rt<mljusl«Ml. This Is in .i.iiformllv wiili 

 Mil ii;.T.fiii.'iii Willi tin- liil>»r uiilims lliin 

 till-.-.' iiionllis' iioliiv slmll lie illvi'ii !•> 

 . irlivr >iil<' in-rorc nil iiiiTcas.- or ifiliu-lluii 

 ..f Wiiufs Is iisk«'<l. hihI II liroiiiliii-iit "f 

 iiiiiil of 111'- i-«>ri>i>niti"ii is jiiitlioiil.v fill- 



I 111- sliiU'iiifiil lliiit llifiv will lie II li> p>i 



. I'lil r<'<lui-U(iii ill wii;:fs, iiiiil in cnsc IIk' 

 iiiiiiins il"> not iicnt' IIhtcIo llnTi- will \<r 



II llK'kOlK. 



Wi- .l.> not kiiDW wlu'tlnM- or not llu- 

 I'liiployi'.s i.f ilio I'linicKii- pliiiit lire ){t'ttlii« 

 t.)o niiKli Wiifics. \Vc do know, liowcvt r. 

 fniiii till- stiitoiiK'iits of I'rick. ("iiriit>.'i<-. 

 Stliwab mill otlii'is tlial on a fair <a|.il:il 

 l7_itlon tilt' priiH- of iron ami steel ppKliK is 

 luifllit lilt very mncli lower than they ait- 



III i.reseiit. and siiU the Carnejile plant 

 eoiihl make a very haiulsouie protll with- 

 ont euttiii^' Its ilivideiiils on the one hand, 

 or the want's of its employes on the other 

 r.ul heeanse of the i-ouditions liron^'lil 

 alxMit by Morjjan and his <rew. the eoii- 

 ■ ern must now eut dividends and wa^'es. 

 and even that won't .save it. 



The daily press of Detober S. eoiitained 

 an aeconnt. by one of the orjianizers. of 

 the true facts coiu'erninj; the orfiaiii/.ation 

 .,f the Inited States Ship Biiildiiif; Cnu- 

 pany. The chief factor in this <orporatiou 

 was the Bethlehem Iron Works, of which 

 .Mr. Charles M. Schwab was chief owner, 

 riiis interest in tias plant, the witness 

 testilied. Mr. Schwab had offered to sell 

 for S'.l.iNKl.lMtii ciish. but throujili the 

 maiuiiulatioii of .1. I'ierpont Morfjan. it is 

 said that the plant brought, in round lifr- 

 nres. $10.()IMl.(HX) in cash, .f lO.iKiu.lKHi in 

 l.referred slock and .«lo,0(XJ.i)n(i in <om- 

 nion .stock, or $;i(),iK)O,OO0. in all. Of Uiis 

 amount- witness suited Mr. Mortian rc- 

 ceive<l $r>.iKMMHM» as his share in the trans- 

 action. 



The most charitable view a\ liicli llic peo- 

 ple have been inclined to take of Mr. 

 Morgan is that his enthusiasm for con- 

 solidation nas caused him to deceive him- 

 self—that be actually believed that the 

 great trusts he organized couUl be made 

 to pay. but the testimony of Mr. Dresser, 

 the witness referred to. shows that such 

 n view is not justified. In placini; the 

 securities of the Tniteil States Shiiibnild- 

 ing Company with tlie brokei-s to be sold. 

 Mr. Dresser testified that the brokers 

 pledged themselves to cUspose of the Mor- 

 gan and Schwab securities first, and that 

 This w-as ilone. and that this jirecious pair 

 got their .-ash and got from under at the 

 earliest possible moment, showing that 

 they were perfectly -aware that they were 

 wrecking a tine industry, and that they 

 are but a pair of coiiseienceless rogues. 



Two yesirs ago, when Mr. Morgan wa.s 

 in the full tide of his success, the Uecord 

 foretold just what has come to pass, and 

 stated that before five years hiid passed 

 the people of this c6uiitr>- would be curs- 

 ing Morgan with all their heart. We do 

 not take much credit to our.selves for wis- 

 dom in making that prediction. Anyone 

 with ordinary common seivse should have 



111 H ARD\N< '( in R !■ (I i R O. 



lii-<-n able to see (lie liiisli of lliesi' 

 schemes, anil that when the actual test 

 iviine of paying divlilends upon this gn>iit 

 mass of waleri'd slock, from the actual 

 earning of llie properties, they would fall. 

 .\iid all thai have had to iiui-l the lest 



have falli-d ,iiid II thers will fall as 



soiiii MS lliey reslcli the point where tliey 

 must .stand on their own botloin. 



The working plan of Morgan and his 

 men was simplicity itself. They would 

 start .1 trust, to embrace a certain line of 

 business, and would buy up all the prop- 

 erties in that line that they could gel. 

 paying for them with stock in tin- trust. 

 It didn't make much ditTereln'e what the 

 owners of the plants asked. Shares of 

 stock in the new corporation I'oiild be 

 printed at a merely noniinal I'ost. Then 

 the promoters would take anywhere from 

 111 to :tl) per cent of tlu' entire issue of the 

 slot-k of the new concern as )i;iy for their 

 work, which they would turn into cash 

 .It the lirst opjiortunity. Then they would 

 issue mortgage bonds against the proper- 

 ties to niise a "working capital" sutllcienl 

 to pay the first two or three iiuarterly divi- 

 dends, so that the promoters might have 

 an oiiportunity to get from under. Then, 

 doubly mortgagiHl. the promoters wonlil 

 turn the already ruined iiroperties loose. 

 -Vnd as siKHi as their borr<>wi»<l money 

 gives out, they will all fail and need to 

 be reorganized. The funny p:u-t of it is 

 that so many people re-ally believed they 

 could do anything else. 



The country has just begun to feel the 

 effects of the rich man's panic and it has 

 ,1 long and serious e.\perieii<-e in prospect. 



HIS TIN WEDDING. 



A friend of ours was in the other day 

 ,ind gave an a<-count of his "tin wed- 

 ding," and the fun he had on llie tenth 

 anniversary of his marriage. -Vnd it was 

 easy to determine from his looks and gen- 

 I'ral conduct that marriage with him had 

 not been a failure; and that he and his 

 wife had reached, in those ten years, a 

 good, practical basis to live uiion a basis 

 of mutual i-espect and affection which 

 would eudiiii' to the silver wedding, the 

 gold wedding or even the diamond wed- 

 ding. 



The reaching of such a basis— a practical 

 working basis of married lifi- — is no light 

 matter. When a young man selects a 

 mate unto whom he shall cleave and who 

 shall cleave unto him through good and 

 evil repute, through sunshine and shadow, 

 through joy and sorrow and sickness and 

 death, "until death doth them part," ho m 

 taking an inipoi-tanl step and one which 

 may easily terminate badly. They will 

 live through the great crises of their lives 

 without serious difiiculty, but if they can 

 live together through the every-day, petty 

 annoyances, without losing their respect 

 for one another and their liking for one 

 another and lind themselves, .-it the end 

 of ten years, moving smoothly and pros- 



peroiisl.N in iloiibli' harness, liny have 

 niiieh lo be thankful for. 



Iiid I. It Is upon the favoraiili- oiitioiiie 



of lhi> union, more than likely entered 

 upon In a liapliii'/.iir<l manner, lliiil Ihe poH- 

 siliillty of happiness for the man and 

 womiiii ilepeiids. If they can adjust them- 

 selves to one aiiolher, if they can reach 

 such a basis of action that they <'iiii live 

 and Work logether witlioul feeling Ihe re- 

 slraliil of the double harness unduly, they 

 have a greater chiiiice for happiiiess tluiii 

 any other class of people in the world. If, 

 by the lime that youth anil beauty go. and 

 Ihe iiliimp flesh falls away and the glossy 

 hair grows llilii and gray the couple have 

 reached tlnit state of mutual respect and 

 alVectioii. the blessedness of which is In- 

 describable, they need envy no king or 

 queen on earth. The.v are as near to 

 heaven :is it Is given man to go in this 

 life. 



-Villi this basis of living is reached, as is 

 the basis of almost every rational agree- 

 ment, b.v i-omproniise. Kach must concede 

 something — give up something. Kach 

 must lejirii what may be done and what 

 must be left undone. But if both be fair 

 and rca.sonable and if they started with 

 tli;it physical attraction for one another 

 which the young and iiK-.xperienced call 

 love, there is no reason why. with patience, 

 they may not .•ittain to such a plane of liv- 

 ing as will bring them so near to peace and 

 content nieiit that they will feel that It 

 would only t;ike a toiicli here and there to 

 make it iierfe<t. 



Von observe that there are .Some men 

 who make a good deal of noise in the 

 world about marriage being a failure: and 

 villi also observe that four men out of tive 

 niake no i-eply to them. They know them 

 to lie wrong, but there are some things that 

 MIC smitimI .iiid voii can't discuss (hem. 



THE PROBLEM OF THE MISSISSIPPI 

 RIVER. 



We have before us a call tov a "Levee 

 Convention." to be held at New (Jrleans on 

 Tiiesd.iy. the 2Tth day of October next. 

 This call is issued by Hon. Charles Scott 

 of Hosedale, Miss,, president of the Inter- 

 state Mississipiii Kiver Improvement and 

 I.cvcc .Association. This is a matter which 

 deeply concerns the hardwood lumbermen 

 of the Delta couiilry and they should do 

 all in their power to ni.ike the iinivention 

 a success. 



The jiroblein of controlling the Missis- 

 sippi Biver is one which is pressing for 

 solution more strongly each year. The 

 action of the Hoods of last winter would 

 seem to demonstrate that the work that 

 has been done heretofore has been done in 

 vain, or nearly so. In .spite of the mil- 

 lions of dollars that have been spent, vast 

 streti-hes of improved territory were over- 

 flowed and tremendous damage was done 

 and millions of dollars' worth of propert.v 

 destroyed. The Mississippi Delta country- 

 is the most fertile section of the TTnited 



