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resources are exhausted, if necessary, to As to these, it is of course practicable for comply promptly with any such request.' me to conduct such an investigation as

is contemplated, and if it becomes necesThe New York Herald, it should be sary I shall not hesitate to do so. I subobserved, has generally been favorable mit, however, to your consideration the to Mr. Peabody and the Standard Oil suggestion that it can result in no good faction in the Mutual controversy. In- purpose as to a very large percentage of deed, its articles on the insurance issues, the whole number, and to throw such a written by its Wall-street bureau are disturbing influence into such a large commonly reported to be shaped in Mr. force, which is already to a certain extent Harriman's office before being published. disorganized, when all that you are seekThere is, therefore, no reason to questioning can be readily obtained without such the accuracy of this journal's report of an unfortunate consequence as I should Mr. Peabody's words. Yet it is difficult anticipate, ought not to be done if any to conceive as possible such ignorance of other way of accomplishing the desired friction existing in the committee, which purpose can be found.” everyone but the president of the Mutual seems to have been perfectly cognizant If every request of the committee had of and which had long been the subject been promptly complied with, as Mr. of newspaper reports and editorial com- Peabody sought to have the public bement no less than of general discussions lieve, how did he come to write on Febin Wall street and among the banking ruary 13th, or three days later than the interests; and quite as difficult is it to publication of his positive statement in reconcile the statement that every request the Herald, a letter relating to the requimade by the Truesdale committee had sition made December 26th and arguing been promptly complied with, in view of against the wisdom of complying with President Peabody's letter dated Febru- the mandatory communication which the ary 13th and referring to the requisition committee had felt necessary if an honest made December 26th on the acting presi- and thorough investigation was to be dent of the company. The letter read made? And why did he so positively in part as follows:

intimate that he would decline to comply

with that part of the communication re“Referring to the letter of December lating to interrogating the trustees ? 26, 1905, from the Special Committee of Whether or not, as intimated by the which you are Chairman, addressed to Herald, any pressure had been brought Frederic Cromwell, and handed to me, to bear upon the committee to compel as his successor in office, by him for at- the members to change front, the action tention, and following the lines suggested of Messrs. Truesdale and Auchincloss at in the several interviews with you and the the meeting held February 15th, at which other members of your Committee on the letter of President Peabody was read, this subject, I beg to submit the following was precisely what it would have been views:

if such pressure had been brought to bear upon

the President of the Delaware, First, the members of the Board of Lackawanna and Western Railroad and Trustees. As to these I do not feel that his fellow committeeman; while the subI am called upon, or indeed have any sequent action of the Standard Oil forces right to conduct such an inquiry as you in their war against Mr. Fish, who reask me to make.

fused to violate his sacred pledge to the

public and the policy-holders and do as Second, the employés of the Company. Mr. Rogers and his associates desired,

leaves little room for doubt but what,

VII. THE AFTERMATH. had Mr. Truesdale failed to comply with the wishes of the element that shrank The action of the majority of the comfrom an honest investigation, he would mittee in yielding to the opposition, after have been relieved of his imposing posi- going so bravely forward for a time, has tion in the business world as head of an puzzled some people. If, however, we important railroad.

bear in mind the multitudinous influences At this meeting, after discussing the exerted by the master-minds among Wall Peabody letter, Mr. Fish offered a reso- street high 'financiers, to which I have lution which was voted down by Messrs. before referred—the power of friendship Truesdale and Auchincloss and which and association, the dependence of the provided for the requisition to be sent to smaller men on their more powerful assoeach member of the board of trustees to- ciates, the power and the disposition of gether with Mr. Peabody's letter, and the great corporations and their chiefs requesting the individual trustee named in to crush those who refuse to be otherwise the letter to answer the questions set forth subdued—we may find the clue to the in the communication of December 26th. change of front after Mr. Rogers and his Later in the same meeting Mr. Fish offer- associates secured the election of Vr. ed the following resolution:

Peabody to the presidency of the com

pany. “Whereas, upon the 26th day of De- In the action against Mr. Fish we have cember, 1905, this Committee made a another concrete illustration of the methrequisition upon the then President pro ods of the Standard Oil Company and tem. of the Company, Mr. Cromwell, other ill-famed corporations of like charcalling for certain information deemed acter. No sooner had it become apparent necessary by this Committee in its inves- that Mr. Fish was going to fight to the tigation, and

finish for honesty and the prosecution of “Whereas, thereafter the Chairman of the criminal rich, no sooner was it settled this Committee, without the authority of that he could not be bullied, bought or this Committee, informed the present otherwise silenced, than the ukase went President, Mr. Peabody, that he need not forth that he must be driven from his comply with such requisition for the time position of honor and power in the finanbeing:

cial world. For years he had served as Resolved, that the President of the President of the Illinois Central Railroad Company be requested to comply with and had built up a powerful railway syssaid requisition forthwith.”

tem. It was his realm, so to speak. He

had refused to become a Wall-street gamThis was also voted down by Messrs. bler. He had shrunk from the methods Truesdale and Auchincloss.

of the railway wreckers and gamesters With the defeat of Mr. Fish in the com- of the Street. Now it was determined to mittee it became clear that no compre- punish him by driving him from the hensive, honest and thorough investiga- presidency of the Illinois Central. Hartion, such as had been promised when riman, the chief railway man of the StandMr. Fish accepted the position on the ard Oil group, was selected to carry forcommittee, was longer desired or to be ward the campaign, and the war was on. permitted. The Standard Oil influence How it will end we do not know; but had triumphed. The lid was to be put while there can be no doubt but what the on and kept on. There was therefore vast resources of the Standard Oil will nothing left for Stuyvesant Fish but to be brought to bear against the man who resign and let the world know the facts. would not betray his trust and sell his This he did.

manhood; while it is certain that covert as well as overt action will mark every The issue involved is far greater than step in the conflict, and that every weapon is at first apparent. It is in fact merely known to unscrupulous and corrupt one battle in a nation-wide war between wealth will doubtless be called into requi- the forces of honesty and dishonesty; sition, Mr. Fish will have with him the between the people and the aggressions moral sentiment of the nation, and it is a of the criminal rich; between the Repubfavorable sign of a changing order in pub- lic and the despotism of a conscienceless, lic sentiment that the vast majority of the lawless, rapacious and insolent oligarchy great and influential daily, weekly and that must be overthrown if the Republic monthly journals of the country are out- is to be preserved. spoken champions of the intrepid friend

ALBERT BRANDT. of common honesty in this great battle Trenton, N.J. against criminal wealth.



By Hon. J. WARNER Mills.

The Pageant of the Throne-PowersThe duce operate his own train to distant Railroads.

markets. If aërial navigation is ever PATI P procession have we witnessed the made cheap and easy and reasonably

safe, then the last word upon railroad procession of the throne-powers, and the pageant is now nearly by. We monopoly will be quickly and effectively have seen the brisk step and the bold spoken, even though the transportation stride of the Denver Utility corporations magnates;-like the magnates of the teleand of the Coal-Trust and of the Smelter-graph with wireless telegraphy,—buy up Trust, and we must now remain a few the patents and prepare to exploit the moments longer until we get a glimpse of high-arched vault of the heavens as avathe step and stride of the arrogant Rail- riciously as they have exploited the ro

tund earth. But we must not linger roads. Who shall say the last word about the longer on the future, for the present holds

us in chains. We do not so much need railroads ? Certainly not a soul now liv

the last word

need ing. Probably long before the last word shall be spoken, new or improved inven-word-any true word, even though old tions will shape the word. It is more

and oft-repeated—that will help than probable that electricity may sup- railroad question and to realize its far

comprehend the present magnitude of the plant steam, and it is among the possibilities that compressed air, or some other reaching, vital connection with the social, form of power, may supplant both.

moral and economic life of the people. Through some power cheap and effective

STARTLING FACTS. every farmer may yet make an “ auto” of his wagon, and loaded with his pro- road question that is not appalling from

There seems to be no phase of the railInly, 1905, number of THE ARENA.

the magnitude of its figures. Edward





* The first of this series of articles appeared in the

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