The French Broad hustler. [volume] (Hendersonville, N.C.) 1896-1912, 1910-02-17
Six Thousand

New York City.-Whfle h Amer
lean public has been surfeited with
the recitals Of the muckrakers, and
stories of fraud, ~chicanery, corrup-
ton, outrage and oppression have
followed each other in such bewilder-
ing succession that the ordinary cit
izen can hardly keep abreast of the
headlines describing them, much less
become acquainted with the multitude
of details, there is one process, started
years ago, which has lever halted,
and which steadily and relentiessly
keeps its course, utterly regardless of,
md unaffected by, the narratives of
fraud and corruption that ostensibly
form the important news Of the day.
1t is the Reorganization of the United
States. A list of the present holdings
of the Morgan group would make all
former lists look pitiable and trifiing
in comparison. The one billion dol
lars of wealth controlled by it, which
used to be spoken of as if the
amount were so stupendous thai it
could hardly be grasped by the
human mind, has grown to the still
more incomprehensible figure OF ten
billions.
The process of wiping the small
capitalist off the financial slate
through the superiority of the Trust
form of organization, has of course
never hated, but in addition to this,
we have seemingly arrived at the
point where the large capitalist-the
erstwhile master of from ten to fifty
or one hundred million dollars-is be-
ing absorbed or eliminated with ap-
p~arently as, much case, as his smaller
brethren. This is the day when the
large, capitalist is called upon to stand
and deliver.
Hardly had the late E. II. Harri-
man been buried when the fact was
made public that the control of his
vast railroad properties had passed
into the hands of the Morgan in
terests.
The results of the panic notably en-
riched this financial group. Coal and
iron companies, railroads and indus
trial plants by the dozen were ire
sistibly drawn in their direction.
Little more than three years ago,
Charles w. Morse had consolidated a
coastwise steamship trust, an ice
trust, and established a chain of
banks. Morse has disappeared from
the financial world-disappeared into
a Federal Jail, where he is now known
merely as mo. 2S14"-and his hold
ings have gravitated in the same gen.
eral direction. Pending the confirma-
ton of his sentence he was permitted
to leave the prison for the purpose of
securing even or eight millions of
collectable assets, which he duly
turned yer. to- the creditors and was
then thrust into jail again.
Heinze, the estwhile copper king,
has been eliminated. His holdings,
accredited at about the same as that
of Morse-sixty millions-have dis
appeared, and in all probability have
taken the same course.
John r. Walsh, banker, railroad
promoter, mine owner and general
all-round financial crook, has gone
the same route as Morse. A search
for the heirs OF his financial power
would disclose the trail running in
the same general direction.
In O little more, than a week after
the municipal elections in New York
City, came the news that the financial
control Of the enormous assets Of the
Equitable Life Assurance Company
had passed from Thomas r. Ryan to
]. Pierpont Morgan.
And this is but the beginning OF the
passing of Ryan as an active financial
power in the economic life of the
country. Signs are not wanting that
his grip ON the existing traction prop.
critics of New York City is being loos-
ened, and the ever ready hand of the
Morgan group is waiting to act as
receiver.
lust as Nj. Ryan compelled August
belmont to stand and deliver several
years ago, so now is Ryan himself