The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-12-04
Two BILLIONAIRE.
Morgan Is Dominant Factor in
Nations Finances.
Now Controls More Wealth Than
the ROckefellers.
Carefully PLANNED.
CAREFULLY PLANNED.
Campaign for Control of Equit-
able Was Worked Out.
AS Means OF Meeting Encr0ach-
mentS of His Rivals.

! New York, Dec. Although the pur-
chase of the control of the Equitable
Life Assurance society, ]. Pierpont
Morgan is acknowledged today as the
insurance magnate of America, the
, dominating factor in the nations fin
ances and the master and controlling
spirit of the traction situation in New
York. 1t was admitted that the SUI
premacy of Thomas F. Ryan in trac-
tons and his career in finance had
come to an end. 1t was figured today
that Mr.. Morgan dominates financial
institutions representing in assets and
resources $2,231, III, o31.
The greatest achievement of Mr.. Nor
gan in obtaining control of the EQuita-
bic was adding the National Bank of
CONNER, to the list of Morgan insti-
buttons. He already owns the New
York Life Insurance company and has
strong financial interests in the Mutual
Life. The Equitable Life Assurance
society is the owner of $4,000 shares in
the Bank of Commerce. MIR. Morgan
also is in control of the First National
bank and in financial circles the state
ment 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.
ISlVaI OF ROcke1ellerS.
The new bank will become the rival
.er-Armour bank; the Standard Oil
ard beef trust strong box. With the
millions of the insurance companies
ard the resources of the banks and
rust companies at his command. Mr.:
III organ also will become the head OF
the traction interests in New York.
The back of the McAdoo tunnel sys-
tenn is now in the Interborough. Those
familiar with the situation say the
control of the fractions of the city of
New York has been carefully planned
by Morgan and the head of the house
will be the dominant factor from now
en- in the traction field. Controlling
the insurance companies and the most
powerful bank in the city. he will be
in a position to finance any scheme ap-
uroved by him and the public service
board.
Greatest Money Power.
Mr.. Morgan, through his latest
move in the acquisition of the Equit-
able, becomes the greatest money
power in the country. overshadowing
even the Rockefellers. The Morgan
interests, while not strong, are repre-
sented in the City National bank,
Of a central bank, however, and the
chance of the City bank becoming the
great central bank of issue threaten
ed the prestige of the house or NOR
gan. This condition of affairs had
been realized for some time and there
was and is an open rivalry between
the Morgan and Rockefeller interests.
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 upon
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.
Rumors were current today of
changes to come in the Equitable
Life Assurance society. There was
an expectant, but not uneasy air
around the offices. There was spec
ulation as to the fate of President
Paul Morton, whose salary is $4,000
a year. Mr.. Morton has been Ryan