The New York Evening Post reports that Mr. Pierpont Morgan's
firm will shortly become "a corporation," or, as we should say, a limited liability company. The reason assigned is that its business has become too extended for individual management. Years ago we pointed out this as the obstacle Which would prevent the growth of mammoth millionaires. It is not only that their brain-power becomes overtaxed, for that may not happen if the source of wealth is the incessant repetition of one plan, but that they grow overworked and liable to all kinds of nervous dis- orders. There is no remedy for this except the "corpora- tion," and that is an imperfect remedy, no corpora- tion having the courage or the energy of an individual. The freedom from too great sense of responsibility which we all seek in soldiers and statesmen can never exist in an honest board of directors, and a dishonest one is only a nuisance. The remedy is to allow a virtual dictatorship within the board, and that sometimes succeeds, but then jealousy is an original element in most human natures.
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