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2 EX-SENATOR V BREAK Wll The following Is the series of letters oy ex-ui Senator John L. McLaui nettsville on Standard C U. S. Steel. Tennessee Co frenzied financial crash, bold letters, etc.. publish* day's Columbia Record: Rack In 18 i? ^ I left my in BennettsviUe for Was! representative of my dist Kress. Entering politic Carolina when a very 3 barely thirty, I was the serve my country and m to climb the ladder of si pointed to the senate in 1 ceed Senator Earle, I beci ber of the national upper 190.1. In the meantime come a breach between S Tillman and mvself. that the passage of blows on floor. Rut the interestii high finance ar.d the so-c bold letters I shall now they lead up to the subj ferred to. As previously stated bj former Interview with y two or throe of the letters ten when I was not in off one of these letters rels public matter. I went 1 when I was about thirt old and in about four yi ho wavs and means co the house. The hearings c ley bill were a very vain tion to any member at They first made me realiz rant I was and what a v tion these United States came the desire to learn Every line of business at dustry In the United Stat review. Also our coinpll national trade relations, seems to have escaped i regards the Dlngley bill, the title that it was not to raise revenue, but alsi age and develop America! The United States was in a state of panic, fa< closed, and able-bodied r the streets In nearly ei this country hunting wor time following the famo Croxey's army of unen Washington, where this traeted international atl It was the main pui Dlnglev bill to restore pn the significant title mes government Intended to taxing power to build i turing industries so as ployment to labor and I revolution that was eerf way. The academic que iff was not involved. It tc tion at once that the Soi 1 her share of the burden and was as much enH other section to her si benefits of this d'vlajed On the floor of the h a speech which attract* Just at that time, owing cance. from ocean to ocei plea for fair treat mem and an analysis of tli showing where unjust di existed in the hill. l?et : at the newspaper file in this Union at about th they will see extracts : comment verifying what 1 went to bed that nil tively unknown, and w morning to find mvsel character I have rend over since and realize th so much the speech, a? utter absence of section and that it came from Una. It would have a particular attention fron Democrat. However. 1 public eye for tlm mono thing I said would be lished and read. It w:r logical moment to give oped natural resources a great advertisement, actlv where to go to get ed, much of it came froi VT \' lHnlt or/li; t lut road, the preatest adve world. ! pot a couplp o put them to work pettin tistics. and followed my with one on "The Soutl portunitiea." A man w South now. with its p mills and electrical devt hardly realize how d evervthinp was in 1*">7. reluctant to come ^out somethinp to turn the ? tors southward, where reaources were poinp t( expectations were more Nobody in Spartanburp on nr 1? t t A f Arf/ot thn IkrtA s2 cities. The effect on tremendotis; and then h of a "Commercial I>?-n I was heralded as a s W. Orady, and all that Maybe, if I had died the have built me a monu will honestly admit. I ''swelled head;" that cause of all the trouble me afterwards. I was praise and flattery?1< inexperienced to know popular applause. Immediately, it seem my office became a so house for men In tin wanted to build railr mineral properties, etc got to writing me afcou things of that kind? from South Carolina as and Alabama. Then ca| North began to look n about these mills, tim coal that I had been ta was overwhelmed with things, but I helped n' rious Southern enter days, and I never got anybody from anythir My acquaintance with was the direct outgro\ fort to help people in were seeking Eastern velop their country. About this time 3 died, and then my t Every effort had beet IcLAURIN EXPLAINS HI 1 TILLMAN AND THE first of a me to run for the senate lilted States Earle said he would not in of Ben- j race if I would, but my lnsi Hi, Morgan,'all against going to the s al and Iron. I never went against my i the Arch- my life that I didn't make ;d in Thura- Governor Kllerhe offered 1 pointment. and I could nol home town temptation to don the sen lington as a ga. I ought to have stayed riet in Con- right where I was, on the s In South means committee, and goi r-oung man, the good work of Souther ui eager to ment. My whole life, unti y state and the senate, was an uninten lecess. Ap- cess, and everything we 1897 to sue- there from the jump. Whe ime a mem- tor showed me my office i house until ate annex, it had "No. 1 i there had door. I took a ruler and Senator Ren off. but the "hoodoo" stu resulted in niy appointment, instead the senate there quietly and attendl ng story of duties I left and came to S ailed Arch- Una and went iuto a heater explain, as with ex-Governor Evans ect just re- irby and Hon. S. G. Mayfk was no use in it, I would r me. In my elected anyway. They at ou, all but on my tariff views, althoui r were writ- Tillman shared them wttli 1 ice, and not voted alike on all the an ited to any I got over-heated at Yor to Congress had a long spell of brain f< y-one years 1 got back to Washington ears get on vous, sick and irritable, b immittee of for a sanitarium than the 1: ?n the Ding- work that my duties calle lable educa- relations between Senate that time, and myself had become s e how igno- don't know why it is; tw ast proposi- from the same state slioi were, yhen best of friends in the worl all I could, very rarely the case. One id every in- talk would, I expect, hav es passed in ened things out, but I I rated inter- wanted .Tohn Garv Evans One fact league and I couldn't con attention as enough just at that time t It stated In it. So much by war of pi only a bill I will come to those letter a to enoour- Among the many schei ti Industries, yelopment In the South at that time nf)t oue ^at appealed etorles were strongly as the proposal nen walking road connecting the iror rerv city of fields of Alabama with de? k. It was a Rrunswick. r?a. The men us march of with the proposition, origi lployed into Southern men: but they 1 invasion at- }n a Xew York man for p tentlon. forder to get capital. It pose of the fectly sound, honest ente jsperltv. and we had gone on as we int that the would have succeeded. exercise its ha(i no jdea of becoming ip manufac- interested, but with the to give em- McKinley, and Tillman has avert a dominating the machine ii tainly under j saw tliat I had small ch stion of tar- mainlng in the senate u 10k the posi- jOWed him to dominate, th must bear where I made a mistake: i of this tax. my prifip than Tillman'? tied as any ruJo j had found out t iare of the a|,ujty to grasp a sltuatio policy. present it strongly. S ouse I made business men had also I >d attention, out. and I determined eit to its signlfi- trol or get out anil mi in. It. was a career in the business to the South knew that 11. H. Rogers ol ie schedule ar,j oil was building a m scrimlnatlon himself in the Virginia any one look r0ad from the western cc any state of Xorfolk, and Flagler doi at time and with his Florida propoi ind editorial was a road from Rirmli I say here, nature made down-grade ;lit com para- which would be as great oke up next j these, at only a small fra f a national j cost. Some or the men that speech I had introduced me to Mi at it was not |:,?d it was my deliberate ? it was the induce him to back nie. I nl bitterness. 1 up. he didn't look me u] South Faro- was any "spider-and-fly ttracted tin ,,, i?. in,, snider: n a Northern ,.ailftht In my own web. was in the \rrhbold's fault, but the nt and anv- ; others. Tillman aiul 1 I widely pub- |j1(. stump at Gaffney. the psycho- ]ia,} a very ascrimonious the undevel- tj,ink any one who was of the South say that I turned a host I know ex- tn'mv favor, and when w? what 1 want- resignations. it was in k< in the files of tllP p.irt of both, and I 1 nuthern Kail- tlionclit that I would I rtiser in the fniman before the peopl f experts and |lor McSweenev had not c up the sta- aroPpt the resignations, tariff speech , rould have made the car i and Its Op-1 doubt, as I was still suffe ho knows the with aiy head, which le reat lumber txat.f?. Te letters publi "lopment. can that tjmo were written t nil an<l flat v,?i,i o...t others who eitl Capital was Wired. There was gres h". it needed a|)OUt fight between >yes of inves- Tillman. I see they s| our natural phrase "promptly and -? waste ' supported," as meaning than realized t0(1 a campaign < or Columbia ; That is not so. I had j> t. I gave those fprenoes in Greenville ' myself w*s j gentlemen, and surely, icgaii the talk machinery in Tillman's li locracy etc somebody "promptly an< .enond Henry supported" me, I stoor sort of thing. 1 .. , n. they would (However, we did not mt ment. too. I Pa?Kn- and when I went did eet the ahead making my arran was the real what I saw was Inevitabl that came to right up to there. Then ; too fond of | that was in me got upper young and I been patient and foreht how fickle is ; began to be as defiant i \ I knew how. I didn t . ??,? ??ld or did. so it anno ed to in . that Thls brought down tin rt ' y Senator Jones and other L n only Intensified im ?b Whv tbev U went on until Tillma . L ",a a personal encounter on th' ^uatr lm. Ir,?? r:,.?r?h. II blame for that. I pltalists In the that the results were i ie up to know 'ol,s* ber, iron ami As soon as I wont out Iking about. I I dismissed polities ab? these sort of tny mind, and with all iany a nierlto- my nature, went Into tli prise in those & Birmingham Railroa , one cent for cultivated the acqualnta ig that i did. influential men I had t Mr. Arehbold selected to be president vth of this ef- At this time 132 mllf the South who from Brunswick to Oci money to de- tion of the Southern a This was a fine strategl lenator Earle John Skelton Williams roubles began, that magnificent fight i made to get road from being gobble THE LANCASTER NEWS, SI Smen, In part, who had brought me were backers in Baltimore of t Seaboard. None of us had mu D A Mir* nioney, but we had energy and bral "*'' 1 1 i?aii (n nulillr" pstimatio a niuv UIHl ??V?? 1 >* |/WV..v i Mind you, I was not a senator, but . Senator ' prl,vate citlzen at, 1thl,s ? 1t,I"e- T enter the ?"ly way we could build the ro; lincis were I ^ tby . ft8e"1"* f the bon^9- , 1 p enat-? ami about $40,000 of my own hard ear nstlncts inlln88?PrfcUcaHy all the cash I h a mistake ?lnto the thing. Every time fi lie the aD- Imi,es of roatl were completed, und , rosjst theiour charter we could issue $20,0 iatorlal to-lof bon<l8- 11 wa8 through a lei I contented country. and Mr. Machen, one of t way8 .in(j most energetic men I ever saw, w is on with president of the construction coi II develon- Pany- He had ll,s every dollar 1 I went to stako and built cheaply; It dldi runted snr- cost over $5,000 a mile, so we w? nt wrong *15.000 to the good with every m n the jani- constructed. The question was. n thp son- P'ace the bonds; and that was wli OI, the * hoped to be able to do. The knocked it wero $1,800,000 of bonds held hy t ck After Knickerbocker Trust Company, up 0<% atavlne which the Interest would fall d ing to mvlJu'y we failed to meet it, outli Caro- meant a receivership. I had met 1 campaign 'a* man with Machen, nam Senator j Kmstcd. who was, I was told, a ve 'Id There wealthy iron and steel magnet. 1 have been was l?okinK ,nto the proposition wi tacked me a v'ew of developing some interei gh Senator be ba(' 'n Alabama coal and ire lie. and we before 1 went South to go over t lendnients property, I called on Mr. Arch he kville and am' explained the situation to hi >ver. When Absolutely, the entire transact! I was ner- was one ?' Purp personal friendsh etter fitted Never, while 1 was In the senate leavv brain either directly or Indirectly?had ~ * * * 4 4 A ~ ?.llnri,|Aot fnu, d tor. The done Mr. Arcnooiu m? ?iiKilim ?r Tillman I Thp only legislation that T ever kn trained. l|of ,n which the Standard Oil was o senators I terested was an amendment to t uld be the 'subsidy bill, granting It to fast v d. but it Is rels, and I made a speech against good frank Ion thfr ground that slow vess e straight- carrying cotton were the only or thought he 'that would help the South. Howev for a col- when I went over the situation trol myself was very kind, and, seeing what :o overlook desperate hole I was In, gave me ( 'eface, now letter to the Knickerbocker Tr *s. Company. His letter was neve** us nes of de-1for reasons which I will stat- lat there was Iand tbe original Is now In i . p to me so t 3psslon- 1 merely wanted the Kni for a rail- Grbocker to know that 1 was a nr i and coal Iof somp strpngth whose word cm ?p water at 'be conftdentIy accepted. I filed tl i connected I,pttPr for future use nearer July e nally, were WPnt South. When I got back lad to take *oun^ a npw and sinister force resident in ?>owpr?thp most monumental sco was a per-i<lrH 1 ever met- J Kufus Weill rprise, and 1 ford ,s a P'^my to Frank A. Uinst started, it : weighed 325 pounds and co At first. I Gat *hre?? Philadelphia capons at < personally Iba'1, *^G looked like money its death of and wore a million-dollar smile c absolutely i 'n b'8 RlppP- God knows wli n the state I Maohen found him, but he sure ance of re-'Itbe business for us. The Mllfi nless I al- ' ,>ink Granite Company of Wor< There Is ^aRS-. iR a good concern, and It was more waR President of that with about t' i desire to thirds of its valuable stock In :hat I had l'?SSPSRlon, a hank hook which n and then would carelessly show with a 1 everal big anCp ?f a fpw odd millions, am found this black alligator skin hag. with a I her to con-1 more millions In stocks and bo tke a new which Machen and I were permit I world. I 'n awe-struck wonder, to handle f the Stand- i casionally. onument to "This Napoleon of finance 1 tide water changed the whole thing. The II >al fields to dinky railroad was too small; ng likewise were going to organize the Indep ?ition, here dent Iron companies and build a igham that plant In Brunswick to assemble Mm vsnme nlail to the sea, raw iuhu-i mi ?... .... ... as either of the plant at Sparrows Point, Mf rtion of the land?we would develop 50. i interested acres of iron Umsted had in Alaba . Arehhold, and take over the Tennessee Coal ; purpose to Tron properties, making a combl looked him tion that could put United St.>. If there Steel on the bum. We were gi business, I to understand that John W. fli hut I got was at the back of it all, and not by Mr. gunning for Morgan. Umsted rascality of tainly had money and securities Had met on his possession. He also had a le S. and from Mr. Silas H. Dutcher, preslf debate. I of the Hamilton Trust Company, present will "After a careful consideration ile audience your financial plan. I heartily offered our dorse your policy and approve at >od faith on figures." Mr. Dutcher was als Have always director in the Mohawk Valley S lave beaten & Wire Co., and chairman of e, if Clover- board, refused to The chief consulting engineer provided I William CJarrett, also one of the ivass; this I rectors. Everybody who knows i ring attacks thing on the subject is aware of ft me pros- high standing of Mr Dutcher, shed about that tho Garrett-Cromwell Engin o Mr. Arch- ing Company of Cleveland, C ler wrote or stand at the very top of the pr< it curiosity sion. and their figures are aoce myself and everywhere without question. ;jeak of the have them before me now, and generously show that one single plant car that I ex- constructed for thirty million dol contribution, whose output will he equal to Ur list had con- States Steel, which is capitalize ~ ~ # A V/X.W I with certain times cms uinuuui. with all the plainly apparent that the profit lands, unless the first named must be 20 time 1 generously great as the latter. All of the 1 no chance, prints were made and the a< ike the cam- wo>"l< of construction bt?un In Bi back I went w'?^igements for Umsted was elected president, le. I was all I first vice president and get i all the hell counsel at a salary that made a most. I had ator's "look like *20 cents." I arlng, but I also made president of the ralli and mean as bad .a private car and felt Ilk uhcif i nohob. I believed every word < yed Tillman, and I have the prospectus now b< ill will of me, and it is certainly a "corl leaders, and I can't help laughing as I read etermination. modest declaration of war on n and I had Steel Trust. Let mr read It to i the floor of viz: ?ne of us was "Conservative capitalization, am thankful welcome contrast to recently 01 10 more ser- ized corporations, manufacti ; syndicate shares under moder of the senate, i nanclng. The Mohawk Valley lolutely from & Wire Co. is capitalized on a the fervor of moderate basis. Capital stock, ils Brunswick 000,000." d schemo. I i In the assets the summary sh nee of all the \ $0,000,000 in the treasury; 5 net, and was acres of coal, ore and lime lan . of the road. , Tuscaloosa and Fayette cou s were built Alabama, and 50,000 acres li 11a, the June- . Birmingham district; 1,000 acr nd Seaboard, the city of Brunswick and alon cal polnY, for harbor for six miles, and the \ was making in process of construction, 16 to keep his hearth furnaces, 5 blast fun d up, and the blooming mill, rod mill, cotti I X. EPTEMBER 23, 1913. in mill, shipbuilding plant, rail and car ton and livi lu? mill. and kin. Why should I run around to the Well, I g Knickerbocker with Mr. Archbold's enough, unit 118 letter? I felt bigger than he did. I questions. 1 saw visions of wealth and power, but things, and . " alas! all that coal and iron land, val- have read < .' ued at forty million dollars, was a pectus since U(t fake. Poor old Machen. it killed him ''Senator, dead. Umsted did not have a thing Mr. Sibley." n" but options. Here Is what hap- Well, Mr. pened: thing to do * ....... * t.n /.b Qrtii * b nAnfldant tbat thnt f ul/ar 4 nnil UOV. ?\ OUUVII, VVilllUVIlV VIIOV v????v A v? v. ** everything was all right. Umsted came out, t took me clown to Baltimore with him, bold, or tha I and I was vastly flattered that this him. Why. _ financial giant should value my aid tonishment 518 and select me for the Important work else in the \ of negotiating for Tennessee Coal important fl p: and Iron. He explained to me that I went there he and I were coal and iron mag- silver speed nates; that we had no use for a rail- bate on the road except to get cht..p freights; rich man a " that the real owners of Tennessee It is no uni Coal and Iron were railroad men of Congress rp most Interested in the Seaboard. We other. I hi would trade the Brunswick & Blr- money, son) 011 niingham for Tennessee Coal and than once. UP Iron, and give stock in the Mohawk Sibley once, Valley Steed & Wire for the difTer- the loan. ' a ence. These negotiations were well action that nn under way, and the independent iron is negotlatli ?y companies were dickering with us all the Green 1 the time. We had a whole floor of stocks, of v 'th offices at No. 100 Broadway, man I.atlmc N. Y. The situation, as I size it up a good com) >n- now. was that a real uneasiness was restored in created in Southern Railroad circles much of thi and United States Steel. A friend of "Senator, m* mine In the senate, now dead, came Mr. Archbol Pn and warned me to quit or I'd bo Well, phy 'P- wiped out. Well, that made me the with a big ] I more determined. I never dreamed much mone but that all of the resources In the after, no m "r; prospectus were bona fide. I did mere money have an Invincible repugnance to make much n~ Umsted's coarse, vulgar ways?like is what w< a fat hog at the feed trougn?but power. Th< P8" thought that he was Just a type of or not, depe . many new-made Western million- power. Mr aires. I came near kicking out of lectual mar ,PS the traces, once, but he treated me fined. He pr" so nicely and. raised my already big erous In hli salary which, however, I never got lieve any n a before the burst came. I had Just made to hli j been to Columbus, Oa., to see the spend. He as city council, and I laid over Sunday newspaper p< at a pretty little town in Georgia, he helps ah when I saw in the papers about a re- schools; he 8~ reiver for the Brunswick & Blrming- charity that rlt~ ham. I left my private car (and the self. ,an Lord only knows what became of it) "Senator, lll(1 as I never saw it again. Umstead was the cause o lia* gone, the railroad in the hands of a Well, I in(* receiver, and I was personal en- terests we Idorser on $110,000 of construction Railroad th 'n , company paper. It was published in Trust, and un~ the papers that I didn't have money men trying n*"jenough to pay my hotel bill. Of trying to I j"! course that was absurd, but the re- people with 11,(1 suit was surprising. I don't believe either bouf 3,ie any jnan on earth has ever had bet- was some 1 elf, friends than I; offers of assistance whom the lon poured in from every side. One ex- terms. Tin senator, God bless him. happened to count." (ll(1 be in the city and came right down "Senator or" and wanted to give me a check, and anything t( '?8~ insisted on my going West as a law absorption 110 partner. Well, that is neither here nessee Coa (VO" nor there. I came back, but with Yes, I dc 11,8 scars and wounds that none who figures of t lie haven't been way up on the mountain you will sa; )al" t.*p and then in the black pit can ap- them are a 1 a preciate. I worked in New York was this v and made money, and left there be- eight-tenth nds cause I prefer making corn and cot- the United ted, OC- ^?i=? " e I I NEW MODEL S'M fi g I | fl ft n- I I Two-color Ribbon; B 9 P fe li re 'fc ldir I I ^aclc Spacer; Tabula- 2 H ? 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Prac I was Teunet uess J have said about ' undevelope >ss you wish to ask some sted claime I Hate to talk aooui inese ne uuiy u* today Is the first time I . Morgan wi >ver that Infernal pros- 1 and Iron, t tion? Th? you haven't mentioned terial enou No, he ma Sibley didn't have one when Roos with It. I don't think ecutlous of knew, until those letters panic cotut hat he knew Mr. Arch- way. t I was acquainted with ????? that was a greater as- Safest to me than to any one ? vorld. Sibley was a very , e gure In the house when ___ ___ i. He made the best free ri,. h i in the house In the de- g I)"lap Sherman act. He was a ..jjr jrjng nd a great entertainer, her'trouhl. usual thing for members JJy pr,' to accommodate each Lancaster ave loaned many a man comi e from this state, more J I borowed money from for 30 days, and repaid STATEMF The only business trans- * " I recall outside of this, lg to sell Sibley some of THEFARI Consolidated Copper , ,-hlch company Congress- located at ?r was a director. It is clOBe of b pany, and If order Is ever . Mexico a man that has r04"? aa it stock will be rich.. Overdrafts what kind of a man is f urniture d?" Due froi slcally, he la a small man _ bankers man's head. It Is not so Currency. >y these big fellows are 9,, * an so small as to aim at 8"ver and making Is big enough to OOUl. . They want power; that Checks at e are all striving for, en. whether we are great Total., nds upon how we use that . Archbold Is an Intel- Capital St L, very courteous and re- Surplus F is kind-hearted and gen- Undivided 3 Instincts. I do not be- Current terltorlous appeal Is ever _,'',axe8 ^ m that he does not re- Dividends does It quietly, without Individual notoriety. I understand Jec* to rung the line of Industrial Time Cer - ... . 1. i believes In the Kind or yv/u.v. . ; helps a man to help him- Certified < Cashier's 1 , what do you think was Notes am f Umsted's failure?" counted think this: the same In- BUI? Pajn ire behind the Southern Certifies lat were behind the Steel Borrow with the Independent Iron to get together and our Total. . trade with the Seaboard STATE O a freight agreement, they Coun rht Urns ted out or there Before ilg man behind him with Cashier c Morgan Interests made who, belt e little fish like me didn't th? abov? Is a true . do you think this had shown by ) do with the subsequent four years later of Ten- Sworn I and Iron?" me this 1 >. If you will go over the the Garrett-Cromwell firm y so, too. and figures from Correct? in authority. 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RESOURCES, d Discounts. .$141,249.It 1 2 986.97 and Fixtures 2,875.00 n Banks and > 20.309.2t 3,673.00 9,42.60 , I Other Minor 126.60 id Cash Items 603.St $171,666.00 LIABILITIES. :ock Paid In. . $ 60,000.00 und 1,260.00 Profits, less . Expenses and aid 3,898.74 Unpaid.. .. 12.00 1 Deposits SubCheck 18.398.ff tlflc&tes of De 10,088.17 Checks 10.00 Checks 10.80 1 Bills Redls1 10.000.00 able. Including ates for Money ed 80.000.00 $171,866.00 F SOUTH CAROLINA, ty of Lancaster?ss. me came W. H. Milieu, >f the above named bank, ig duly sworn, says that i and foregoing statement condition of said bank, as the books of said bank. W. H. MILLEN. to and subscribed before 6th day of August, 191S. W. P. ROBINSON, Notary Pnblle. Attest: W. T. GREGORY, A. B. FERGUSON, W. P. BENNETT. Directors. ( the Royal is one of the nd most important typoanufacturing concerns in I. with unlimited resources le ability, offering eyery of dealing with a highSIDCSS institution. e best; here lead. 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