The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1909-12-09
IN case Of his death, whicA u not
at all unlikely. 1t is probable that the
railroad company will make some
provision for his family. /,
MORGAN NOW -MOHEY KING"

With Purchase Of Equitable He Gains
Control Of Over Two Billion Dol.
lars-New Bank Planned,
New York, Dec. 6.-Through the
purchase of the control of the Equit-
able Life Assurance Society, ]. Pier
|pont Morgan is acknowledged as the
insurance magnate of America, the
dominating factor in the nations f.
nances and the master and c%Ontroll-
ing spirit of the traction situation in
New York. 1t was admitted that the.
supremacy of Thomas F. Ryan. In
fractions and his career in finance
had come to an end. 1t was figured
today that Mr.. Morgan dominates f.
%nancial institutions representing in
assets and $2,231,117,S31.
The greatest achievement of Mr..
Morgan in obtaining control of the
Equitable was adding the National
Bank of Commerce to the list of
Morgan institutions. He already owns
1.-THE New York Life Insurance Com
pany and has strong financial inter-
tests in the Mutual Life. The Equit-
able Life Assurance Society is the
owner of $4,000 shares in the Bank
Iof Commerce. Mr.. Morgan also is in
control of the First National bank
land in financial circles the statement
was made that the purchase of the
Equitable, with the Bank of Com
merce, foreshadowed the merging of
these two banks into an institution
that would be far greater than the
National City Bank.
The new bank will become the
rival of the City Bank, the great
Observation-Disclosures bank, the Stand
ard Oil and beef trust strong box.
with the millions of the insurance
companies and the of the
banks and trust companies at his
command, Mr.. Morgan also will be-
Icome the head of the traction inter-
tests in New York. The back Of the
IMcAdoo tunnel system is now in the
lInterborough. Those familiar with
the situation say the control of the
fractions Of the city of New York
has been carefully planned by Nor
. gan and the head of the house will
! be the dominant factor from
now on in the traction field. Con-
trolling the insurance companies and
the most powerful bank in the city.
he will be in a position to finance any
scheme approved by him and the pub
lie service board.
| Mr.. Morgan through his latest
move in the acquisition of the Equit-
able, becomes the greatest money
lpower in the country, overshadowing
| even the Rockefellers. The Morgan
Interests. while not strong, are rep
: resented in the City National Bank.
controlled by Rockefeller. The plan
, of a central bank. however. and the
chance of the City Bank becoming the
. lgreat central bank of issue threaten
led the prestige of the house of Nor
lgan. This condition Of affairs had
been realized for some time and there
was and is an open rivalry between
the Morgan and Rockefeller inter-
tests.
The coming to New York Of Ar
mour and the fact that Armour was
in the fractions Of Chicago with
freight subways, and was believed
to be looking with longing eyes up
on New York fractions is said to have
caused Mr.. Morgan to block any plan
that appeared like an extension Of
power of the Rockefeller interests
along these lines.