The mirror., 1919-12-11
CREATION OF WEALTH
Article Showing Elements out of Which Wealth i
Created and its Power Distributed to Man
read before the Chauauqua Circle by L. = W.
auqua Circle By L. J. W.

CHdUtdUquG CtTcH 0y II. J. W.
mobile. but now many millions of
dollars are invested and many
thousands of men are employed in
supplying the new demand. And
there Is many man with whom
this new want is so imperative
that ne is willing to mortgage his
home in order to crafty it. Our
wants are becoming innumerable
and Unsuitable.
| A we'll known American spends
$50, 600, 100000 in collecting
paintings, antiques and curios.
And in proportion as our wants
increases the power of money in
creases, so that the influence of
wealth is growing ever greater,
and like the pressure of the at
mosphere is exerted in all direc.
tions.
The proverb that wealth breeds
wealth is ancient. In economies
as IN physics the greater mass has
the greater attracting power.
There is strong tendency for the
one dollar to get into the hands of
the man that has ten dollars. In
recent years, however, there has
been concentration of wealth and
power which is a new phenomenon.
The significant fact for our pur-
pose is not the concentration of
ownership but of control. It is
stated that the stock of the United
States Steel Corporation, more
than $21, 900, 900, 900 par value, is
owned by about $4,000 different
persons. which Ye may call wide
c6Stf6i 81 this powerful Corpora. c
tion is vested in board of twenty
four directors, and this board is
guided by the executive and finance
committees, which is largely domi-
mated by their chairman, who is
no doubt under the influence, if
not the control, of Mr.. Morgan
the great banker who organized
the corporation and in a large mea-
sure swayed its policy.
We have just seen how the
property of $4,000 people, concen-
trated in a single corporation. may
be brought under the control of
the representatives of one man.
In like manner it is possible to
concentrate the control of many
great corporations. A few years
ago writer in the Worlds Work
gave list of corporations the ag-
gregate wealth of which indicated,
in approximate figures to the ex-
tent of the Morgan influence,
which was at that time more than
Sc. 900, 100000. In 1912 writer
in the Wall Street Journal gave
list of banks, trust companies, and
insurance companies by name, to-
gether with railroads and indus
trials. all controlled by Mr.. Nor
gan, the assets of which aggre-
gated more than $4,000, ,OO0, 900.
Railroads partly financed by him
and other interests brought the
grand total up to $4,000, ,0OO, 900,
as the aggregate wealth actually
controlled or indirectly influenced
by this one man.
This is So, ,OOO, 900, 900 more than
the entire wealth of the nation in
1850, when many men still alive
we're beginning business.
If our economic system remains
the same, and no legal impediment
is imposed, it is certainly con-
ceivable that in fifty years hence,
a single coterie may control as
much of the worlds wealth as is
now owned by all the people of
the United States.
| Now the power of concentrated
wealth is quite as real as political
power. Why should we fear the
concentration of one power and
not that of the othera The power
of wealth has various ways of con-
trolling legislation. It can subsi-
i Continued on page .. column s.,