The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1902-06-06
FlNANciERs DOUBT WISDOM OF
ONE MAN INFLUENCE.
MORCAN's GREAT DEALS
Conferences of Men Prominent in
Street Discuss the Present
Situation.
r.. a

New York, June 3.-At several con-
%ferences yesterday by men prominent
in Wall street serious discussion was
given to the question:
rs it prudent and in accord with
conservative finance to have such
vast interests dependent on the judg-
ment and health of any one man as
are now bound UP in the single per-
sonality of J. Pierpont Morgan?"
The object of these conferences, it
was learned, was to safeguard not
only the many enterprises with which
Mr.. Morgan is connected, but also to
protect other financial interests in
which Wall street is concerned.
The unsatisfactory condition of the
coal strike negotiations and the I'M
disguised opposition Of certain large
ship owners to Mr.. Morgan's ocean
steamship combine were the prime fac
tors which led to the conferences. For
several weeks these matters have en-
crossed the attention of Wall street
leaders, and their discussion was
marked by great earnestness.
No attack on Mr.. Morgan was in
volved in these conferences. His pre-
eminence in Wall street has not been
questioned, nor has his handling of
the vast affairs committed to his
charge been criticized. The purpose
of the conferences was known to- Mr..
Morgan's partners in this city, and it
is understood that the essential points
in the discussion have been cabled
to the absent financier through his
London house.
Various plans for arousing all
classes of financial men to the serious
ness of the situation were under dis
cussion at the conferences.
Several thousand copies of a PAM
phlet, whose burden is "Too much
one-man influence" were ready for
distribution with the opening of the
market this morning. Five hundred
OF these pamphlets were forwarded to
Boston for distribution in the money
center there when business began to-
day. A considerable number, it is
said, were sent to- London on the UNI
bria, which sailed on Saturday.
Several New York banking houses
in private advices from their London
correspondents have been notified that
English investors in the so-called
Morgan securities" have taken out
heavy insurance to safeguard their
holdings against any sudden serious
illness of Mr.. Morgan, or his death.
In fact, it is stated in these advices
that the insurance that has been plac-
ed on the life of the eminent fnancier
exceeds that taken out by the British
financiers on the life of Queen Vic
toria, when it was feared her death
might disturb seriously the worlds
finances. The amount is said to be
greater than on the life of King Ed
ward.
II MI. Morgan should undertake no
further enterprises of the magnitude
OF the United States Steel corpora
ton or the Northern Securities COM
pany, New York %inanciers feel there
will be occasion for uneasiness owe
the centering of such great concerns
IN any one man. But in the discus
sions of the last few weeks the be-
lief has been generally expressed that
the same financial genius which con-
ceived and executed the plans of a
billion-dollar steel trust, a Northern
Securities company and an Atlantic
Steamship combine hardly can be ex-
pected to become dormant while there
are other fields of finance to be con.
quered.
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