MORGAN MONEY TRUST

Dominion, Volume 3, Issue 752, 26 February 1910, Page 13

MORGAN MONEY TRUST

•/"• > WIDESPREAD POWERS. : The/American money" truet, headed by Mr. J; P. Morgan,; which was' developed when that eminent /financier; bought ■ the majority of the' stockV'of '■ thV/Equitable Life;■ Insurance-:Company, etill ■ enthrale'. the. American imagination. . It is ;im-. . portant, however, to emphasis [ the' fact," which:! almost- .every: • newspapßr'S here:'ig-. nores and. dbecures,/that ini'a'-legar'eensb this money, combination; ia;-npt ;, a money trust ;nt all, •because'' 1 there 'ls l; 'no definite organiaitibh, no elected directors, and no list .of'etookholders.. .It is a:"commun-ity'-/of'financial -interests," ft'iohain offinancial control, :which:is'now. centralised'intho.'haiidß of-a very, few men, acting in/concert with Mr. Morgan as com-mander-in-ch"ief.:■':.■:". .' ' './■///- •.■;■,;

• It would.be impoesible to give the total of. the-' direct and/.indirect capital:- now centralized; in -the money trust. •, Some colossal figures.havb already been published, ; and there are others. •«.- ; .'■ To-begin' with, the'Ganking firm .of Morgan: and Co., has deposits of /many milhonn, , which ita directors can utiliae to advantage/in financiarbperatione,..lTie assets of the 'three insurance.'companies are 'invested/.largely-/in the': bonds' or railroad; and industria companies, and aggregate '! considerably more -'than' w£200,-.U00.000.-.i!-.■:■•.::';■■■.';>:•;■: /•■.-■ . •:'■ : "... •■::'/:.

The diMctly, cbntrblled bants- hare' de-. posits and surplus accounte running.' into hundreds of / millions. 7 ; - They,. influence the operation of great, number of smaller institutions.' The'.vast acoumulatiohs of wealth tn tHo Standard Oil coffers are ohi6fly>'.directed' by. Mr. /William, Rockefeller, one.of the representative;members of: the money / trusfin the great game , of finance;! , ."- , ' -.-■;" •■, .■..■;■,.■•;.. ■:. '■.' : -'- -.':.- -.:-.,

'. The vast: sdm-'of' moneyithua' - acciimu-' lated■.'Jβ', actually- ;iir the I possession ,-of the,, moiioy trust,; and '■- the <\ tremendous. power of; the .few men.-in /control, lies in the. fact ihat they, are able to sway, .to ■ influence; and\to-direct the use'.of it at. opportunities ..or,' critical' times.. ■'.■,/' ■ With ■ jts command. over: suck an - moua jmionnt; of ready money,.-. ami with directing : influence over a large, number of ' its allies'- money,, "tho, trust, is-able, to.-wield: a financial power- sufficient to mate or; break; the national, prosperity or the. natioial oredit, and. even • vitally to affect; the .'.-national, Government. ; -;- : One of .'our : bisst- authorities thus -sums up ,th« power of;the trust.' It could, he"saysi— -V ;-v"CaU £«>,o<K>,ooo of .loans overnight, and ruin , ahv : iadversary;■ - , :-' , ..,';!.-.'•■■•: • -'■■■:■ '■' y' V.: ' "Eeduco credits: to euohia degree 'as to oause>;exfa-eme ■■ money.' stringency,, and. great, commeroial distress.;,' ■.'■■'..-■ ■• >'•■■> .-.'■■ i -."Tie up the cashholalngs.of'the New. York, banks by, demanding the' oertifica-' tion of oliequeefoi enoTmouß:'ampunts. • .'.'lleplefo the -'bank' reserves:.iin ; .:New YoTk by (iausing shipments of cash to, any. part 'of the country.' >vj.- ; i. ; -iC : ; ; V>>;; .'"Make itho money rate,of interest ial.most'what.it, cho«, ; fromi : 2;pet';.'Cent; to 100" per amt.vvon caJTlotms; .'.'■■ '■ '.'>■',•■;■■>.-.:">■■.,

''CripplH the financial operations of the Government ;by refusing to purchase any bond issu». ■■.-. '.',; .'■-,- '. ■; :'':.'}'■'■■■'-: : ■'/ '. VDictaty". the. financial; operations of. the' great railway systems, and expanding-in-; dustrial 'corporations! -.". : ■'■'■■'•"' ■ •■■' ' v 'DictateVandi does actually dictate-MJie terms/and exactions of every company, promotion;;'that is . important." enough : , to. "be. financed-by Wall Street.".:,. ".' ■'■';-. ■'■. ■■■ ; ."And withal \it-Vis;: generally- admitted that 'the.viievr; trust: has "had a .good, steadying .'influence '.'.on', vthe 1 financial world, and that, : with.'.;iia : tremendous powers prudently, .exercised,. tle.. : work would probably ,be,.beneficent. ~"-i: .\ ■!..