The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1909-12-19
Recent Activities Among Wall
Street Financiers Has Con-
WINGED Many That This Is a
Possibility.
GREAT MORGAN DEAL
FRIGHTENED A NUMBER
President Taft Will Probably
Advise That National Banks
Have the Curb Bit Placed
On Them.
10y Jonathan WinfieId.)


danger of banking trust?
Recent activities among Wall street
financiers has convinced many observ-
crs of current affairs that there is.
1t is only necessary to point to the
recent acquisition of Equitable Assur-
ance Company stock by J. Pierpont
Morgan to excite grave apprehension.
The great financier, it is asserted
now has controlling voice in the af-
fairs of that company, and apparently
there Is no limit to the expansion of
his operations.
The control over the vast sum of
assets which the company owns. esti-
mated at more than S472. 100000 now
vested in the great Morgan banking
house, becomes one of the main fac
tors in the financial world and will
not be overlooked as factor in the
situation by Secretary of the Treasury
MacVeagh. The control of the Equit-
able is not SO important as the con-
troll of scores of subsidiary and inter
related corporations. which naturally
follows. The resources of the bank
fug industrial, railroad and other cor
porations in -~hich Mr.. Morgan is
dominant factor. says one publication
which is in friendly relations with
the big financial interests. now ag-
gregate something like three billions
OF dollars
What it Could Control.
This sum. properly placed, would
control twelve or fifteen railroad sys-
TENS as great as the Pennsylvania.
Mr.. Morgan is now, in fact, almost
the financial dictator of the country.
He is in a position to exercise pow
er which would be we'll night irresis-
tible. The government Of the United
States may have to appeal to him, as
it has, indeed. already done. Political
parties may well stand in awe OF
him. The greatest financial institu
tions in the land, even If he did not
own a share of their stock, would
scarcely venture to oppose his will.
Just how Mr.. Morgan will use his
almost, unprecedented power is a mat
ter of speculation. That he will en-
ploy it to force the establishment of a
control bank has been suggested in
some quarters, out in view of the
present state of public sentiment,
this is considered unlikely. Despite
the visit of Senator Aldrich, the mid
die western states are far from recon
ciled to the idea of a central bank
with headquarters in Wall Street. If
Mr.. Morgan and his associates should
attempt to force the issue through
their senatorial representative at this
time 1t would inflame public opinion
to q pitch where the legitimate bust
ness interests would be threatened.
1t is deemed safer to educate the pub
lie mind. than to attempt to defy it..
Even with his gigantic financial power,
Mr.. Morgan is not the man to use it
I'm manner to antagonize the re-
sponsible public.
Is It Safe Policy?
It Is said, indeed, that Mr.. Morgan
IS safe and conservative man. that
he is a builder, not wrecker: that
he is patriotic and welldisposed. 1t
is claimed that in his control the
money of the policy holders of the
Equitable company is safer than ever
before. The Thomas F.. Ryan regime
was not regarded with the greatest
confidence by some policy holders.
But granting all these things. is it
right that one man. of single group
Of men, should WELD the enormous
power now given to the Morgan inter.
ests?
There are many reports Of proposed
consultations and combines of banks
and other financial institutions, which
will grow out of the Morgan pur.
chases. There are rumors of an ar
rangement between Morgan, the
Rockefellers and the Standard Oil in.
terests to form a money trust" such
as the world has never before seen.
This would include long line of nat.
ional banks. which issue a large part
Of the currency that is employed in
the commerce and business of the
country.
Banking Organ Speaks.
Referring to the purchase of the life
insurance stock, financial organ
makes the following statement:
'The transaction in this way was
even connected with the movement
for the establishment of central
bank of issue, for it was argued that
harmonious relations among the bank.
ers made more probable the success
a this movement, and agreement