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

tOilS bl uTlfd VI N''AiatS - ''''' -
committees and the Ike, has beg
Young j. p. Morgan, when
asked by two of his over-ambl-
tious junior partners to Q. Il. a
new venture they wanted to
float, is reported to have laid
down this ultimatum: mo.
This firm in future is to do a
banking business conserva-
tive banking business.
The Rock Island Railroad, hereto
fore the football of 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 It's hole corner con
scienceless ways. More are 20 Ioi-
low.
Old Game OVerplayed.
The old rule of constructing and
reconstruCting property SO thal
handful of insiders could weld auto
cratic power, leaving stockholders
abiectlv impotent. does not fit these
enlightened, democratic times. Ihe
game was overplayed. The bleeding
of outsiders by insiders was carried
TOO far. The gulf between those
moving in the higher sphere ana
hose left out in the cold became too
great to last in a Republic pulsauns
with red blood.
The disintegration Of the Money
Powers machine Will be "a rapid as
its creation It is already crumbhnE
under the sheer weight OF righteous
public opinion.
Morgan Policy Changes.
The new Morgan q Co, is not the
old Morgan a. Co. Just how great
the change h$g been the public do
not realize, By-and-by the difference
viii become more apparent. There
has been no corraling or 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-
Joned the wrecked New Haven to the
fate they brought upon il, and you
may have gathered too, That they
are struggling to keep New York
Central on its financial feet But OF
expansion there has been none.
Should the Government decree that
corporations doing an interstate bust
ness must not deposit their cash
with private bankers but with insu-
buttons affiliated with the new cur
rency system to he controlled by tn,
Government, what then? How would
such a law affect firms like Morgan
&. Co. which derive nearly all theh
mower from corporations they nave
devised or dominate? What If the
steel Corporation should be obliged
% withdraw its $20,00O,0OO deposit
and other companies compelled tt
AXE away their lucrative accounts?
New Law Favored.
These questions are not fantastic
Legislation along the lines indicate,
$ favored by powerful Washington
politicians
Concerning the overthrow of thu
Adventures who have played fas
and loose with Rock Island, onl!
hose familiar with the whole fact
IAN appreciate is full significance
q means the downfall of ChiCanery
Of financial knight errantry, the pass
ing of speculative brigands who's
tactics do not CompoTt with modern
standards So low was the estimate
placed by investors upon the charac
,er OF the gamblers in control Of Rocl
island that the companys securitie
were stunned by all DESTROYS Of de
cent Investments. The anuihilauol
# the old clique and the advent %
new interests is an eloquent test
nnony 20 the priCelessness OF charac
ter The old wire pullers had dblllt
"a plenty, but were barren of othe
qualities that are to-day coming int
heir own
Honesty Being Enthroned.
And so day by day, little 10y it'll,
aaltingly II may be, but surely fnan
cial evils are being uprootcd, broad
based honesty is being enthroue
and the gap between the insiders an
he outsiders bridged.
Not all the millions and IN
Vaccinations or the Money Powe
van thwart public opinion