Wheeling majority. [volume] (Wheeling, W. Va.) 1907-192?, 1911-02-09
Morgan Muzzles
CoNTINUED FRolI IsT PAGE.


the announcement few days ago that
the Crowell Publishing Company. OF
which Thomas w. Lamont. newest
member of the Morgan firm, is the
controlling power, had purchased the
American Magazine. hitherto one Of
the most radical" magazines in the
country, the rumors gained strength.
According to the article in the New
York Press, Morgan already owns
periodicals with a circulation Of al
most 100000. or, taking basis OF
four readers to a magazine. with a
reading public of 12,00O;OOQ."
100000 Readers Poisoned.
Those magazines which Morgan
does not control outright, he controls
"by suggestion" The magazines thus
controlled by Morgan's suggestion
have circulation Of 100000.
The Press continues:
"The active organization tof this
magazine trust) is being carried III
through Thomas w. Lamont, newest
member of the Morgan firm. Lamont
it is learned, controls the Crowei.1
Publishing Company, which he had
sought several years ago. with money
advanced chiefly by Morgan; the
Woman's Home Companion, and the.
Farm and Fireside, and. last week,
acquired possession of the American
Magazine. Here is circulation of
more than 100000, and plans are
under way, the New York Press learns
for the amalgamation Of the Harpes
publications with the Crowell In
terests.
Harper's In His Pocket.
J. P. Morgan has owned the bonds
for Harper's for many years and his
intention is to combine. the Harpet
and the Crowell interests. The period
icals include Harper's Monthly, with
a circulation of about 100000; Har-
per's Weekly, 100000. and Harper's
Bazaar, circulation 100000. To this
group may be added the Iron Age. s
How Morgan can control magazines
"by suggestion" is explained in the
following paragraph:
"The combination of periodicals UNI
der the fostering care Of ]. P. Morgan
is not regarded kindly by magazine
owners. While there are publishers
who are independent of banks, yet the
combination tends to put them on the
defensive. There is probability that
their advertising might decrease. The
persuasion that could be used by Wall
Street financiers in swinging big block
of advertising to friendly magazines is
apparent. Even though a national adj
vertiser lives in Oshkosh he may find
it difficult to get banking accommoda.
tons if he refuses to place his adver-
tisements in magazines friendly to
Wall Street"
Morgan's entering the publishing
field as the owner de facto, or by sug-
gestion, of the popular magazines will
of course bring with it large financial
returns. BY consolidating the mage
zines, by combining. much can be
saved. But profit is not the only rea-
son for Morgans determination to
control the magazines Of the country.
"Proper Publicity"
On this point the Press says:
"But the profi: probabl, is a minor
consideration with Morgan. Wal;
Street has complained for many years
about undertaking, corporation public
ity and exposure sthat have hurt the
stock market. Morgan and his asso-
ciates have felt the sting of the edi-
torial lash in newspapers, magazines
and comic papers. They long have
wished for way to control editorial
policies and prevent attacks on cor
porations, because untimely publicity
has spoiled many of their plans. Nor
gan and his allies have tried at various
times to work out plans for the con-
troll of newspapers in this and other
cities. The dread of magazines has
been SO great because they are read
with care by the wealthy and they
have a great influence upon the in
vesting puotc. Wal lStreet tinancicrs
long have appreciated the value Of
what they consiler proper publicity
and at the same time they have feared
ruthless exposure ar corporate evil.
The article in the Press concludes
with the following prophecy:
within six months the entire com
plexion of the magazine world VIII be
changed. The publications which Nor
gan is gathering together win be wide
" known. Independent, magazines
may find fight on their hands, but as
events cast their shadows before