The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-03-31
Planning TO Gather Them In.

b-iainltnR 10 SsAtfter mem IN.
NEW YORK. March 3i.-That 1t fs
the plan OF the J. +. Morgan. Kuhn,
Loeb Il Co. Standard Oil and allied
interests to torce all OF the small
banks and trust companies IN this
city out Of business, as indicated by
the purchase OF control of the Equi-
table Trust Company, the Bank or
Commerce and other valuable proper
ties, is the assertion made in financial
circles to-day.
While ostensioly the purpose is 70
prevent scandals such as forced thu
Carnegie Trust, the Northern and
Washington banks and kindred con-
Germs to the wall, the real object In
said to be the formation of a money
trust which Will absolutely dominate
the finances of the United States.
Working through the Aldrich mone-
tary commission the financial hter-
aTchy plans 10 gobble up any central
bank that might be authorized by
Congress and SO arrange matters In
the big cities that the country banks
will be at Its mercy for all time.
Only prompt action by the Federal
officials viii prevent this, according
to well informed financiers. At the
end OF the panic of 1907 J. p Morgan
found that the three financial groups
which had dominated the New York
banking situation for a decade were
working at cross purposes. The re-
suit was that 1t was necessary TO set
tie numerous disputes before the panic
could he ended Morgan at once SET
out to arrange "gentlemen's agree
ment' to be participated in by hts
own banks. the Standard OIL and the
interests affiliated with Kuhn. Loeb
x Co. The result was that when tho
Northern Bank failed a few weeks
ago Morgan took control OF four small
banks by simply lending them the uss
Of his name. Since then he and his
associates have taken over the Ma
spite official denial, control of the
Equitable Trust Company. one of tbs
richest trust companies in the world.
The Equitable Deal.
While denial has been made that
the syndicate which bought the Rank
of Commerce paid $3.50. 900 for con-
troll Of the Equitable, fnanciers point-
ed out to-day that II was preposter-
Gus to try TO make the public helieve
that the concern could fall into hands
that would not be friendly to Morgan.
When the latter forced Thomas r.
Ryan TO sell him the control OF tbs
Equitable Life Assurance Society.
which Ryan in turn had forced from
jimmy Hyde, Morgan admittedly
placed himself In a position to say
who was to get the Equitable Trust
with its s64. 900. 900 OF resources when
the Assurance Society YVES compelled
90 sell under the provisions of the In
surance laws prohibiting insurance
companies remaining In the banking
business.
The probable reason for the secrecy
regarding the sale OF the Equitable is
the fear that the incoming Democratic
congress Will take steps TO probe the
money trust. Attorney General Wick
ersham. II was reported from WASH
ington last night, has already decided
to recommend to Congress that new
law meeting the situation which
would enable him 20 deal with the
money trust as a combination In re-
atraint OF trade be passed. But tt
was tntimated that the Democratic
leaders who win control the incom-
ing Congress- are inclined TO believe
that q congressional investigations Of
the situation, along the lines Of tho
inquiry which Congressman Shericy
hopes 10 have ordered for the stce1
(Continusd ON Fifth PaxAl