THE NECflASXA IJiOEFEnCOiT
MARCH i, im.
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Th3 Kew Yoik Trust
Since the editor's return he has
been asked to give a plain descrip
tion, one "that the ordinary voter
can comprehend," of a New York
trust, how they are founded and pro
moted and the schemes that they use
to rob the people.
In reply the editor would say that
there is but one plan used by them
all. It is very simple and effective.
If an Industrial plant is to be made
Into a trust the first thing done is to
mortgage it for all that it is, worth.
Then bonds to that amount are is
sued, bearing as high a rate of inter
est as the profits of the plant can pay,
which are secured by this first mort
gage. Then preferred and common
Btock is Issued to the full amount of
the value qt the plant. That is, the
scheme is to water the securities 100
per cent. Many of them have been
watered 300 and 400 per cent Those
owning the bonds have a first mort
gage on all the property of the con
cern. In the talk of Wall street,
these bond3 are called "underlying se
curities." -
Interest Is paid first on these
bonds. If any more is left after the
interest is paid on the bonds, then
the owners of the preferred stock get
dividends. If there is anything left
after that, it goes in dividends to
the holders of common stock. In
other words, Interest Is first paid on
thi bonds,, next on the preferred stock
and last upon the common stock.
The promoters of these trusts al
ways hold the "underlying securities,"
the public! is never allowed anj chance
at them at all. ; Every dollar of pre
ferred and common stock that le sold
to the public Is sold with the design
to swindle the purchaser in the end
out of every dollar he parts with.
The "underlying securities" covsr the
entire value of the plant Mr, Car
negie owns all the first mortgage
bonds of the steel trust and Mr. Mor
gan has sold his $100,000,000 or more
pf preferred and common stock. Mor
gan deliberately robbed the people to
"whom he sold that stock out of every
tiollar that they paid. Carnegie's
bonds represent the whole value of
the plant. Dividends upon the com
mon stock have already ceased and
they will soon cease upon the pie
ferred stock. The four or five hun
dred million dollars' worth of stock
that Morgan and his partners sold to
the public was worthless and those
who sold it knew it was worthless
when they took the people's money
for it. The promoters of trusts have
no principles and no politics. Their
eoie aim is to get something for noth
ing and keep out of the penitentiary.
The latter has been a very easy mat
ter under the republican administra
tion, although there is plenty of law
on the statute books to send every
chip of them to tfrison.
The head promoters and swindlers
nave many assistants wJio are paid in
fees, perquisites, political offices,
privileges, contracts, legislation and
sometimes in blocks of common and
preferred stocks.
Every trust in existence, with the
exception or the Standard Oil, is
formed on this plan and is run by
exactly the same class of men.
nin'lsYerhiPlirlbes
The ministers are. always indignant
when they are charged with receiving
oriDes wnen tney accept half-fare
tickets from the railroads. They al
ways insist that the railroads do it
out of respect for the riot h nnri that
the ministers receive them just as
-vucy uo omer contributions for their
support. Whether the ministers are
favorably affected toward the rail
roads by the acceptance of such fav
ors Or not. one thinsr Is rrtnin that
the railroads grant them, not because
mey nave me riglit to take that much
from their stockholders and devote it
io me support of 'religion, but be
cause they believe that
that policy will increase the income
of the roads. If tt minister makes a
nam mat afiVcts, or is likely to af
feet, the Income of the roads hi
half-fare privilege js speedily 'can
tilled. This half-faro concession
failed to Hone th
Herbert S. IllgHow of Cincinnati. He
Hssmuieu vigorously, the robberies
umi uienniinauou of tbc rallioada
cr.u tru- rosnd n, hfa halt-faro permit
wa withdrawn. Th other minister
of his denomination who
Hlcnt on railroad extortions Mill ride
u an me roa.i at lulf fare.
The tn-!f prru'ent would hav th
rorle Vnow that tb 'new woman
""i no winns? in mm guiM of viie
!u.h over hit h the j-rrat modern
nurnatra of Now York preside. She
la here, .however, runre uvlnl nn
nmo tMtmful thin all her prrd.ce
nor. mi. I in in- tinivmiti at t!i
ha. of culture tluh. working on
rarity problem, church government
The firip Leaves Thoassnds in its Path
Weak, Nervous, Dyspeptic, Catarrh W recks.
IS S n f
THE GRIP1 LEAVES
PATH WEAK, NERVOUS
DYSPEPTIC. CATARRH WRECK
From New York journal.
'During the recent Grip epi
demic, claiming a million vic
tims or more, the efficiency of Peruna
in quickly relieving this malady and
its after-effects has been the talk of the
continent?
LIKE A DEMON grip has crossed our
country, leaving behind scores of
physical wrecks.
Victims of catarrh of the head, catarrh
of the throat, catarrh of the lungs,
catarrh of the stomach, catarrh of the
kidneys, catarrh of the pelvic organs,
are to be counted by hundreds of thou
sands. Grip U epidemic catarrh, and
sows the seed of chronic catarrh within
the system.
This is so true that few grip sufferers
aro able to make a complete recovery
until they hare used Peruna.
Never in the history of medicine has
a remedy received such unqualified and
universal eulogies as Peruna. ;
A New York Alderman's Experience.
Hon. Joseph A. Tlinn, alderman Fifth
District, writes from 101 Christopher
street, New .York City, as follows:
"When a pestilence overtakes our
people we take precaution as a nation to
preserve the citizens against the'dread
disease.
"La grippe has entered thousands of
our homes this fall, and I noticed that
the people who used Peruna were quick
ly restored, while those, who depended
on doctor's prescriptions, spent weeks
in recovering; leaving them weak and
emaciated. '
" I had a slight attack of la grippe and
it once took Peruna, which drove the
disease out of my system in a few days
and did not hinder me from pursuing
my daily work.
"1 should like to see our Board Of
nealth give it official recognition and
have it ned generally among our poor
sick people in Greater New York."
Joseph A.Fllnn.
D. L. Wallace, a charter member of the
International Barber's Union, writes
from 15 Western avenue, Minneapolis,
Minn.:
"Following a severe attack of la grippe
I seemed to be affected badly all over. I
sulTerod with a severe backache, indi
gestion and numerous ills, so I could
neither eat nor sleep, and I thought I
would give up my5 work, which I could
not afford to do.
"One of my customers who was greatly
helped by Peruna advised me to try it,
and I procured a bottle the same day. I
used it faithfully and felt a marked im
provement. 'During the next two months
I took five bottles, and then felt splen
did. Now my head is clear, my nerves
steady, I enjoy food, and rest well. Pe
runa has been worth a dollar a dose to
me." D. L. Wallace.
Mr. O. H. Perry, Atchison, Kansas,
writes:
"Again, after repeated trials of your
medicines, Peruna and Manalin, I give
this as my expression of the wonderful
results of your very valuable medicine
in its effects in my case after repeated
trials. . .
"First, it, cured me of chronic bron
cbitis1 of fifteen years' standing by using
two bottles of Peruna in January, 1804,
and no return of it.
"After 1 was cured of bronchitis I had
la grippe every winter for several win
ters. But, through the use of Peruna,
it got gradually weaker In its severity,
until it dwindled down to a mere stupor
for two or three days. Now the stupor
does not troublo me any more''O. H.
Perry.
A Congressman's Experience.
House of Representatives,
Washington, D. C.
Peruna Medicine (Jo., Columbus, Ohio.
Gentlemen" I am more than satisfied
with Peruna, and find it to be an excel
lent remedy for the grip and catarrh. I
have used it in my family and they all
join me in recommending it as an excel
lent remedy."
r Very respectfully,
George II. White.
If you do not derive prompt and satis
factory results from the use of Peruna,
write at once to Dr. Hartman, giving a
fall statement of your case and he will
be pleased to give you his valuable ad
vice gratis.
. Address Dr. Hartman, President of
The Hartman Sanitarium, Col um bug,
Ohio. '
in prison reform and In many other
new fields of activity aside from the
prominent part Ehe takes in business.
But nevertheless the "new woman" is
here, although she never appeaYs in
the "smart set." The type of women
in that set is very old, running back
to Cleopatra, down to the daughter
of Herodias, Madam Popadour and
Barbara Villiers. The "new woman"
is an altogether new creation and
docs not belong to that old, stale sort
with which the world has been famil
iar for six thousand years. All the
advancement that sort of woman ha3
made in all that time is from Cleo
patra's bargo to the modern, million
dollar yacht. ;
Deserted tha Ship
Some mouths aso The Independent
Informed its readers that Mrs. Moore
Avcry and David (ioKlfeteln, two of
the most prominent public hpeakers
of the socialist p'uly in the "ast, had
withdrawn from that organization.
Mr. UoUIstHu now publishes a book
entltkd "Sw-lallxni: The Nation of
Fatherless Children" (I'nion News
I.t&Kue, Boston). On pii: t he glvin
his formal letter of withdrawal frcm
the socialMt party, from whUh tl.o
following extract I taken:
"After the lapse of claht years of
ftttlve work upon the soap-box, on t tie
lecture platform, In debate and In tht
prcs iu txha!f tif what I nmlrauiKl
to be ch ia!lin; after clpht yoars of
work a an oif.anii r, executive ofh'
ct und vnnlidate of tcxUlbt pattU,
alter eight years of study of the al
leged scientific base of socialism,
namely, Karl Marx's Capital,' now
that 1 feel competent to exopund its
doctrinal points, I have come to the
point where I desire to terminate my
connection "villi, the socialist move
ment. . . . Car-iful study of the under
lying causes of discord and disrup
tion which are of constant occunence,
not only within the socialist parties
of the United States, but also iu ev
ery country where socialism has taken
up Its propaganda, leads me to the
conviction that the attitude of nega
tion to all that is fundamental in hu
man affairs the denial of Gcd. the
opposition to the state, the disrup
tion of monogamic marriage docs
not, nor can it ever lead to a coher
ent political party with a constructive
program."
moomii iniiT
Mere acknowledgment U hereby
tutu!! ti-vtew to luiut? latti -of Dun
Izard's "Moonblijiht," which, twelve
ycaisi aso, sntod (bat I nod to have a
bi run, but wa withdrawn from sal
by toasoti of the failure of hU pub
lishers, C. !. Wcbjitcr & Co. The uw
edition, publbiunl by that immter
craftsman. Albert lirandt, Trenton,
N, J., needs i,o pralo atnoat; tho e
wh) know hla work for "UranU
iooKs are hrmcst books Iu both text
tuuj worMuAtuhlp."
Tho ihhv edition ronUlm an Iniro
tluttion by .0'!i.i T, lwt, editor of
the I'u'fHfi ITi'i.'fiKOnn Introc.ui-tirrt
thul will Kh the real or fool fur
thought many a day; and Dan Beard,
lucky feljow, illustrates his own text
as only Dan Beard can Jo it. Good
as his drawings are and ihoie who
read Mark Twain's "Connecticut
Yankee in King Arthur's Court" will
know it is difficult to decide wherein
he is the greater artist with the pen
or pencil v Fact is, Beard knows how
to paint pen pictures with the best of
them, and then can, with a few delt
touches of the pencil, draw anv initial
letter, head-piece, tall piece, or illus
tration to round it out. That's where
he has a big advantage over the poor
devil who can write, but not draw, cr
can draw, but can't write.
"Moonblight" js realiy a prophecy
or was twelve years ago. Today its
fulfillment Is practically complete. It
Is an eye-opener on the question of
monopoly, tb-aling especially with the
anthracite coal problem. Cioth, 239
pp.. $1.25 net; postage 10o ad lltlonal.
Write tho publisher.
A multl-nullicnaire Inancml pirate
may think that he can fool Goj by
dealing out platitude to a Sunday
Mhcol chins, but The Indcp n Irnt
do"i not believe he can.
headache"
'Si!
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