The labor world. [volume] (Duluth, Minn.) 1896-current, 1903-10-24
MORGAN AND SCHWAB
As TRUST WRECKERS
CONTRASTS IT WITH SOME Al.
LEGGED EXTORTIONS.
How His Skinnine the Public Com
pares With What Some Employ
ers Call the Unreasonable Demands
of the Lahor Unions.

ers Call the Unreasonable Demands
of the Labor Unions.
New York, Oct. 22.-The Evening
Journal in discussing the action Of
Schwab and Morgan in wreckng the
Shipbuilding trust says:
THE other day we commented upon
the statement that the present financial
troubles are due to the demands of
union labor. We called attention 10
the fact that the trust mechanics, the
pirates Of high finance, and their de-
nnands upon the people might possibly
have something to do with the trouble.
Since then you have read the revel-
ations in connection with the Ship
building Trust scandal. You have
read the aristocratic Mr.. LIE Roy
Dressers charges against J. P. Morgan
and his fellows, charges that have
startled even Wall Street and it's most
hardened professional sharks
Mr.. Morgan and Mr.. Schwab prac-
tically agreed for a consideration to-
help certain gang of schemers to un-
load a swindling operation upon the
public.
Mr.. Morgan and his pals began in
steel plant which they proposed to sell
to: the gang that proposed to rob the
PUBLIC, through the shpbuilding trust.
First they asked as their original
rake-off more actual cash than the en-
i tire plant was worth. They finally
| took for a property worth less than
eigho million dollars at the very high
est estimate thirty millions. And not
| only that, but they made an agree
ment forbidding anybody else to un-
load any Of the trusts stock upon the
public until Mr.. Morgan should have
succeeded in unloading his thirty mil
! lions.
| Is not that an interesting confession?
Did not these get-rich-quick gentlemen
evidently know the kind~,of game they
were in, since they made the others
agree to put off selling any Of the
fraudulent stock until their allotment
should be disposed Of?
Suppose some thin rigging gam
| blers went to the managers Of a picnic
and arranged to get their protection in
their operations. Suppose the picnic
managers said:
very well, but we must make some-
thing if we let you work this picnic
So you must give us the" first chance
! at the shell game, and you must not do
! any business until we shall5h have thim-
rigged 81 public out sof tllirty mil
H. lfas
Woul 1nanag gers offs t11at t picnic
be any different from Messrs: Morgan
| & Co., who manage the. Wall Street
picnic?
1t turns out that. the shipbuilding
| trust did not steal the money that
it hoped to steal. 1t did not succeed
in unloading its securities at high
! prices, not even the special choice al
lotment Of Morgan and Schwab.
That wasn't the fault Of the high
finance pirates. It was due to the
fact that the poor public had been
| milked dry in various sWindling enter
prices, including the steel trust with
it's thousand millions dollars of pure
water or air.
When you read these actual revel-
ations Of Wall Street methods, when
you realize how sl1amelessly these high
responsibilities rob the, public, do you
not get a fresh light on the indus
trial. depression?
Business is not hurt by the fact that
| the mechanic who works eight hours
wants and gets fair pay. There is
plenty of prosperity in the United
States to supply good wages and plenty
| of work.
But when the big respectable"
thieves deluge the country with watered
st0cks-a thousand millions here, sew
ef4ty millions there charging for their
steel and coal at dishonest rates in
the vain effort to earn dividends, then
the country feels a strain that it cam
not bear.
When any fool tells you that labor
unions, high wages, are hurting the
country, give him a few facts from
the revelations in this shipbuilding
trust.
Tell him that one single respectable
financier'' steals more in one morning
than a. whole union Of men can earn
by honest work in a whole year.
The country need not be worried
about-the results of paying mechanic
five dollars which he Immediately
spends for the benefit of his wife and
children.
But it may we'll worry about its great
magnates and other responsibilities who
deliberately plot to swindle the people,
who load up the community with
worthless paper, who confess their guilt
and their intention by entering into
agreements as to, which shall have the
first chance and the highest prices in