The Dawson news. (Dawson, Ga.) 1889-current, 1904-01-27

Another matter which has irritated
the losers in the Morgan ventures is
that neither Mr. Morgan himself nor
his firm has lost any money. He is
probably richer by millions of dollars
today than he was a year ago, as far
as money goes, no matter how much he
has lost in reputation.
1t has never been Mr.. Morgan's pol
icy to tie up his own money or that of
his firm in any Of his enterprises. He
has always used the money of other
people, keeping his own assets in liquid
shape, so that they are ready for any
emergency.
His great strength and power rested
not in his own wealth, but in his abil-
ity to get capitalists all over the world
to put up money for anything that he
said was good" Therefore his loss Of
prestige, the proof established by the
collapse in value of the Steel and Mer-
camille Marine securities that his judg
ment was anything but faultless, and
the suspicious aroused by the shlpyard
inquiry have erected a barrier between
Mr.. Morgan and the capital he has al
ways relied upon that may prove in
surmountable.
Mr.. Morgan is not a young man by
any means. He will be siXty-seven
years old on April II next. 1t took
forty-fve years. of incessant labor and
almost unbrOken successes to place
him upon the heights of fame which
he occupied a year ago, Not only has
Mr.. Morgan been blamed directly for
losses sustained in corporations that
were peculiarly his own, but he has
! been held responsible for the general
big shrinkage in the value of all kinds
of securities.
The Wall street grievances against
him may be summed up as follows:
First.-That he greatly overdid the pro-
motion business.
Second-That he set an example in
overcapitalization which was initiated by
others, producing a flood Of securities that
had nothing to stand on when trade con-
ditions began to go back.
Third-That he created conditions which
made the whole market for securities
vulnerable and invited the bear raids
which proved so disastrous to prices dur
Ing last spring and summer.
Fourth.-That he was the originator Of
the new school of high finance" which
is now so completely discredited,
Fifth.-That his judgment Of the pub
lies capacity to absorb new securities
was completely at fault.
Sixth.-That his judgment of the trade
future and the amount of shares and
bonds that the Steel and other corpora
lions could reasonably stand was also
very much at fault
Seventh.-That his failure to live up to
the high reputation he had established
had worked an injury which would take
years for investors to forget and had
done almost rreparable harm to Ameri-
can investments in foreign centers.
A study of the achievements of Mr..
Morgan makes two facts glaringly ap-
parent-namely:
First.-That as a recGganizer he has
known nothing but success.
Second.-That as an organizer he has
never made a brilliant success.
In other words, he has the faculty Of
detecting and correcting the blunders
and mistakes of other men. but this
same faculty has not saved him from
committing the same blunders.
Mr. Morgan made his reputation as
builder up Of broken down railroads.
He contented himself for over thirty
years with that kind of labor before he
embarked upon the new field of or
ganizing industrials. Some years ago,
when his fame for reorganization was
at its height, the Wall street term for
the word was "re-Morganization."
While practically every industrial or
ganization Mr.. Morgan has created is a
failure from the viewpoint Of the stock
holder and the bondholder, 1t should not
be forgotten that a dozen of the big
gest railroad systems in the United
States owe their prosperity to a. brain
and geniUS
The News does good job printing.