Roosevelt v. Morgan

At Harvard's commencement and reunion last fortnight. Banker John Pierpont Morgan stepped out of his line of march to handshake Governor Franklin Delano Roosevelt of New York. Last week Governor Roosevelt asked his Attorney-General to investigate at once and within two weeks report upon the new $665,000,000 Morgan merger of New York utility companies (TIME, June 24). Reason: It was "a matter of vital concern ... to every householder . . . who uses electric light or power in his home" if, through agreements with friendly companies, the Morgan merged companies would be in such a monopolistic position that "the monthly . . . bills of millions of people may perhaps be affected. . . ."