Bisbee daily review., 1910-01-01
cense in the manipulating Of their ti- nances they are hoping against hope. New York Wol id
A MONEY
 DICTATORSHIP.

DICTATORSHIP.
 Mir. J. Pierpont Morgans Equitable Life Assurance Society refuses to buy any of the 4 per cent bonds issued by Dallas County. Texas. because the Texas Legislature has had the au- dacity to enact an insurance law that is dispIeasing to Mir Morgan's com pany.
 Here follows the letter Of the Equit- abie's vice president to the County Judge of Dallas County:
 The Hon. John L. Young. County
 Judge of Dallas County, Dallas,
 Texas.
 My Dear Sir: have the honor to acknowledge receipt of your letter in which. on behalf of Dallas county. you offer for sale county bonds
 have read with great interest what you Say respecting the bonds as well as the financial statement of Dallas county. have no doubt of the soundness Of these securities and their desirabliity as an investment.
 We should be very glad to buy the bonds. but as under the extraordinary laws of Texas. enacted and approved by the present administration of your state. this society. together with near ly all other strong and reputable life insurance companies which had been doing business in Texas. was compel ed to retire frcm the State. sc can not invest in Texas securities nor can we loan money in that State without jeopardy. For this reason We cannot become bidders Cor the attractive bonds you submitted to us.
 Respectfully yours.
 W. A. DAY. Vice President.
 Commenting on the above the New York World says:
 Tt is stated in a Dallas dispatch that as no Eastern financiers have of- fered to buy any of the bonds it would seem that all have taken stand sim liar to that noted by Mir. Day.
 Let it be observed that ;aere is no doubt Of the soundness Of these securities no doubt Of their desir- ability as an investment no doubt Of the excellence of Dallas eounty's cred it. The bonds are Boycotted by the New York Money Trast solely be- cause the Texas legislature in the ex- ercise of a sovereign power mas enact ed laws tha: are offensive to MT. Nor gan and other insurance companics d. lied with the Money Trust
 The World is not defending the Texas insurance code. It may be a very harsh and objectionable statute We are merely calling attention to this latest method of Wall street fin ance to coerce states and to punish states that do not govern themselves in accordance with Wall streets wish es. Today it is Texas that is disci- pIined for it's insurance code. Tomor- row county bonds in some other state may be boycotted because of railroad legislation that is offensive to the Money Trust. The next day the Unit ed States government may feel the weight of Money Trust dispIeasure be cause congress has not been suffici- ently considerate of vested rights
 Among the great insurance com panies, banks and trust companies there is now a community of interest the like of which the country has never before known. After Mir. Mor- gan bought the Equitable from Thom- as F. Ryan a Wall street operator was quoted in a financial newspaper as saying taht any man might expert eace much difficulty in borrowing a million dollars in New York. regard less of his security. if Mir. Morgan was unwilling that he should have the money. The Dallas County case may now be cited in evidence.