Other People's Money

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rhc C r n c m l RRJ! S e c r e t a ~ IrEcs ~ " have rtmng rrasnn tn dot,lrt tE~at aliy eontr~tission ripan wfttclr tlrey b t l i sir $;ill bc Ira nx~oniaus,

O thcr People's Money

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I n rrgartl to t l r ~orltcr appintmcnrs rlrntle by the I'rcsid r h t I%r{oreIre Irft, tlicrc waz, of cnttrw, ntnrc is1trre.t rn tlte p r u t n n r l of tlrr new Sccuritirp anti IIuclrnrrjic "om1I I?; IS itrctrnl s& iri~p-tfrtr wnrlti. I ,as* stsrnrr.cr nlision than any rjtltrr, It was P J i ~ n p p n i ~ i t n ~to n ' t the Frralir*nrrol i3m,ra tvrs hrrry proljing tltr rciis nf \\' r l j ~ t b r r a t clcrncna irl ctlc nririiinirtratrorr rtrrt neither Alr. Strrct. Ar atrr xirtre tirnc Jmrph 1% Krrzricaly was ! r t l , ; l a r ~ t l i srlar M r . I%n-nra \\.as trrntle clra~mlarr. Ertl~cre ~ t t l t i w t l r e grrrirp ol ttis paL+IIawt~ Ilay, lIrrry S I I I ~ Ir,J hate stGtccf tism~far isc-ttrr t h a n ?*fi. K r f ~ t s c ~ ftsho f * 5rrms I'fsslra ?Vallrr, af Xiriin, I ~ t r l rand C c ~ a i p i i y ,ansf mis ,.r to ltavc k t r wtzctr~i,plrrly tlrro~tglrtire itriittrircc nf crrtritr llrrre otf~rt-plrttittg aver a pficrf in ~,ilr?ty-0r~ctrs-Errs amsrrvatts-e fibtam trrb \sitli t v I i < ~ ~t ni e !'rr*itlc~~tct;rtfe>rrr~i G f a u C ) r r ~ l ~ n nztotk, y "I'i~e pnnl t v a ~irl\pirnf by ftlaiki'trid partly f m n ~tltr I%c+irlrtlt's clctcrt to trkc arc alir~intctl of Krrh~t, I n c h irr wltc~c nflict s t thr tirnc I'wirra frrrntl back irrtu clrtlp. M r . Krrttirhfv tra'l not otrty firtpr~! clr~llltxg Itrr fatrs. I t w n s nlaitagrrt by Alaerirtxr i t r c Ka~iort,rt C'c~rtrrritttcr, Kcnrtnly liaEL I i t j uflirc. l'lris a a a ottc o l tl,e pools I!;#( I t scmtr, Itro, tfrnt %IT. Krtiarciy, tbii%c rttrt tlrvtr:r!--\it 11c prtit~ctbtl gttr scji~.rltd Irtrlc ltm~rnof ~CIJJ art'! wlten tlrrw nays-of lrbrral trrreirr~car\, i q a \varr~tfrrrtwl of M r . I:.tr~)cntl*tcrsw~tlrtlrr\v and tile Ixmzrl roilayrsrel tlrc atlaiir, i q ' s , so \Tarn& th3t 111) orst l t d 4 I ~ I O I F rrjoitctl over iftr tr.ttmrr rIdrrt,'lrlt rtl rltc nlrrr wfio It.rt1 opcrarrtt t l ~ r t ~ r .i ' c t . , re lrction than tlte lbsrrua-rcr <;crier.rl. \v.n cf*r~*trti 10 ~ilve.rtigatetftrcn. And whrrr !IF t i i t i , r: ?"hc cfrief abjrt.titttt to %fr, Kcii;$crly fiac SG far ctrtrrc t r s d brauglir flint nt uitcc to tlic oflice of I:crln~o~sda:! n irnrrr vsrloira Drrrlocratic Srct.~tarswlro lwitrrrrt orit tl'7t 11e Crpnrpatty, from wltich hIilznn l>ay and );cnnrtfj Herr l i d beeti c v w w d ar o a r of tire pnrticipntars in tlre lirhhy- trj*eratstlp, T i w e f*wrrora tiragged iilta tile 11ffht the R C l l t . Day rtr$;95,txof profits werr i,r.trir. Xt i s ;rtttntatrd thaf tilts e.bllata1 0 2 ; ~ ~ t e l f ~ g ~Keniir~ly IJotnc 1, i l i be trrgcd agnitrct !cts cortfir~ltattarztvIwn the! Sea- srrthctl KettrlnIy to lXrcora ss a cnpttalist and he tlcft~lrtl ntc cori\rtrrs ctr\r )car, hric I do frat bclrcve it will be irflrcat 13t*ctrraksrqtrcbt, a raprtalist as one who tnaker ~ ~ i t r r r r trvc. Ily tit-rt trme tIte Krrtncrty api'oirzmn~cnt will bk t r t ~ i btrt dr~sstier Ir.rvc to w o r k . Krrrttniy 6rrctI tilt tlrlirirtir, cauff: ltc rvrlt Itate brrn ftrricr~c>tti~lg far six ntatrtlis, prlcctlp. 'l*l~ts[*mi,rutti,! y c l t f , t v . ~f t , r t t ) c * ! 1st tlte ntnttIc81tb tsi jJca flr.rr he t$rl! tirt-rr he rrjcctcd is abst~rd, i1mtdts ltintrd tEtrrr ftrciz p,trto of the Gt~lntitsron's job lu a f k r tlre Nrtv I?tal r\.rs ti>our!thlir: t o frcrtrirri ltrtglllb ot PI' irr rlic nt.tl\r of tfir \Vsll Strcrt rltvi*sttg.rr . ~ r t , nlircl * rrattin:: on tire E:xclrnrigc I V I I ~ be largely in tlre hnslds of &if. I%cr)rs, arrtf tltnt r l r ~ t\\.as ortc of tlte corrtlitrorts oir 13crfarr\ agrtlrs \\ cre swarrrtrrtg nscr tlrc St rrrt. \I lrtclr lie agrerd to scr\c, jrr atry event, before tlrc Cu:utr%- Only Tocar ritc~iitltr ago t'ccrrrra srrl~irrirrr~ll r t ~ firrii,rr ~~lissro~r grtc very far sorirr ti rvc drfirrcrrcrs of nprr>ron as t o nfw-rut tlrcrc p n n l ~to tltr Scair.rtr. Irtiritrtlistrtt. t ! l t r ~ ~ ~ ~ rrlcthrwlc arul rnnr isrrrcry axr.lrkrly to rlrvrltjp. 'l'lic p c ~ r ~ s ~ itr c l tv35 cltrrctrcl t o ltrrgIatc tlrr S t t ~ b .I uclr.trtf~r ('nrm*r I ni tile lloarti 1i17Lr) S I I C ~ divlsioii s c r ~ ~nlorc t t l ~ i l rIrktIy33ts11, 1Ie rlLl ur. ticat trr trnrr tfac bill, rvttir ~r., rtief.i f . l r rlmrr. 1 rffecrtve ~~tttot~s i t ~ tout, n. r* lxt.\srcl. 'l'ltrt~ I \cvrs t * ' 1 Ilrc t ~ r ctlr~ltg tImt nrrrnc trrrai11 is t l ~ a rtlre ctclnrnt Iry mrnc of the nrrn t t l ~ olrncf crsll,~lror~le~l itr j>rppartrr(: I ' nl:pc>sctl to t f wlccttntt ~ o j J,lrtilrs or f'rrcrra 3r charrrn:tt.i1)~Ii t4ho I~rartir ~ ~ t t11'1t ~ l i \ \ ' t i t att l b t 1 1 i t ~ d titr s.8~ 8' : 6 r t l the grnurwl rlt:it their acitrtsrii\trat~nrrof t11r Art scouitf Be c~trtai~ tfmt ~ s tile !'rt*s:tirttc I S C ~ IixtaLr S ~ ~ 110 : ~ l ~ p t i r i t ~ t ~ 't c r ~ t ~ t t m tlra.ttrc.-h,ltl i t s way tvith tfrr I'rrtriclrnt, .X'brre i s the rcrnrnrirsiort utrril the Srtratc Itat! actjoitrrircl. \Vlrf 1 ttrrlr tluuhr t!rat at fkh! Ite i11i~gt3ctJto name BIT, I.ardrs, s\knl, Ils~,~rrse, 1 war asaclrrr!, tile I%rr%ttkrcrt' ~ v ~ a t fJs, ar itrrtl tirnr 3Fr. l1c(t~ia1 ~ x 1 next t l ~ o ~ r r .?(Ira 1rotr aittl itr is afrajrl tlrr Srrtntc c\t!l ti~rlrtot realty ctrnrr I S I ~ Ot i l e i tuse tstztil a I ~ i s v I ~ i~~\ fs c ~ l crt-tube tct cortlirtn Ittttr '1.0 r2r;s I rnarle the fnlln\\ir.: t11r a ~ ~ p o i r r t i t ~ r c\ist i s acttl,rily arrr~o\~rtced. r r p i f : "I (IIP rtot twltrbr titis IS tftr E'tt\i~lrttits Ictr. 1 I ' ~ B mtt l~rlsrsctiwrr g% rlie blig!igr%t dg111f1tthat titr S ~ t t a t rttt!i D t ~ r i n gtitt nrxt s i k ~vcrke,n t t ~ \ ~ t , ct i js !\ra-it~ji:rt#tt u t l l t o n l i r r ~ I,~rltlts. ~ 'I'lrcy cotilirrtlrcl f ~ i t r i n, n nw;rlt~rrol tare 14 i c l f ~ f f ~ tt ~~t d . t i i i f ~to ~cl!~itf:~ t f tthr rsrtv ,tt*11?, i I p r l t i $\iittlt tic s p e ~ ~ tlztr? t u t t k ~stilile C.c~i~gress ti*r C I I I ~ I ~ $ ~ ! ~ t~t Ii O ~ Ior.rn ~ 11r a i c ~ ) r ~ ? ~ntt ~ r ef fu hr r r a k t x ~f.c ~ ~ \stas in S ~ ~ ~ I ) I AIMI I . T I I I ~ I I : ~ I Kt11r tttuntrv by r . d ~ o tvt!i ro arc \$'all litrcct'r sirlc of tr. 'I'Elr I'rr\iqIcrrt know* 111 t mppr~ltcj Str. I t t * t a ~ \ r I t . hr) ( ~ I I C \ \ I 1 0 L~\n\vsItits) 1% 1 af IIC ri-tit$rs S I S C ~ I 4 x~iatt tlic Srti.sre s 1 i 1 xkr on its l i s t t i ~ t ~ ~ r ~ i r sthr i t t rf i t i t !re nil! y r t t t i t r of r i b a t irr.r ur1.1 ~ t s t r i t tllc ~ trr,r!tlrt.ittcsrr 'l*irsf IS w h y fie is pl**' '1.. f< I$ p l ~ t t s ~tgt ~ t l t i t t t r , ~ r i + t i n t 4 1 , t l ~S c ~ t a ra~~ f j o v r ~ ~ ~ . " W~llill~tt,lt. '1 CI I ~ Z ISI * ~ X . jt~ntig t ~ ~ r t 1ilIrJ t, wttli co~~ficlr~ace i t ] 111c

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prrsidmt, tqfid witfr rcproncltr-1.. I"ltegr said f

~ n f t l t , lgitts ~ costs. 311. Krrtrt~ilt cantt in i i i 1917. flrsrv tvas nit nlturtd critic of tlie I'resi'trnr, l'liey inkistmt htnt ltc ltrni at the story: ,,I inrrwblt of web an npwiotrnmt, I tennitriled tlrrtir ,f E r r f e E d k o d n stlttrj. But ? I r e were gewi~trreiv ,wkrd that any rrraa coufd be an murespiritrri as ro srrplw-e ~'~artkfinD. R m v e t c would d o s~zdra tttiszg, course. I did not in my wrldest drrrrns inragirtr Ilr sVO\tldn p p i n t s a p m i a r n r as cluirman of that h l y . '1'ltt.tc r l r i o ~ t zprourn in Waft Strcer, 'flitre t r r cnnlnrr\ciirri ltmkcrs tvha gcnrpr~lotrstyrefrain front spcc~~lation, wtI1 rctrt r i r r i ~crnpfayees r ~ a i t n t i ,operate ne ~ k t * s,t i c t ~tir 1bi**t:3,1rg twit18 1;ettt1e,ty* %31,.* ;ltc?t"7i :<,IuY.> ,i 5 1 , ~r !w#<~rr !itnJ$4 %at tt\~ltrrrlrating trcrtrlcl ltc tlrc lltrrr traitcrs, win, ~ h o r t i ~ltrl ctrlttcicd frm* t i l t E:vcJ*~II~c.Iklnw tlrctn arc tiic rpci I rl- e * * * 3 s r t r alter Krrirtrslf. tiriritr i t i s Itrii:tasit ~ P , O I R ~ C c q r ~ r t l i i t = ~ ~ ~ ~ t i iart,! t ~ i :t11r : I,?J WIIO S ~ C C I I I ~ I for C t l i ~ t rOSVII ~ccctttt~tattrf rshn slx,r~l~l ~rir-tit t ? ~ ertinrtlrtrr? r f t ~ kCC.~CCJ < tritnrigi f rr trrrlcrrc.tl \tuck wvrr rrrrsrc t h a n ~ 1 s t rrr Itall, ir tr.lrippcd nlf tlir flcmr. AilJ Iwlnw tlrrm are tilt orrt~rtlc ~ f .tt\: rrrtke tlrr acffustt rs of prtvt a( rot)trtc Ic.trrtr!iic~l tlrc sorry t r l r nJ tire rcpral pool>, t h a t tlrt f?c>trlcrrt b s i q 9 sv 111 tvot\tici- rz21i a t j ~ t ~ t n a t ~ i #l ~ i e% liaa\ . ptirc f r t ~ ! ~ 01 ilsr U n i t r ~ itir:ircs \ t t ~ ~ i l rki t r e gurlc ro tiibscl:zrb? {I: b f rrB a tr:r>hr's rmirc- to tlrc !catl\fiip of tfrr crrtirttt*s\arrrr \titi :totv t l b t s i t i f f S ~ ~ I I lt.ire T ~ I ~~ U I ~ C \-+u r L rm I I r . tltnt \I t1I lilnrv.lgc Wall Srrrrt lor tile Nctv I )i*,iI, 2li!,i tI~!ts t h e nt3es % \ I t < > , % 3 ~ 1 W ~\ iV l l ~ l , i ~ \Vtz?at~ttr* ~l tlbt* hccit~rsly. h f r . 1lrt1attr x t w k , the \er) tajtcige&t*sit (43r~ ~ a 3 r. I ~ S~~ Z3~ ~I t Jit t tbC f13XOr 131 Et\ ~ ~ v c > z \!'It31 >, rt.r.otttlcrrt oi 't'iic Xrrv Ylrrk 'rtmr.;, arrmznl m e w t r l i s c IiCiit 0f , I 'I=,<* a.ury A<{\ 8,-r !;,*gx)~~ftcQi il \Val1 Strt-cat q,c*~uiator,frorn a Str8c 1 I * \ E~ot,~i iflstitut~nn-.~rtd $!I C frr tle(t irrf~errrerl the job. 'I%?t 5:> ni.tziy ptwl<, u n not frasii. '171rtt !fr. K r m k mcturcci the a t 3 1 a r i t ~ ~ c!i.i~~:e b~ukrr3~:cuf7icc, ot\t- titat lt"r\ n~zt~ak;t(k i~rcivitig.pirtc~rrri.r r tiris c . Mi. K c - ~ ~ I ~ vc!~trf J ~ ' . , :tio\~il;- .I* t t~irrrrt.s.rlrof tlir Srt Itritcrs arzd l,:\r h.itrge Cmnnr,rls\~ritr. i s i r it isli't 11112. 1 t I S III~~wI.\II)Ic. I t 101t111 I I + ) Iliilqrcrt ~ ' i itrirc cuprrrrrrce u.ts as rlrainuatl af I"tlt6 Errlirtipr, J o ~ ur '1'. 1. I \ I .: int-.

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f i r tlrc trrcrmtles the baitkcis werc msirrg tlrr rortltrry rictottrtng banks, utiltttrs ar~d,as wc k r t o ~ vfront the arttartrtE story of \V111tsrft FOY, ri)(lt'tttg-picture C O I > I ~ ) ~ C ~ .t$ ICS wrll. Orre of these vrzs Path; I:rclratrgt, fnc. Illair silt[ C"ttinparty, of whicli f:ltcfia \Yslker tvas the gttLJrt,g sptrir, rot rts fingers aronrni tire tvrnill,ipe of I'.,itlit: I : ~ t l r a r i ~ r , IIK. hlr. Josicplr I>, Kciiricdy was p ~ i~t t titp theae grrxtlettirrt to build up and exjrar~tl tfias oltl coit~zr,t~ly. i l c wn.1 t i b t i t aid by w r y of a riew tniie of tl('brrttntr.s to the ettrtrt $O,ocx>,orm. 'Tlitrs nrmrd sttd \ ~ ; t l i tlie 1tarto11 ju\t 1)11)\irtr: rtlto the firial trlnpe of tltat gmitclrst of rlt ~xroslarrittct ~rtllltr tire Iatc-laitirtrtrd hfr, Co,'otrl~rl~c, hIr. J o w p f r 1' k: lrortiy, who klurl1:rd tu tltc Cool!tl;:c N * l

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