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 o, h. a
new venture they wanted to
float, is reported TO have laid
down this ultimatum Mol
This firm in future is to do a
banking business-a conserva-
tive banking business
The Rock Island Railroad. hereto-
Gore the football Of q clique of ire
sponsibls Wall street gamblers, AND,
as a consequence, now on the verge
Of bankruptcy ia to be dominated In
future by interests enjoying tho
public's confidence,
All these developments are sympto-
matte of the demise OF the Money
Power and It's hole-and- corner. con
scIenceless wAys More are to fol-
low.
Old Game overpIsyed.
The old rule OF cons 'ructing and
raconstructing a property so that a
handful of insiders could WELD auto
cratic power, leaving stockholders
sbiectly impotent, does not lit these
enlightened, democratic times me
game was overplayed. The bleeding
of outsiders by insiders was carried
zoo far. The gulf between those
moving In the higher sphere ana
those left out in the cold became too
great to last in a Republic pulsaung
with red blood.
The distntegration of the Money
Powers machine will be as rapid as
its creation. 1t Is already crumbiing
under the sheer weight of righteous
public opinion.
Morgan Policy Changes.
The new Morgan g. Co. IL not the
old Morgan II Co. Just how great
tho 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 there2 Nor have you
read of any gigantic mergers being
carried out by Morgan, have your
You have read how they have aban-
doned the wrecked New Haven to the
fate they brought upon IT, and you
may have gathered, too, that they
Central on it's 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 instl-
buttons affiliated with the new cur
rsncy system to be controlled by the
Government, what them How would
such a law affect firms like Morgan
4 Co, which derive nearly all their
power from corporations they have
devised or dominate2 What II the
Steel Corporation should be Obliged
10 withdraw its $20000.000 deposit
and other companies compelled to
take away their lucrative accounts?
New Law Favored.
These questions arc not fantastic.
Legislation along the lines indicated
ls favored by powerful Washington
politicians.
Concerning the overthrow OF the
Adventures who have played fast
and loose with Rock Island, only
those familiar with the whole facts
can appreciate its full significance.
II means the downfall Of Chicanery,
Of financial knight erTantry; the pass
ing Of speculative brEands whose
tactics do not Comport with modern
placed by investors upon the charac-
ter of the gamblers in control Of Rock
Island that the company'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-
nony to the pricelessness OF chsrac-
ter. The old wire pullers had ability
a-plenty but were barren Of other
qualities that are to-day coming into
their own
Honesty Being Enthroned.
And 40 day by day. little by little,
baltingly It may be but surely flnan-
cial evils are being uprooted, broad
based honesty Is being enthroued
and the gap between the insiders and
the outsiders bridged.
Not all the millions and the
Vaccinations OF the Money Power
can thwart public opinion.