OCR Interpretation

The day book. (Chicago, Ill.) 1911-1917, October 25, 1915, LAST EDITION, Image 8

Image and text provided by University of Illinois at Urbana-Champaign Library, Urbana, IL

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn83045487/1915-10-25/ed-1/seq-8/

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New York", Oct. 25. High up in a
dingy room of New York's postoffice
building they've be'gun to dig the
grave of the only attempt America
has ever seen at empire building. It
is here that Uncle Sam's wiliest at
torneys are trying to cut a hole deep
enough to bury that synthetic co
lossus that the dead J. P. Morgan put
together the New York, New Haven
and Hartford railway system. And
to watch the dirt fly, to study the
expressions of America's most fa
mous millionaires as they note the at
tempts of the prosecution to excavate
their tombs, is to see the highest
drama which our twentieth century
can afford, the sight of the haughtiest
millions In the United States being
tried in open court, before a jury of
12 unknown men, for their sins.
Ten ex-directors and two present
directors of the New Haven railroad
are charged vriih some twenty-five
hundred illegal acts in conspiracy to
monopolfze interstate traffic. It I&the
end of an era in American' finance
and the dawn of a new day that Is
being enacted in this room, now that
the preliminaries have been settled
and the pqssibly six-months-long
trial has begun in real earnest
It -was the effort of the elder J. P.
Mongan to monopolize not only the
commerce of New England, as
charged in this trial by the govern
ment, but the commerce of half the
western hemisphere as well, that
brought the 12 millionaire defendants
in this historic suit to grief. They
are now to answer to a mistaken no-J
tion of the role of high finance a
notion which was essentially destruc
tive rather than constructive. This
is the opinion of one of the highest
neutral authorities in Wall st
And stfll another eminent critic of
the 'New Haven monopoly, Louis D.
Brandeis has traced much of its guilt
to Morgan methods of finance. He
says that -when Morgan entered the I
directorate in 1892 it was a little rail
road with 508 miles of line and cap
ital liabilities of $25,000,000, paying
10 per cent dividends. Twenty-one
years later, when Morgan died, the
New Haven had 20 miles LESS of
line than it had in 1899, but was cap
italized at actually more than 17
times as much! And of this capital
increase Brandeis has asserted in his
book on "Other People's Money,"
over $200,000,000 was spent in the
acquisition of 121 other transporta
tion and public utility corporations!
These companies had originally been
financed by their owners or by inde
pendent bankers. Now they were all
made tributary to Morgan!
o o
Since Oct 1 more than $25,000 has
been collected in delinquent personal
property taxes through the courts by,
State's Att'y Hoyne's office.
This is more than one-half of the
entire amount collected through the
courts in the entire year of 1912.
Within a few weeks the supreme
court will hand down many importanti
decisions on the enforcement of the1
tax laws. If favorable, Hoyne will
pour hundreds of thousands of dol
lars into the county treasury by suits
against hundreds of corporations and
thousands of individuals who are la
beled chronic taxdodgers in a card in
dex file in his office. A corps of five
assistants and many clerks have been
working for weeks over the books of
the board of assessors. Outside a
group of investigators are working,
checking up funny looking valua
tions. Here are the names of the five as
sistants who are conducting this
catmpaign: Hepry A. Berger, Pat
rick J. .Murphy, Irwin N. Walker, Mor- .
lis Schaeffer and J. R. Quinn.
o o
One single tuft is left on the shaven
crown of a Musselman for Moham
med to grasp hold of when drawing
the dead to paradise; -

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