The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-06-02
THE ONE.MAN POWER.
Wall Street Worried Over Mr.. Nor
gan's Influence.
TROUBLE IN CASE OF DEATH
English Investors in Morgan Securi-
s,E ties Take Out Insurance
on Him.
How York s.., sDsa.al ssrv,cs

New York, June 2,-At several confer,
ences yesterday by men prominent In
Wall street, serious discussion was given
to the questions: els 1t prodent and in
accord with conservative finance to have
such vast interests dependent on the
judgment and health of any one man as
now are bound up in the single per-
sonality Of J. Pierpont Morgan?
The object of these conferences, 1t 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. t-..
The unsatisfactory condition of the coal
strike negotiations, and the und1sgulsed
opposition of certain large ship owner to
Mr.. Morgans ocean steamship combine
were the prime factors which led to the
conferences. For several weeks these
matters have engrossed the attention of
Wall street leaders and their discussion
was marked blythe, greatest earnestness.
No attack on Mr.. Morgan was involved
in these conferences. His pre-eminence
in Wall street he's not been questioned
not has his handling of the vast affairs
committed to his charge been criticized
The purpose of the conferences was know
to Mr.. Morgan's partners In this city and
1t is understood that the essential points
in the discussion have beeen cabled to the
absent fnancier through his London
house. ..-.
Various plans for arousing all classes
of financial men to the seriousness of the
situation were under discussion at the
conferences.
Several thousand copies of pamphlet,
| whose burden is TOO much one man In
| fuence," 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. A considerable
number, it Is said, were sent to London
on the Umbria, which sailed on Saturday.
| Several New York banking houses IN
private advices from their London cor
| respondents have been notified that Eng
lish investors in the SO called morgan
| securities" have taken out heavy insur-
ance to safeguard their holdings against
any sudden serious illness Of Mr.. Morgan
or bis death
In fact, it Is stated in these adNices
| that the insurance that has been placed on
the life Of the eminent financier exceeds
| that taken out by British financiers on
| the life Of Queen Victoria when 1t 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
If Mr.. Morgan should undertake no fur
! their enterprises Of the magnitude Of the
United States Steel corporation or the
Northern Securities company, New York
| fnanciers feel there will be no occasion for
uneasiness over the centering of such
| great concerns in any one man. But In
| the discussions of the last few weeks the
belief has been generally expressed that
the same financial genius which conceived
and executed the plans OF billion dollar
| steel trust, a Northern Securities com
pany and an Atlantic Steamship combine
hardly can be expected to become dormant
while there are other fields Of finance to
| be conquered. 49,.