Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1902-06-19

rate is said to be AZ per cent. Mr..
Morgan is 66 years old. Insurance of
this description is not written in the
United States to any extent, but the
American stock market and all ven.
lures radiating out from or toward
that center of value adjustment and
distribution of securities have quite
as large a stake in the life of Morgan
as the English market can possibly
have.
The statement has recently circulat.
ed that number of New York finan-
ciers have been comforting over the
dangers inherent in the Capitalization
of so much of the financial force and
direction of the time in one man. as
Morgan commands. 1t was represent
ed that they regarded such situation
as highly disturbing. They would
have it corrected If that were possible.
Too much has come to be dependent
upon the life of one man. and he an
old man, for the maintenance of a con-
fident feeling and the carrying on of
the great movement of industrial con-
solidation.
This may be true but what they
are going to do about 1t we do not
know. Here we have the natural ten.
dency Of capital working itself out in
due order. After Morgan will come
another man or two Of the same king
ly estate in finance. In his day the
life Of william II. Vanderbilt seemed
to be of almost equal moment, His
was the great dominating force in the
railroad world and the one power sup
posed to stand for an orderly and
harmonious conduct of these vast prop.
critics as against a relapse OF the army
of capital into warning factions. But
Vanderbilt died, and as suddenly and
Unexpectedly as could possibly be.
There was slump in stock market
prices for day or two with panicky
symptoms, but only for day or two;
and then it was found that the Van
derbilt possessions and powers We're
passing down in close array to his due
successors; no breaking up of a great
estate and no scattering Of n mighty
financial power, to any extent caicn-
lated to shake market confidence.
And so it has been with the deaths
of other great financiers and market
leaders-a brief furry and then the
discovery that the army had succeed
ed to new generalships probably quite
as efficient as the old.
Unquestionably, however, the death
of Morgan at just this time would
prove serious to speculative confidence
and stability. The situation Is pecul,
iarly critical. The great consolida.
tion schemes under Morgan promotion
are largely in an uncertain or unfinish,
ed state. Some of them already per.
fected, like the steel trust, are yet to
demonstrate their soundness; others
like the steamship consolidation, are In
process of formation. The Morgan
holdings of securities in these various
projects, coming as commission and
profit from underwriting and still
hunting a market, must he very large
and their disposition, or at least their
cement, in case of his death
would be matter of great financial
concern. Nevertheless, 1t would be
found tina: the life of Morgan, as we
find every day of the life of any other
man of great influence and Importance
was of far less consequence to the
progressive order Of society than hac
been supposed. Other men as goot
stand Just behind ready to step intc
and fill their places, and their relatv,
number increases from age to age
Thus even in finance Is exempllfiec
the essential truth underlying Demo
cratic theory. 1t is becoming as in
creasingly harder to work mp corne,
on talent as to work up one In stocks
No one except those who are specu
lating in securities on margin neec
feel under the necessity of taking out
insurance on the life of Morgan.