snore Michigan Central railroads into the an New York Central Hnes was brought up by Mr. Untermyer. “You belleved in buying up the com: | peting line?” “Why, sure." QUIZZED ON MERGER OF NOR-/| THERN SECURITIES. Mr. Untermyer asked about the con solidation of the Northern Pacitic and the Great Northern Railroads in the Northern Securities merger. “What was your {dea as to the reason for destroying competition « there” ked Mr, Untermyer. id Mr. Mors: Mr, Untermyer then began a series | of questions about the elimination of competition in the organizations of the United States Steel Corporation, but in- terrupted himself, “{ will not go into that,” he said. hat 1# now in litigation and 1 wiil not question you about it. Mr. Morgan testified that he bought control of the Equitable Léfe Assurance Soclety from ‘Mr. Ryan and Mr. Harri- man. He secured, he said, about $1,000 worth of stock for which he paid about "I don't know, “The company pa 7 per cent. divi- es, “That {s $3,710 on your tock?” “Yes,” “About one-elghth or one-ninth of one pe" cent. on the investment?" "Y. Mr. Untermyer wanted to know If James Stiliman and George F. Baker were interested in the purchase of the Equitable, Mr. Morgan conferred with his counsel about answering the ques- tion and finally said Mr. Baker and Mr. Stillman had agreed to take one-half of time he wanted them to. ez insisted on knowing why Mr. Morgan had thought it good Dusiness.to buy the Equitable stock at & price that paid only one-ninth of one wee cent. interest. thought it was ‘Mr. Morgan sald he “good for the situation.” ‘Mr. Untermyer asked why it was not just ae “good for the situation” in the hands of Mr. Byan and My. Mar- riman. “EZ don’t know,” said Mr. Morgan. “But you thought it was better for you to have it?” “That's the way it struck mo,” said Mr. Morgan. [fe added: “That is all I have to say sbout it.” “The assets of the Equitable Com- are something over $500,000,0007"" Mr. Morgan . Ryan to sell his “Did he say he wanted to sell it?" “No, but he sold It.’ Mr. Morgan said that he had Dut one idea about the disposition of the Equit- able Company. SHOULD BE TURNED OVER TO POLICYHOLDERS. “I think It should be turned ove: You mean sell it to the policyholders ‘For just the price I paid for it. “Then © ¢on't bought the stoc! thought it was the thing to do.” “Then there was no reason” Mr. Untermyer. ‘Well, that's the way unde! y you'll agree with Fa gan ‘Ma! gome day you'll agre Se Mr. Untermyer. ‘Well, if I do, it will be for @ good reason,” said Mr, Morgan, with a laug! Mr, Morgan explained in more detail that he had thought there was @ pos- sibility of the Eauitebie atock being | divided, that Mr, Ryan had already | sold some of hii Mr. Morgan said he did not know of any but did not think, however, that either the domination of railroads by bankers, or the wu’ of interest of bankers had anything to do with it, other banke: "he sald that went ‘That was not the reaso: “That's only one of the thing: through my mind.” But what would he: if it had been divided been the harr Umbrellas, “Onyx” Hosiery, Sporting Goods | trust companies in New York were al lowed to participate In the syndl Mr, Untermyer declared that Lee Hig- | ginson Company of Boston, the First crete example. ational Bank of Chicago and other in- | are directors tn the Banksra’ Trumt ten wanted to participate in | Guaranty Trust, First National Bi the bank of Comm: but they | 1 Doel the ; | National Banik, Do you think they ought to ha: ame representation in compet! cerns?” he asked “They don't work with uw —— ie Chemical Hank, tho Astor Trust and other com. Turn Sleepless Nights Inte Bright Morn. panies.’ Jog, Bed Cross de Cough Dinre, Oe, Mr, Morgan expinined that he ee © pt aR Me 2 Sanam com me ta RNR Sen care aieiniatee Teac Rbtsise To Natlonal aie for Xmas— for the Coupon in the 5) “?'m- the price of ARABS, but meas- ure me against the adc you pay for t Turkish Cigarettes.” TT THE ARAB & WY . hy 4 sieege OECEMBEr OTN, | MONEY of banking everywhero. ‘& man or group of mer who have the control of credit have the contro) Ien't that so?" “Mot alway “If you had contro! of all that as ta resenta the assets of all the banks York, you'd money, wouldn't you?” CANNOT TROLLED, HE INSIST! I don't think 80.” Mr.<Morgan said that every commod. ity except mon of money. lawyor. ‘Io. but that money be controlled, ness was credit would not trol of money. “But suppose all the credit?” and I had the money, his customers would be badly off,’ that credit nad no relation to the con- ‘trol of money. Me said he knew men with great of then.” basis of “Is that the on the Stock Exchange?” Untermyer. “Yer “Do you know to whom you lend mon- ey when you send it to on the Stock Exchange goon afterward, Mr, Smith and 1 ‘I'M call off the the investment off his hands, if at any| jade on Government bonde.”” (Mr. Morgan asked permission to move up nearer the committee tables. took one of the to peorenea tas ve Hayes of California. e took his seat he remark pate a little di Continuing his knew very little New York Stock “Don't the tranaactions a as to the facts." “Do you think err HE DOES Ni SALES CANDY, MIX rene De Fe GRAD) oc Be cROP e other Pure “ALL DEALERS wil 54 BARCLAY STREET Cor. West 29 CORTLANDT ST. Cor. Church Street Park Row & N: At City Hall Park On that point the wit- tic. Mr. Untermyer asked if » contro! of ‘Mr. Morgan said no. “T know men who will come into my office and I'll give them checks for $1,000,000 when they have nothing back Mr, Morgan sald he had loaned mony you think the quotations on Exchange should “I think they do. “That it’s aa, suggested | a: “Ye: ASSORTED HAR’ CANDIES OLD FASHIONED CLEAR NED Dates, Le POUND BOX od the ‘ve control of ine tress by NORFOLK, Va., tified steamer is BE CON. y could be controlled absolutely could not|ine revenue cuttel that she is on hdd A w carry with it @ oo: @ man had control of Tf he had the credit | Cniet of Police said, and a Chief of ares, | 3 to-day credit who hed no took pe ‘a borrower's charac+| i trouble. way you lend money asked Mr. 8." ess oft loan stand near Hatteras. The revenu ondaga has gone to hier asalstanc UNIDENTIFIED STEAMSHIP DISABLED NEAR HATTERAS; CUTTERS TO THE RESCUE. | m | Onondaga an and Seminole Go to Aid of Vessel Reported in Dis- Wireless. Dec. 19. reported in r Seminole, NEWARK FEARS S ARS STRIKE WAR. | Posts Reserves to, Watch Rebellious Drivers, Police Corbit of 3 mal cnarge of the situation in the strike of the drivers and handlers empioye press compantes. The Chief placed po- licemen, mounted and on foot, at all the express offices and at throughout the city where there might d by the variou: Extra reserves are also on duty at the different police stations and at Pol! Headquarters, and all are ready to mov at a moment's not! ce, ‘An uniden- cutt to the rescue. The men at the 3 were instructed to accom- distress off the Virginia Capes, has reported by wireless wark, N. local ex- 8 points ‘lL know very If @ foan comes in for don’t trust him, I say loan'—even if It was He committee chairs next finds its in a barrel ds jeaf as I get older. testimony he sald he of operations on the Exchange. represent real s: od Mr, Untermyer, But I know nothing manipulation is genu- OT LIKE SHORT OF STOCK. I think so.” thought « majority ne to Such as But! Molasses Pep) Kisses, Nut Chips, Fru’ Clove Cups, Peanut Caramels, &. 13c POUND BOX CLEAR DUND BOX RD CANDY — Vanitts ae 25cl- AStORTED 25c JUST_ARRIVED; 5-POUND BOXES GRADY, BO! OCOLATES & ae ITs Chocolates, Bo 'Kindss Bepound boxe ERY HIGH ORADE BON: BONKO: ‘TES, re partment store candy when 308 can m PCUNDS OF ‘TRUPULITAN’ MIXTURE, ABSOLUTELY PURE, WHOLESOME CANDY, AND 60 HALF-POUND BOXES, FOR...... POUNDS OF THAT OLD FASH- IONED CLEAR CANDY, AND 60 HALF-POUND BOXES, FOR...... POUNDS OF “MANHATTAN MIXED,” CONSISTING OF CHOC- OLATES, CARAMELS, CREAMS AND 20 OTHER KINDS, AND 60 HALF. aia BOXES, FOR Bireet, Bares oven S29 dasean Bivens dacese a “ME Broadway au St. (cae Eva Ale batantial, token of ood wishes longs the happy season fying ways Sensible Gift Making and bearti vontaining 10 irocer BONS, itd 13 $1.39 ns or Deale pale’ City Depot. Both Bt. & 12th Ave. | $1.25 ex 'g jon, bottles of 39 SPECIAL OFFER TO SUNDAY SCHOOLS, CHURCHES, &c. COMMITTEES GLADLY WAITED ON EVEN THOUGH NOT READY TO PURCHASE. Loft’s Pure and $2.70 $3.30 $3.90 every even unt 4 206 BROADWAY Cor. Fulton St. 147 NASSAU STREET Bet, Beekman & Spruce Sts 266 W. 125th STREET Just East of Btly Ave. / The avecfied weight ln Sesh tnstanee lacleden the contains! © BOTY TORE EIS WL LT tor a ee A SR ST 19iz. the companies. Some wagons ent out this morning under potice le was reported. out d; wi escort and no trou = NOTHING ATHLETIC. (Brom the Lonisville Courier-Journal.) “Our colle; ‘They did? aid_they win? ‘The debate. “Oh, pshaw = BLACKHEADS AND BOILS ON FACE ‘And Sides of Neck, Si Neck, Suffered Pain and Loss of Sleep. Started with Pimples, Face Disfigured, Cuti- cura Soap and Ointment Cured. eee 418 East 734 8t., New York, N. Y— “Cuticura Soap and Ointment cured me of and bolls from which I suffered pain and loss of sleop for more than @ year. The trouble first started with pimples which I thought would go away, but later Thad my face and tho aides of my neck full of black- heads and bolls which die- figured my face. I was Ashamed to go out of the | house. 1 trled everything recommended, but without doing me any good until I started to uso Cuticura Soap and Otntment. ‘Thoy relieved me of the pain and gave me Peaceful night. After using Cuticura Soap | and Ointment for two weeks I was cured.” (Signed) J. F. Pomajal, Mar, 24, 1912, won. Rah! Rah! Rab! What Baby Had Irritating Breaking Out. 46 W. 90th St., New York City.— "My aby was taken with an Irritating breaking out on his face. As he always scratched, the sores would fester and finally oosed ous pus which made more sures, This mado him cross and ugly. I purchased the Cuti- cura Soap and Cuticura Ointment. In three months his face was completely cured.” (Signed) J. 11. Johnson, Dee. 21, 1911. Cuticura Soap and Cuticura Ointment are soldi shroughout the world. Liberal sample of | each matied free, with 32-p. Skin Book. Ad- | dress post-card “Cuticura, Dept.'T, Boston." #a@-Vender-faced men should use Cuticura Boap Shaving Stick, 25c. Sample free. 88-Note Player-Pianos to Rent Put this beautiful Player-Piano in your house. Pay a small sum down and have it delivered any day you desire. | New Pianos This Week, $98.50 Up. New88-Note Player-Pianos $265.00 up ' Our wish is fulfilled if you only see these pianos. They sell themselves. You can't ap understanding their exceptional value. Act to-day. Don't put it off See us before buying elsewhere, We can save you money, Illustrated Catalogue Free Open Evenings TEE SCHUBERT PIANO CO. 6 West 33d St., New York Clothing FOR MEN, WOMEN ie ee Pe a cia taeas atte Foe ‘AND FUR COATS t_pri bh St Prices much, lower thas what you 316 West 125th St., near 8th Ave 2858 3d Ave, 149th St, Bronx. ov. WENINGS, by havi vot Y Belaian “tne Home lvok Kiuganieed ‘Our reprene it. a RUTO COTER Ss pict mn 1790 Broadway (58thSt.) Phone Columbus THIS N “Ot a the hued URSE KNows, HOLIDAY _GIFTS | & NOVELTIE ne Linn bre ite hb ONES Tecelved ne ‘indae ) ne cheoas er Teware Yen thon | cai av, bs oat Wan,” Burus, a — n