, Thursday, Dectrntcr 13, 1312
beet
UTTH"-UDRGH
continued from dbk 1)
by word of mouth or by correspond-
-I can't recall any but I think there
were some, ne saia.
fnrznn said the Arm had han
ilert several hundred million dollars
.1, nf rorurltlea and In the last ten
vears he thousht those securities had
nil been handled on a commission
Mr. Morpnn thouRht the New Haven
1.1.1 teaiipd securltlen not handled
ion ... . .
by Morgan & Co. in tne last ten years.
' utr. TTntermyer read from the pa-
Dr furnished by Mr. Morgan the
nnnai irom ine jviurgan nuuae m-
nA Kv the New Haven. Morean &
Co. proposed In return for being made
sole fiscal agenits for the New Haven
. lonfi the New Haven railroad
lllirw w - - -- -
90 per cent of the agreed sale price
' ita securities, at a "reasonable rate
of Interest and to give the road the
benefits of counsel or aavice.
1 The proposal was accepted January
11 1911. bv the Maine Central: De-
Mmhff !S. 1910. by the Boston &
Mnlne, and December 19, 1910, by the
'vaar York. New Haven & Hartford,
the acceptance In each case belni?
hv Charles H. Mellen.
'Can you Rlve us from memory a
list of other interstate corporations
for which you are fiscal agent?" asked
Mr. - Untermyer..
it TUnrcnn cnuld remember no
-.ho ovmnt the TTnlted States Steel
corporation and could not estimate the
number. Mr. Morgan said his firm
had supplied the committee with data
.h.it nnint. .
Mr. Untermyer replied that such
(intfi included only those corporations
with which Morgan & Co, had formal
nnmonra Mr. Mnrenn said his firm
acted for the American Telephone &
Tplpgmph company, ithe Northern fa
rilic and the Southern railroad, al
thr.ueh it had no agreements with
m... v.iwlinrn Pacific Reorganization,
Mr. Untermyer took up the North
PrcIAc re-organization.
"Was that property re-organized
umlr a. voting trust?"
Mr. Morgan said It was and that he
who a member of the voting trust.
"Tn that connection he added. "Vi
like to present these reports of the
voting trustees for the Northern Pa
,.ifii ami the Southern railway."
Mr TTntArmver asked if thev were
not "arguments by the Voting trustees
. i.r.hnif nf their ornod management."
Mr. Morgan replied they were the
reports of the trustees and Attorney
I,indabury Interposed to say they were
"accounts of the' stewardship of the
voting trustees."
"Don't you think that interstate cor
nn.otirina should be. entirely free to
srll their securities in the open market
and not be tied up to one nrm no mat
tpr how lust its methods?" asked Mr.
Tntarmver.
"No, not necessarily,'.' replied Mr.
Morgan.
()M)os Soiling in Open Competition
Taking ud the Southern railway sit.
nation he o...u , JW no objection to
directors appointed by himself as a
member of a voting trust, entering
. into a fiscal argreement with his own
firm. Mr. Untermyer -asked -if ", Mr.
Morgan did nto think securities of in
terstate corporations should be sold
in open competition as were United
.States bonds. , :
"I don't," said Mr. Morgan.
lie said there was plenty of compe
tition for railroad securities.
Mr.- Untermyer asked where there
rould be competition between the New
Haven road and Morgan & Co. in the
sale of New Haven securities;
"They may want a great deal more
for them than we think tjiey are
worth," said Mr. Morgan.
n vnn think it would be better
for the railroad to be able to offer Its
securities to another banking house :
Mr. i di not." returned Mr. Mor
pan who added that the position of
the banking house often had much to
do with the stability and success of
corporations,
"There is another point about It,
The members of Beauty of the West
lodge. No. 40, ana Venus loage, sso.
1:1 i vax f.. lire hereby notified
n'd requested to meet In the Masonic
titmnlo Thursday. December 1,
nt 8 o'clock p.iin., to arrange for the
fnnnmi nt Rrn. Geo. L. Greenlee
whirh takes place at the residence
Sunday afternoon at s o-ciock.
J. A. WITJSON, W. M
m. 7.. nOODMAN. Sec
267-2t
NOTICE OF SALE OP LAND,
he added. "You must remember that
U 1 flAI1 II 11 1 1 AB BvlJ anj A .
. ' - -" w aiiu wouni VI IH. I
always good, and when there Is a "rt-
suuiusiuie nscai agent mere la moral
strength behind them."
Will you -name any Instance of a
railroad bond proving bad, where
your Irm has had to pay the loss?"
asked Mr. Untermyer.
Named Entire Steel Board.
"I can't remember any case but I
know there have been several," said
Mr. Morgan. ' ,
"All of that comes out of the se
curity holder?"
"Mi nllt nf tha rrv-,r,- ,
'But that, evpntlljall v fnma niif nt
the security holder. Look over the
whole history of the railroad business
flnrl Boa if Vntl nan Hnrt rxn kku arh.M
tne Danxer nas naa to stand the loss."
"Well, I've had a good deal of rail
roading" interrupted Morgan with a
smiie. 0
Yes, that's why I'm asking you
about It," rejoined Mr. Untermyer.
'Mr. Morgan said he could recall no
Anaplnl pnu
Mr. Untermyer turned to the fiscal
arrangement with the United States
Kreor cnrnornrinn
Did you not name the entire board
of directors of the United States Steel
corporation? ' asked Mr, Untermyer.
"T .hlnl. T .w, ,1 I.
"But did not von hand nut a slin
c.tvtnlntnar t Vi i namaa?"
"If passing- on the board Is naming
it x am quite wining to assume an tne
reannnRihllirv anfrl Mr Mnraran.
'Hut oidn't vou sav wno snouia go
on and who stay off?" persisted the
lawyer.
"T nnaolhlv Aln Hh lattaf." rpnllcul
the financier and a laugh swept out
from the crowd.
Mr. Mnrarnn Mid he had not rtassed
nn nil who went, nn thA hnnrd nf the
steel corporation but said no member
had ever gone on tne board against
his protest. ;
Choose Gary as Chairman.
TWr ITntomivor anbnrl If Mr Mnrtrnn
had not named Judge E. H. Garry, for
chairman of the Steel cohporation
finance committee when .George W.
KerRins rewgned. - i . .
"I think so. Its very probable. I
don't remember now."
"Who fixed the prices at which the
various subsidiary companies should
go Irito the. organisation?'? asked Mr.
Untermyer v ."
"I approved the price," said Mr.
lnfmn .
"But It wnn left 4o vnu tn determine
the price at which they should come
In?" ,,-
'Ves but I was not always able to
ret the rjrlce we wanlted."
"Which committee of the steel cor
norntion seHacts the banks where its
funds shall be deposited."
"Thp finnnce pommitttee.
"Who selected J. P. Morgan & Com
pany? : . . .
"Whv. It wan sort or ex-omclo. J
p Mnrmn ComDanv then had tlie
whole company and Its tunas naiur-
ally came to us." -
"You thought it would be a profita
hie business?" suggested Mr. Unter-
mv.r i '
"We did not know then whether it
wourd he profitable or not," said Mr
Mnfsrnn.
"It did not look much like it wnen
It went down1 to 8 a share."
Mr Mnriran nzreed he had bought
all the teel stock he could get hold
nf thut ho had never lost connaence
in' the steel corporation and that he
hart nvpr nrlvlned anv one to sell. He
knew of -no. (loolsor syndicates formed
to deal in steel stock.
Mr. Untermyer took up the sale of
large issues of stock. Mr. Morgan
said that in some instances stock is
sues were underwritten by syndicates
formed by his firm. He explained that
the personnel of the sales agency gen
erally was different.
The certificates have been prontaoie
to the banks and those who partici
pated, have, they not?" asked Unter
myer. . '. '
h"Yes, generally."
Mr TTntermver asked if there were
not many banks In New York not al
lowed to participate in tne aiorBii
underwriting,
"Many don't want to participate.
"Mr. Morgan s tnroat Decame nuj
h. turner! tn his daughter. Mrs.
citorioa nnrl jink fill for a throat tablet.
Mrs. Satterlee produced It rrom a
handbag)
"Do you want a glass of water?
asked the lawyer.
No thanks," responaea Mr. mor-
S8"if you get tired," suggested' Mr.
Untermyer, "don't hesitate to say so."
I'm not tired," returnea mu uiu-
i
"Can you tell us of the amount of
securities marketed by your firm year
by yc&r?
Mr. Morgan could not say. He did
not believe it would amount to I1.000,-
000,000 a year. Ho agreeo. to iun.i.
a statement lo show me amounu
"l think its generally over estlgat
ed," he remarked.
P..m IOV -i
A Midsummer
Visit From
; Santa Glaus
NE
Great
? t I'1
C
foristmas
time somebody
(they could never
find .out who it
wnsl played a Joke
uu Santa Claus
and tore off all
the leaves of the
calendar up to
Dec. 22, which, as
you know. Is only
three days before
Christmas. It was
really midsummer
and the weather
was very hot, but
Santa Claus. who
had always gone
' according, to bis
onlendflf and hnd never found it wrong
believed time must have slipped by him
without his realizing It '
Ha hnd heen rather taking bis time
In the workshop and had scarcely half
enough toys to go around, so he was
much worried how to give presents to
all his children.
A fairv heBrd him talking to himself
about his troubles and had a splendid
idea. She hurried Into the woods nnu
told the other fairies and all the beasts
and hlrds and bugs about Santa Claus
trouble, asking their belp in the mat
ter. '
"1 don't see how we can help much
said a little bear cub. "We can't make
tovs."
'No." said the fairy, "but you caD
be. toys. My plan Is for as to offer to
tnkB the nlnces of the toys that Santa
Claus needs. We fairies can be dolls.
for there are lots of dolls' dresses in
Santa's workshop, i know."
"Rnlendid!" Santa said. "Just nop
aboard my fcleigh, which Is hitched lu
the front yard, and we ll be on.
So the animals and fairies anu every
thing else hopped iuto Santa's great
.lelirh. and he. c mblnc to tne seat.
clucked to his reindeer ana uuue mem
Scott Lumber Co., a Corporation
-vs.
Tl. H. llrvant. .
The undersigned Commissioner
hnvtncr h'epn nnnnlnted as such. and
directed so to do. by Judgment and
order of His Honor H. A. Foushee,
entered at the November Term of
the SuDerior Court . of Buncombe
Countv. North Carolina, for the
Plaintiff and against the defendant
In the above entitled action, WILL
ur.'T.r. at nnhlli. auction nn Mondav
January 20, 1913, A. D. at 1J o'clock
M., at the Court House in Asnevme,
N. C, to the highest and best bidder
for .noh th inmta with the appur-
tenances described In the Notice and
Claim of Lien, and Judgment filed In
the above entitled matter, to satisfy
tho Judgment In the above entitled
aetion; which said, lands are bound
ed and more particularly described
as follows, to wit:
Adjoining lands of Buxton and
others: BEGINNING on the Smith
Northeast corner In the line of Main
Klir...t un,l rmm with Main Street to
, where Church Street leaves same, to
a stake in said Church Btreet at hi
Junction with Main Streets thence
with the said Buxton line to the said
Smith line; thence East with the said
Smith line to the BEGINNING; con
nlnln one acre more or less, and
helnc the same land conveyed to Wm
Kisher by J. E. Rankin, Trustee, by
deed dated September IS, 1896, and
recorded in Book 97 at page 607, and
conveyed by the said Wm. Fisher and
wife R. A. Fisher to th said K. M.
Bryant by deed dated September 12,
19(1.1 nnd racnrded In Book 111. xt
page ia. In the office of the Regis-
tor of Deeds of Buncombe county.
This the 18th day of December,. A
' v., lix.
VONNO L. GUDOER.
' ' ' Coinmissloner,
Big Sale DSrummers Samples
This lucky buy "on our part enables us to turn a hand
some gift to our customers and saves you many dollars on
the needed things to wear and v
FOR CHRISTMAS GIFTS
At Classic Theater.
The Classic theater Is presenting
. that oomuine to
lour vci j iniw - ; -
i.. ha i.,,, too nf wholesome enter
mane w iini, -
...im-nt Including two excellent
it.. a "Htnien mory. luttnuuQ.
u,, . ... h
ti .1 ffAnlll. nff KinB DUKKUlh
1. ...... a a I - . .
. ... r., tnakort: n. masterful dra
.i .tnrv hv the famous Thanhous
er company, "When Mercy Tempers
... -4 1 ' nnn wMTflrll Qnillllh x
JUNUl C, " " " .
r. i.. ainrn the Claselo adopted
the policy of securing six to eight reels
dally and selecting tne u i"u
.w-. .ntiM l.it inn caDacity ui mm
nnnuinr theater Is taxed dally.
No better aavertisement can
than a satisfied dally clientiele. which
th. cianlc now has In an unlimited
...... Tha nrunnwlg brothers to
IIICoVBUtV. ..w - '
day are singing the 'Hoiy uuy. ma"
..ki.k ikn. ! nn'mnrt beautiful song
The scenes that acoompany the song
il.u,.rlY.ohlv heautlful and im
am "'"f'
Tomorrow the Clasic offers as one
. it. .r.tt.iiil feature nictures a "101
pi,n "On the Firing Line," that Is
replete with sensational battle scenes
with the confederates as tne vitiu.
.1.0 .hnwinv wonderful acting by I
little girl. Remarkable norsemansmp
Is displayed in this picture or intent
.tinn ; ' adv-lt
' x.r.r.t rlva vour boys I T. M. C
a n.n.h.r.hin for a Christmas pres
. ' 2t
W1U Train at Albany.
. a. i ..nnfwf Waal.
Newark, N. J.i Dec. 18. The New
ark International League club today
announced the choice of Albany, Oa.,
for Its training ground The team
...ui i,r. ni.mit tha middle of
March.
WOMEN'S SHOES, $1.78, worth anywhere in retail
stores, $2.50; all in viei leather lace models, hizes ,s 1-Z
4, 4 1-2, 5 1-2, 7 and 8.
MEN'S FINE SHOES, $2.50: Finely made, patent leath
er "Rlnplier. 1nip Tnodel. "Worth nn'where ilt3.50. In
sizes 5, 6, 6 1-2. In both lace and button styles.
50 CENT SHIRTS, 39 CTS: $1 .00 Shirts lor 79 cents.
In white, stripes, figures, dots, etc. Made ot madras,
percales, etc. Genuine shirt bargains.
WOOL OVERSHIRTS, for outdoor wear, and for the
man who must work in his sinrt sleeves. JiiXtra
good qualitv; $1 shirts for 79 cts; $1:50 shirts for
$1.07; $2.00'shirts for $1.48; $2.50 shirts for . . . .$1.98
fci .
SWEATERS, Extra quality, $1 sweaters for 79 cts; $
sweaters for $1.49; $2.50 sweaters ior $1.98.
LADIES' AND MEN'S HOSE of unusual goodness in
, black, tan and colors, for 1; 12 and 19 cents for the
10, 15 and 25 cent grades.
UNDERWEAR for men and women; fine quality, good
assortment of sizes; 50 cts. Underwear for 39 cts; $1
Underwear for 79cts; $1.50 Underwear for.. ...$1.07
NECK TIES in a bewildering variety of colors, from
the solid black, red, etc., up through many combina
tions of colors, in both the silk and knit fabrics; -25
npnt tins for 10 cents 50 cent ties for.. .. :.: ...,39c
KNIT SHAWLS and Aviation Caps, for 19, 39, 79 cents
and $1.07, for the 25, 50c,1 $1 and $1.50 grades. ,
As stated at first, this is a lucky purchase of drum
mers' samples and we arc giving the advantage of our
low price to our customers. 'We buy for Cash and Sell
for Less. Buv Here for Christmas.
Your Money Gets More
MUMPOW
17 S. Main St. Asheville, JN. L.
Sells for Cash; Sells for Less
PHEAS THBIB WINGS AND FLEW OFF.
rfVfiATINEE'
FV M'VBwr aa a
IO&I55 Rriyv-
AND 11HEATRE
fly over the grouud. But they could
not move tha sleigh, for there was bo
anow on the cround. Santa Claus did
not know what to do, but the fairy de
clared that she could fix that difficulty.
Kha blew a little whistle, and hun
dreds of white wild geese came flying
from the sky. Bha tola mem wnut
was the matter, and the geese, catch
ing the end of a long rope In their
tonka, unread their wings ana were
off with the sleigh and, Its precious
load hearinir It as llchtlV as a readier,
n that it hardly touched the ground.
R miirnlnu Snnta visited an ine
imm and left presents everywhere.
He hadn't a single thing left In bis
sleigh and thought that he baa acme
a very good nlgbt's worn, xne cnu
dren when they awoke In the morning
and found ' the presents wondered
where they -could nave come irom.
finma Af the little bears bad cards
around their necks,- which read VA
Merry Christmas." The children were
anrnrifled. but iovously began to play
with their strange toys. The little baby
bears, who kept their claws curvea in
so that they wouldn't scratch, were
tha tnnat delightful thlnirs. The Chil
dren were very fond of the gifts.
The gnomes made spienaia ciown
dolls, and some of the fairies were par
tlcularly pretty dollies. The birds in
the cages sang sweetly, the beetles
drilled like armies of real soldienfc and
tbe field mice pun on their heads and
skipped over each other's tall to the
amusement of their small owners,
i. In a few days, however, the children
began to tire even of these wonderful
new toys, and the forest people said
It was time to return to their own
homes. .
' whan thev reached home they start
ed tn to help Santa Clans make toys
as fast as they could so that no time
would he lost for tho real Christmas.
Tho dear old man had by this time
fnnnd ha had nado a mistake In the
date and tout the children would be
expecting their regular call from him
at tho usual tlmo. -
VAVDEVILLEfAND MOVING, PICTURES
ENTIRE PROGRAM CHANGES TODAY.
"BOBBY FOUNTION"
and bis Educated Pony. The Smartest Pony on Stageland.
Three Reels GOOD PICTURES Three Reel,?
REUBEN AND THE BOYS."
Comedy. .... . . . . . .
"THE LASS FROM GLOUCESTER"
; Drama..,
Ttim vninr. hv frrvNrsfiTF.NCE"
V i4J W WAV W. w w
Drama ... ... '
Cines
. ... ...Pathe
Essenay
Frah candies for the Christmas
tree and stocking. Large assort
ment IS cts a pound and up. It's
mire, we make It. we know. Candy
Kitchen, Haywood Street. It
Conio toi!l,Ut, H. S. BXlnsirelst
Today 1 "Stolen Glory" a brilliant comedy.
Today II "Wben Mercy Tempers Justice" a'devour
ingly absorbing Thanhouser drama.
Today HI "Mamma's Boy" a King Baggot sparkl
ing comedy. : ;: t '
Today IV "The Promise" a western drama.
Today V "HOLY CITY" 'beautiful illustrated.
By Brunswig Brothers.
Aditional AsheTfille Scenes Tomorrow
P M nrvnfiTiiiniislv until 11 P. in. tomorrow the Au
ditorium will present four hundred additional feet of Ashe-
ville pictures, also the Aslieville pictures preseiueu u mm-
" . . .. . . i rl. ,.1.,Ja
dreds last night. Additional pictures inciuue me mm.
graphing of Hon. W. J. Bryan on to of Sunset mountain,, as
lie entered the Auditorium, also hundreds of people who
visited the Auditorium yesterday, as the cameraman ground
out a living record of the large crowds as they entered. The
Ti.-m Mnrclie. showing a number of interesting
positions of that thrifty establishment, will be shown tomor
row night. A number of street scenes are ueing laxeu to
day and will be shown in tomorrow's program. The colored
Catholic Hill school was taken yesterday and will be shown
tomorrow. Hundreds of new taces will lie seen in me mic
ville pictures tomorrow. Four entirely new . reels of other
subjects will also be shown, including tne two reei pmum
iion, "The Fall ot Troy," the most stupendously spectacii-
ar picture in the moving picture era.
Tnmnvmw nifflit the cameraman will lihotograph the au
dience from the Auditorium stage and develope the film
fi.rlit ?n fmnt. f the nndience and it will be shown in Satur
day's program at the Auditorium. This is the biggest nov-
eltv ever offered in motion pictures in our city anu u is sum
to predict that the big Auditorium will be taxed tomorrow
night when the audience is photographed. Saturday's pro
gram will include the Asheville pictures from start to finish,
also four other new reels that have not been shown nt any
of the previous performances. xu
a
aHarHraBnnaHaaaaBaa0HSsnBI
r
Until Jim, pleaie g tut in tht nutotfi
viuh mi It ihttl iqatrriu ana rmaom vina
., ' my new Sttvens.
Get the boy who loves the Outdoors a real Rifle
forXmas. It helps to make a real man of him.
The Stevens Rifles are moderate in price and
shoot where you hold them. Perfectly safe.
'& h
OTTIS GREEN HARDWARE CO
, j . 11 West Pack Square.
Visit Our Dry Goods Department
IT PAYS TO TRADE HERE
People's Department Store
. . . .95c
....45c
.. ..90c
. . . .75c
20c
.12 l-2c
Panama the $1.50 value pay less here . .
Panama, the 75c value pay less here.. ..
Serges, the $1.25 value pay less here.. ..
Serges, the $1.00 value pay less here.. ..
12 o-. Duck, the 25c value pay less here .
rifnn rinii- iha tZt value tinv less here
Otes Blue Denim, the 15c value pay less here. 12 l-2c
Percales, the 12 1-2 value pay less here l-2c
Cotton Gingham, the 10c value pay less here .8 l-2c
People's Department Store
40 and 42 Patton Ave.
Sumner's Former Stand.