Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1913-04-22


lSr|N|r work Nhs the fshlns 81 phys
|ca'lf uafltsnd properties and aesel.
srn4 men INTO h,sNB efselens sfans-
norbN6h mathsNea Mr Mofsans
sfeal WORK was THAT 81 lsachlns
ana aamatlmcs compell'ns railway
mhnheaments 20 eonstrst their re-
hoNrtes bs liVlnN ~ peace with each
other instead 81 nutually destroying
one smother ~ was,eful cut-throat
eeuspslsllon. secosalne 20 ms Railway
Aat- uaasite which p0bllshes me fol-
ieRine sr,lmate 81 AZ. NorKan
nv aiornsu. whether deallps wta
inautgIf0f ~ railways. eHs first. laHl
and "a sho sine, wnas be alwsys
termed hlmselff benkef ~ shat
espseily ne snftsted ether peUpiss
capital Hsrinn Invested u. he ten
heavy responsibility Ter seeing shai
shes pFe4tea ., their Investment.
Mans mallont ~ early Investments
81 sallaats we're destroyed by COM
peunee ccnstrpciion ana rate-cuttlne.
such campeutlon ala few people any
nood end mnny besides investors inns
mense harm haying. In hts capacity
81 banker. become interested 10 he
wellere II various railways MIR Nor
gan resented and opposed the Do.
ssrncsion of values resulting from tx.
cosslse competition; and many years
ago he war Iarrcly Il not chiefly. In
ntrumertai w bringing about the
early 'community Of interest" ar
rapssments- arrangements thai w
stsained competition by the device If
sresrins far rival railways ownership
of mere or less of each others stock
and representation on each others
boards. From then 70 the time %
his death Slr. Morgan's innuence IN
ne Affairs % the railways OF the
rnited states WAS not only one Of
the most potent. but one Of the most
salntary Il was potent not 20 much
hecausc hia own direct financial In
tercs IN the railways WAS iarse-al-
though Il was--not - much becadse
the financial interest la them which
he represented was Rroat--aithough
m wna very great--hut because his
direct and indirect financial interests
were reinforced ~ mighty intel
iect. powerful viii and repnta-
ton for Inimotable integrity-an in
tcllect. viii and an integrity which
inspired the greatest confidence In
Investors in On classes and which
lthereby bueane the cause ana secret
Of HE enur,nohp power.
His power, llks that Of All great
men. IN whatevef line. was the power
lof personality Il was his person
allty that commanded mems cont
dcnce; and Il WAS mems confidence
that enabled him 70 become the pos
4 sessof. AMI mr. hAft enc rtpfe@nta'
tive. 81 large capital He insisted
on being paid well for the services
he rendered In rcorsanizlng railways
and other CONFORMS. and putting them
on stable basis but his aggregate
compensation WAS drop IN the
bucket compared with the enormous
iamounts that his organizing ability
and hts conservative. honest Influence
added 20 the wealth OF the United
states.
The power ~ a responsibility dies
with rs possessor. There will be no
successor to J. r. Morgan. Forlu-
nsteiy, conditions in the railway field
art now such that "a apparently needs
no successor 20 him. The day OF
cui-throat competition and financial
ieRerdemain in railway Affairs sucm'
10 be past The work Of Mr. Morgan
! and his associates und public regula'
; tion have together made them impoE
slble In the future. The very fact
that in the transportation Held a.
lvsst. Mr. MoTean needs no succcssoi
is perhaps the highesi tribute 10 hh
ability integrity and personality. ant
J the WONDERFUL lnnuence they exertes
IAN influence FOR good that will con
? tinue 70 be felt tor mang, mann
: years