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-
tdous junior partners to Q. K. a
new venture they wanted to
Aoat, is reported to have laid
down this ultimatum; mol
This firm in future is to do a
banking business-a conserva-
tive banking business. y
Tho Rock Island Railroad. hereto
tore the football of clique Of ire
sponsible Wall street gamblers, and,
as q consequence, now on the verge
Of bankruptcy. is to be dominated In
future by interests enjoying the
public's confidence,
ALI these developments sre sympto-
rnattc of the demise Of the Money
Power and It's le-and corner. con
scienceless ways. More are to fol-
low.
Old Game oVerplayed.
The old rule of constructing and
mountaineering a property so that a
handful of insiders could WELD auto
cratic power, leaving stockholders
abtectly impotent, does not tit these
enlightened, democratic times The
game was overplayed The bleeding
of outsiders by insiders was carried
200 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 pulsatlng
with red blood.
The disintegration OF the Money
Powers machine will be as rapid as
its creation. IT is already crumbling
under the sheer weight Of righteous
public opinion.
Morgan Policy Changes.
The new Morgan Il Co. is not the
old Morgan n Co. Just how great
the change has boon the public do
not realize. By-and-by tho 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 it, 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 insti-
tuuons affiliated with the new cur
rsncy system to be controlled by the
Government what then? How would
such a law affect firms like Morgan
& Co. which derive nearly all their
power from corporations they have
devised or dominate? What IL the
Steel Corporation should be obliged
70 withdraw its s20,000,000 deposit
and other companies compelled to
take away their lucrative accounts2
New Law Favored,
These questions are not fantastic.
Legislation along the lines indicated
is favored by powerful Washington
politicians.
Concerning the overthrow of the
adventureUs who have played fast
and loose with Rock Island. only
those familiar with the whole facts
can appreciate it's full significance.
II means the downfall Of ChiCanery,
OF financial knight errantry; the pass
ing of speculative brigands whose
tactics do not Comport with modern
standards. SO low was tho estimate
placed by investors upon the charac-
ter of the gamblers in control of Rock
Island that the companys 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 test-
Lnouy to the pricelessness of charac-
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 Enthroped.
And 30 day by day, little by little,
haltingly II 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 bridged.
Not all the millions and the
Vaccinations OF the Money Power
can thwart public opinion.