Lower coast gazette., 1913-04-05

were held at as high prices as they would pear
and at uniform prices in Chicago and Plttsoufg'
the result Of concerted action.
The great New England philanthroplst'
Geo. Peabody, whose beneficence we are feel
ing in the South today through the Peabody
educational fund, became a banker IN LONDON
in the early part of the 18th Century. Out OF
that house. after a number OF changes, grew
the house of ]. P. Morgan & Co., and Their
business was very largely in issuing credits TO
the importers Of goods from foreign countries.
With keen perception, however, OF the adVant-
aoe that might be made by the investments IN
these industrial stocks, and especially where
monopoly could be secured, the house OF ). +.
Morgan & Co., became actively engaged IN
these industrial consultations, always with a
large margin of profit to themselves, but with
the Individual risk in the beginning that attach-
es to the possibility Of failure in putting the
transactions through as they expected. lhey
were generally successful, however, ana tnef
GREAT successes eliminated with the organlza-
t;on Of the existing Steel Trust and its llOO
millions Of dollars of authorized capital, largely
watered stock, on which they have been en-
deavoring to pay some dividends so that the
whole mass of stock could be foated at par.
Our Louisiana friends in New Orleans have
had a similar experience in several street rall-
wav deals. The New Orleans street railways
constituted favorite stocks, because they were
ron economically and paid fair dividends. Ihls
excited the attention Of industrial spectators
and some consultations were erected ana III
al]v the three or four million dollars worth OF
nropartv invested in street railroads in New
Orleans became bonded and capitalized at gu
millions Of dollars. This seemed so absurd that
tho attorney general compelled an abatement OF
Ok nor cent and the great corporation reduced
it's stock and bonds to SO millions OF dollars ana
on this it is now struggling to pay interest on
Tho bonds and dividends on the common stock.
The people of New Orleans fiattered themselves
that all Of this speculation interested us IN
louisiana but little, as it was done with New
England capital, but when in October 1871 tne
Knickprhocker Trust Co. of New York falled
and the panic began to spread throughout the
oo1nrry it was found that the New Englanders
had sold practically all Of this street rall"a
business back to the people OF New orleans.
and that our banks were laden down with loans
on our own street railway stock. New orleans
has not gotten over that shock yet. 1t pfoke
the State Bank and did harm to some OF the
rest. However, the continued growth OF the
civ is gradually healing up the scars OF Jhe
manic wear and the city is getting on us Zee
again and perhaps will be less gulhble IN th'
future.
In lust such transactions as this the Morgan
house in New York hes been the great laaae =
r.,vi, ,v1tt,s,sratlVIlo were saiicleht " u'i. .
exposition and their Watered stock OF vario1
kinds was made to approach par in value b
means at their command. we are disposed
regard Mr.. Morgan, now dead, as one OF tn
greatest enemies to free government that tn
country has ever produced. If there be anothf
mar who has done the country equal injury y
would say that that other man is lheodol
Roosevelt, who endeavored to break down all
our traditions and to v~acillate with the passlo1
2 CT the hour without needing the precedents al
e teachings of the past.
, There was a Morgan who traversed t
! West Indies as a pirate. His name was n
j Pierpont, but he was called Sir Henry Morg
and he died in Jamaica in 1888, He plllag
g part of Cuba and Venezuela: he had a fleet
! 90 vessels and 22O men; he crossed the lsthm
) Of Panama, took the tow Of Panama and Dul
ed it, securing immense amounts OF plumb
His ~piratical career was carried on with su
II great ability that its audacity and succ'
h brought him the acclamations OF the Engi
people and he was knighted by Charles
Roosevelt would doubtless have done the So
ar thing with J. pierpont Morgan, as ne gran
vs. him absolution in the purchase OF the Yennes
+. Coal, Iron and Railroad Co., which was tai
lie over by the Steel Trust, it being the y
Trusts chief opponent, all OF which was q
TO in contravention Of the Sherman ANTITRUST Il
10 Three hundred years is rot a very long t
st in the history of the world, but In this lnsta
IN it has given the opportunity for a parallel
adj tween the two great. Morgans, their career
ing three hundred years apart the one
av great buccaneer Of the British West indies
nd Tho devastator of the Spanish Main and