Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-04-04
FIGHT IS ON FOR
SUPREMACY IN
MONEY WORLD
Up. Morgan, Jr,, Who Has Kept
in the Background, Now to
Forge to Front.
BY 8. c. FORBES.

j. p moT9dHs STv 70 HOh q SSSS'iNi
J. p. Morgan. But he is.not a cipher.
He has studiously kept in the back
ground during the life of his father,
whom he worshiped. He now, how
ever. will assert himself.
There will be need for aggressive
action, need for a strong arm to direct
the firms affairs, need for fighter.
A battle of banking giants is brew
inq. ]. p. Morgan & Co. will figure
in it. Kuhn, Loeb G. Co. wifi seek to
forge ahead. Speyer G. Co. will not
be idle. Other firms talked of as
likely to come to the front are Lazard
Freres, Goldman, Sachs & Co. and
perhaps Il. 3. HOIlins & Co.
1t will be battle of races as we'll
as bankers. The stakes are enor-
nous.
The Morgan. firm will be handi-
capped in a way the public could not
have suspected until the publication
of the statement concerning the Slim
ness of j.. P. Morgan's fortune. Had
Mr.. Morgan utilized his millions in
the purchase of income bearing seca-
rites he could have bequeathed them
to his family, and this capital would
have been of infinite value to the firm
in any contest for banking supremacy.
But Mr.. Morgan had. especially lat
terIy, a regal contempt for persona
gain. He spent the greater part of
his fortune on art, in antiquarian re-
search, in philanthropy-the number
of millions he gave to his faVorits
hospital may never be revealed.
Instead of bringing in money, Mr..
Morgan's purchases will cost money
to maintain. Their disposition is
question now exciting keen interest.
The Morgan firm, consequently, does
not own nearly so many millions as
had been imagined. Mr.. Morgan told
the Pujo Committee that it was char
aeter, not cash, that counted. In Mr..
Morgan's own case this was emf
nently true. Nor are any other mem
bers Of the Morgan house tremen-
dously rich. Not one is classed as a
nultimillionaire. There are no Ba-
kers, or Stillmans, or Sehiffs, or Spey-
ers in the partnership. Although the
profits of the firm ran into many
millions in certain years, it is we'll
known that Mr.. Morgan drew the
lions share. ~ am the firm" you
will remember he told inquisitors.
Kuhn, Loeb & Co. control an album
dance of capital. The Sehiffs, Otto
Kahn and the Warburgs are all very
wealthy. The. speyers, who are among
the oldest banking families extant,
fave been rich for generations. Sir
Edward. speyer is perhaps the most
prominent tnsneier in London to day,
his recent activities in combining the
traction companies of the metropolis
having added greatly to his impor-
lance. Lazard Freres likewise enjoy
the very highest standing abroad and
command vast credit. Henry Gold
man has won the reputation of being
an extremely brilliant and energetic
banker.
The st00,o00,ooo deposits Of corpo-
rations now placed with Morgan &
Co. are not all to stay there. ! am
not speaking at random. Again, no
banker was ever intrusted with so
much money as was Mr.. Morgan for
whatever disposition he might see fit.
Scores Of wealthy men and women
reposed absolute confidence in .Mr.
Morgans judgment and gave him
carte blanche in using their funds.
This condition has been changed, of
course, by Mr.. Morgan's removal.
Vague rumors are afioat of SIM
mering dissension among the Steel
Trust interests, but the exact status
has not yet been revealed. One pos
slbility is that Morgan & Co. will not
continue to carry all the surplus cash
Of the corporation.
The elements are gathering for a
titanic financial struggle. On the part
played by the Roekefellers will de-
pend, to a considerable extent, the
outcome. They have never been cred
ted with strsinins themselves to up
hold the hands of the Morgan group.