The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1925-06-14
One of Morgan's Banks
in Wall Street Declares
100 Per Cent Dividend
BY J. LOUIS ENoDAHL.

TODAY the Morgan banking interests float another loan
for Belgium, this time for $5ooooooo 1t was accom-
pshed without much trouble and the international bankers
in Wall Street pocket another huge wad Of profits
Business good in Wall Street. especially in the Morgan
dividend declared BY the First National Bank which makes
100 cent dividend for the year. something that only
being sold to workers it is carefully held by selected list
of great monares headed by George F. Baker the silent
man OF Wall Street. who is chairman OF the banks board
of directors.
But Baker shines not only banker He is director in
multitude Of corporations He is prominent In the railroad
world considered to be the directing influence in the
called ivan Swerngen Merger, the latest consolidation of
railroad properties large SCALE that has been brought
under the surveillance Of the Interstate Commerce Commits
One charge that the Van Swerngen brothers making
too much money out OF the DEAL, which Is purely fnan
cia transaction But the little stockholders will find that
the big banks not in business to consider their claims
There is much money for the banks in the merging of
loans for bankrupt foreign that must accept
almost any terms thrust upon them And profits must not
be interfered with.
The important fact is not that the banks make huge
capitalist system nationally and internationally, debating
where and when gold shall flow what great industries shall
be supported when in financial Stress what industries shall
It is in this way that the great financial WELD
organized labor The United States Steel Corporation was
inspired by the great banks in 1919 to its open shop
launched the ambitious Campaign following the defeat Of
the steel workers, to smash the coal miners union and
establish non-unon conditions in the coal fields. It the
militant spirit of the coal miners that Won because
they had Labor banks of their had bought
extensively the coal companies because they had done
neither of these things.
But the railroad brotherhoods that boast of their
labor banks" and that pride themselves their railroad
stock purchases and whose officials energetcay urging
the rank and file to buy MORE that scabbed the shop
workers strike in 1922 Their holdings made them too
tmd to enter into militant struggle against their exploit
The so-caIled "miIonaires' banks" constitute the
golden heart of American capitalism From this golden
heart flows the precious stream of gold that tries keep
capitalism alive 1t by process of TRANSMISSION thru loans
and credits, that American capitalism trying vany get
European capitalism out of its slckbed and into period of
convaescence. sa4
Labor banks and small investments in big corpora
tons constitute mirage that may fool badly informed
workers. but that quickly fade upon thoro investigation
spite of the false and misleading propaganda of the corrupt
labor arstoeracy
The working Of the capitalist financial system only
prove to awakened labor that capitalism itself be
destroyed and social structure created with all
finance in control of the workers. No has heard
of the Union of Soviet Republics allowing foreign capital
have even the smallest share in its financial system.