Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1901-09-05
OIL KINGS VAST RICHES
John D. Rockefeller Said to Be
a Billionaire.
MADE s3ooooo.ooo IN TEN YEARS

~AA ~SS0H~SSB~O~ A $500 @-A@sN
Morgan In Opposing This ENORMOUS
Accumulation Would Be Doing 81
s<Risky Thing" Declares a Promi-
nent Wall Street Banker-Rivalry
of GiantsA ~ but Natural, He Says.
A generally believed report in con-
nection with the rivalry between J.
PieTpont Morgan and John D. Rookie
fealer for the financial mastery OF the
new world is that Mr.. Morgan will
turn his banking business int a cor
poration, says the New York Journal.
Rich. individuals, having established
highly successful banking and trust
companies, have before this converted
their firms into stock companies, re
tanning control. At the same time they
have 1essened Individual liability and
| greatly Increased the scope Of their
F, powers.
Those who know Me- Morgan are,em-
! phatic in saying that If J. P. Morgan
& Co. were made, say, the Morgan com
pany, it would certainly be for the pur |
pose Of increasing, power rather than |
: for lessening individual liability. b
his means ME-. Morgan could draw to
himself both the pledge and capital OF
his friends, at the same time increas
ing his command Of their loyalty ano
their money. Furthermore, he would
be able to guard himself more thor
oughly in any contingency against the
~onslaughts of his enemies.
Should the issue ever be drawn
! should the last fight ever be fought,
John D. Rockefeller would ave less
chance against a Morgan company than
against the man J. 2. Morgan. Be-
sides. corporations lever die, n the
friends OF Morgan, n of b most TO
bust of men, promising the most ex-
t~raordinary longevity, are inclined TO
think that it were wiser for the law
to perpetuate the tremendous enter
prises OF which he Is the head rather
than risk them to fate and accident,
such as may come to any man
1t is argued by Wall street men that
with a charter Of general powers the
Morgan compan would have even a
| greater capacity than now belongs to
= the group Of men of whom Morgan LIS
the center. Morgan has taken into
partnership many OF his Heutenants
> like George W. Perkins, one. OF the vice
: presidents Of the New York Life In
surance company. =. Under corporate
: form he could take in many MORE, and
t in the matter of capital 1t would be ex
[ banded as occasion required to AM
e sum.
q Wall street is intensely interested II
= the almost daily alignment OF forces h
u the struggle between b Morganbunt
and the Rockefeller Clique for the chief
ship OF the financial field. They ar
busy counting up the OF th'
respective sides and trying to fguF'
out who on a mere how OF wealE
would win. In this connection g prom
y inent Wall street banker. who for rea
- sons OF policy does not wish his nam
9 mentioned, made q startling statemen
n regarding the OF John d
IS Rockefeller the other day. He Is In
position. by reason Of close bushes
relationship, to knOw OF what b
: speaks. He said:
!" 81 have read the recent Wall stree
=. articles in The Journal regarding th
rivalry between the Morgan and Eocke
Teller interests. l think the article
~ have described the situation pretty az
curatsy. but Of one thing / am certai
The Journal has underestimate til
wealth Of John D. Rockefeller. | hav
= never seen a newspaper statement tha
Appropriated It Instead Of their ts
:, ures l should say Mr.. Rockefeller
= worth little less than q thousand mi
lions today.
= "Take his holdings In Standard o
r alone. They have been worth durin
a the present year more than 100000
- O00. But it must be remembered thu
A1r. Rockefeller, who sQuanders les
than most rich men OF hts persons
vi wants has been growing rich at Il
rate of compound interest.
81 don't think any man Will Der
that Mr.. Rockefeller has made BE a
erage of $50, 100000 a year for te
years. The reinvestment of this su
"a alone, supposfng he had no principe
. at 5 per cent compound interest wou
mean the addition OF more than $4O
0O0,0O o to his riches
"But the securities from which th
income has been derived have steadi
increased IN value. His STANDARD c
holdings in three or -four years ha'
doubled in market value. his raffws
and other securities nave advanced II
Lop, mendously. and in the past three yea
" his wealth has increased In a Su
which would astonish the Amerfc,
'H people if the actual figures were Ia
before them. There are few first cha
railroads in which be does not ov
Nc some of the stock; there are few uus
in which he has not been compelled
uh+ ~refnYest his constantly ~increasingf
come. At the present quotations f
securities it is impossible that he shou
am. be worth much less thai a thousa
million dollars.
- "As for the rivalry between Morg
D. and Rockefeller, as they are b t.