Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-03-02
BIC THIEVES IN
FINANCE ARE
Played
Bankers Must Repudiate ,.'GentIe-
men" Who Steal PubIic's Mil
lions, Declares Forbes,
BY 8. c. Forbes.


Two millionaire "financiers," promi-
nent in wrecking the once great Rock
Island Railroad system, are expected
to receive the cold shoulder from
Morgan and certain other powerful
bankers
House cleaning in high finance is
what the movement means. 1t sig
nifies the triumph of character over
chicanery, Of decency over duplicity'
The gentry who dominated the
Rock Island, after looting it, are out
of place in modern finance. They no
longer fit. They do not harmonic
with reform. They breathe a differ
ent atmosphere Their methods of
milking the public of millions are not
now in favor. Nor do their habits
quite commend them to the latter
day school of bankers. Their names
are not conducive to confidence.
In the highest financial circles as
constituent is privately expressed that
J. p. Morgan & Co. have not dropped
at least one of the pair before now.
His doings have been much discussed
of late-both at Washington and
here The rupture. it is now said,
will not be long delayed.
Should the Rock Island scandal be
laid bare to the very bones-as 1t
ought TO be-the effect would be dis
tinctly salutary. Two or three gen.
tlemen who scooped in millions with
out honestly working for them would
find themselves in an extremely IN
comfortable position. If they got
what the public would doubtless de-
mand they would have little oppor-
tunity for some years to perpetrate
any similar finn Tanning unless
they succeeded in bribing warders.
The wrecking of Rock Island was
more brazen than the wrecking Of
either the New Haven or the Frisco
systems. AS in all such cases, the
thieving insiders line their own pock-
ets by picking the pockets of the pub
lie. The Rock Island was once a
staunCh, profitable property, abund-
antly able to pay regular dividends.
There was no excuse, save the Illicit
greed of the tin plate" crowd, for
robbing and bankrupting it,
If the kind of "financiers" who have
wrecked the Rock Island and the
Frisco are allowed TO go free, allow
ed to retain their ill-gotten millions,
allowed to mingle financially and So
cially with the best in the land, then
no scoundrel need hesitate to hatch
up some gigantic swindle to extract
fortune from the pockets of un-
suspecting investors. Only the
swindle must be on grand scale.
Petty robbers are apt to be punished
The ones who are not molested are
those who steal millions and mix
with the bon ton of High Finance.
The contemplated shake-up can not
come a day too soon. 1t should have
come before now. The delay is at
tributed to the friendliness that ex-
listed between the late J. p. Morgan
and the parties slated for ostra cism.
1t is also said that the latter still en-
Joy cordial relations with the head OF
a national bank notorious for its
speculative exploits But that the ak
must shortly fall is not doubted.
The old order, indeed. changeth
Men of the Gates type are no longer
wanted. The plungers identified with
the Rock Island, American Can and
shares have been used as gambling
pawns, were once welcomed in Wall
street. To-day they are looked upon
as unwholesome, as misfits, as a sur
vival OF conditions that all want to
bury. The Stock Exchange police
committee" is compelled to keep
keen eye upon their doings, and occa.
siOnally to suspend members for ex
ecuting film fam orders from them
the sensational exploit in Rock Is.
land. recalled the other day at Wash
ington will rise to everyone's mind,
So long as men OF this stamp are
countenanced and supported by thG
strongest bankers In America, 80 long
as they are permitted to control cor
porations in which the public owns
bonds and stock neither Wall street
nor the Stock Exchange can hope to
win the confidence Of the people
Those Of us familiar with the mech
anism OF the Stock Exchange know
that these financial highwaymen are
outside the jurisdiction Of that insti-
tuition. We know that its governors
would not hesitate to do anything
within their power to enforce fair
dealing. But the public does not
know this,
Let me state. therefore. in plain
language that the ostracism of such
freebooters is up to" the influential
bankers, international and national.
who have too long associated with
co-operated with and supported them
Until these bankers act, the public
may be "ardoned for questioning the
sincerity of recent protestations Of A
change Of heart and of determination
to remove every cause of Legitimate
criticism.
Bankers, what do you propose to
do about IL?