Sling at Morrow

Fifteen major bond issues have been floated abroad since 1885 by the Mexican government and the Mexican National Railways (today an insolvent concern). Last week the grand total of these Mexican debts stood at $514,302,000 principal, plus $369,888,000 in accrued unpaid interest. Therefore in the cool Manhattan office of J. P. Morgan & Co. an agreement was signed by Senor Luis Montes De Oca, Mexican Finance Minister. By its terms Mexico's principal creditors (the International Committee of Bankers on Mexico, chairmanned by Thomas William Lamont) agree to accept a "very large" but unspecified cut in arrears due, permit the Mexican National to be reorganized as a going concern instead of placing it in the hands of a receiver, and finally undertake to consolidate the entire Mexican indebtedness in the form of a new 5% loan. No sooner was this agreement reached than one Gustavo Gallapin, a Swiss resident of New York who owns 200 Mexican bonds, filed suit for injunction against the bankers' plan--his attorney being Candidate Alexander Simpson, who will oppose Candidate Dwight Whitney Morrow for the New Jersey senatorship. Denying vociferously that his purpose was political mudslinging, Lawyer Simpson introduced Ambassador Morrow's name several times into the petition, recalled that he was a partner in J. P. Morgan & Co. before accepting his Mexican post. Having filed his petition, Candidate Simpson sailed late the same night for Europe.

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