Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-02


committees and the like, has beg
Young J. p. Morgan, when
asked by two Of his over-ambi-
tious junior partners to 0. X. a
. new venture they wanted to
float, is reported to have laid
down this ultimatum NO!
This firm in future is to do a
banking business-a conserva-
tive banking business.
The Rock Island Railroad hereto
fore the football Of a clique Of ire
sponsible Wall street gamblers and,
as a consequence. now on the verge
Of bankruptcy, IS to be dominated in
future by interests enjoying the
public's confidence.
All these developments are sympto-
matte of the demise Of the Money
Power and its hole and corner, con
scienceless ways. More are to fol-
low.
Old Game OVerplayed.
The old rule of constructing and
reconstructing a property so that Il
handful of insiders could WELD auto
cratic power. leaving stockholders
abicctly impotent, docs not fit these
enlightened, democratic times. The
game was overplayed. The bleeding
Of outsiders by insiders was carried
too far The gulf between those
moving in the higher sphere and
those left out in the cold became too
great to last in a Republic pulsatinB
with red blood
The disintegration OF the Money
Powers machine viii be as rapid as
its creation. IT is already crumbling
under the sheer weight of righteous
public opinion
Morgan Policy Changes.
The new Morgan & Co is not the
old Morgan & co, Just how great
the change has been the public do
not realize By-and-by the difference
will become more apparent There
has been no corraling Of banks or
trust companies OF late by the corner
house. has there? Nor have you
read of any gigantic mergers being
carried out by Morgan, have you
You have read how they have aban-
doned the wrecked New Haven to the
fate they brought upon II, and you
may have gathered. too, that they
are struggling to keep New York
Central on it's financial feet But OF
expansion there has been none.
Should the Government decree that
corporations doing an interstate busi-
ness must not deposit their cash
with private bankers but with insti-
tutions affiliated with the new cur
renCy system to be controlled by the
Government, what then? How would
such q law affect firms Ike Morgan
Il Co, which derive nearly all their
power from corporations they have
devised or dominate? What If the
Steel Corporation should be obliged
TO withdraw it's s20.Ooo,C00 deposit
and other companies compelled 70
take away their lucrative accounts?
New Law Favored
These questions are not fantastic.
Legislation along the lines indicated
Is favored by powerful Washington
politicians
Concerning the overthrow OF the
adventurers who have played fast
and loose with Rock Island. only
those familiar with the whole facts
can appreciate It's fun significance.
IL means the downfall of ChiCanery,
Of financial knight -errantry: the pass
ing OF speculative bflEdNdS whose
tactics do not Comport with modern
standards. So low was the estimate
placed by investors upon the charac-
Ter ~ the gamblers In control Of Rock
Island that the Compauy's securities
were Stunned by all DESTROYS Of de-
cent investments The humiliation
Of the old clique and the advent Of
new interests IS an eloquent testi-
mony to the pricelesSness Of charaC-
ter. The old wire pullers had ability
s-pleuty but were barren Of other
qualities that are to-day coming into
their own.
Honesty Being Enthroned.
And so day by day. little by little.
GalunEly Il may be, but surely. finan-
cial evils are being uprooted. broad
based honesty is being enthroned
and the gap between the insiders and
the outsiders bridEed
Not all the millions and the
Vaccinations OF The Money Power
can thwart public opinion