Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-10-21

States bonds when the average English in
tellect was mule power. and the philan-
thropist was able to give gioriousiy out Of
hts earnings.
The Dre1sls came to America in 1877. At
the age Of twenty-five q Tyrolean. made an
artist by flying from French conscription.
traits of distinguished greasers IKE Bolivar,
founded. the year Pierpont Morgan was
born. "a small money change house. The
late Tony. his son. whose portrait Is in Mr..
his fathers. J. s. Morgan. was born in
Philadelphia, 1876. In 1853 the elder T. NJ.
Drexel was run over by the cars on the
Reading railroad and died the same day.
but In thirty years his house settled with
the Reading railroad emphatically. Pere
Drexel was exhibiting in the first quarter
of the century. like other potboilers, pictures
Of Niobe,s child. Homer Caracalla and por-
traits of respectable Philadelphia dons.
Rather strange that poetry should grandsire
the Morgan and painting sire the Drexel.
Where the Philadelphia library stood dur
Ing the administration Of Jefferson as Sec
retary Of State. the large marble block OF
the Drexels asphyxiates the Philadelphia
with its cost and extent. the largest at
| tempt to do the great office building feat in
Philadelphia as it has so often been done
| In New York.
Where Washington took the oath Mr..
Pierpont Morgan commands the distant
York. and he undoubtedly is the central
| effigy. or space, or engine in existing Amer
| lean finance.
The Power He Wields.
Nearly every railroad in New Engiand-we
may say all from the vast steamship fleet
| Of the Fall River line to the railroad sys-
| tens meeting at Albany and Springheld-is
| under Mr.. Morgan's merchant thumb. The
Vanderbilt properties from the Grand Cen
| trail station to Dakota make the other rein
to his pair of steeds. Apollo was a cart
Ait wr-lxD
| first name is French for stone bridge.
He is the financier with the Drexels of the
Pennsylvania railroad. the lender Of SO, o0O,-
900 to hold up the Baltimore and Ohio the
stopper or starter of the Reading system,
the fiscal head of the Chesapeake and
| Ohio and the Big Four from Hampton
roads to Chicago. He inherits the Amer
| lean business in Europe Of houses going
back TO the commencement Of our banking
there.
His father was an Episcopalian and he
passes the plate in st. Georges Episcopal
Church, New York.
Was 1t rot he who called of the New
York Central folk from paralleling the
Paran Stevens, the hotel keeper: "Give me
the New England trade and l don't care
who gets the rest" Mr.. Depew is one Of
the men Of genius in the Morgan choir. He
Is the mayor Of the palace to the gentle
Vanderbilts. old Pepin Heristal himself
The thought crossed my mind as i looked
around Mr.. Pferpont Morgan's great fac
tory of loans and international placings
and fiscal games Of chess that the credit
the United States government had given
our public name by paying of our war debt.
had been checkmated by making corpora
ton debts abroad to use UP that credit.
From near twenty-seven hundred millions
Of dollars debt in 1865 we ran down to eight
hundred and ninety millions In 1890, paying
OFF eighteen hundred millions Of national
debt in quarter Of a century. or three hun
dred dollars per head or as some say,
soul of population.
No nation ever did that besides. England
tried II under VIM. Pitt and failed. The
national debt of Europe win not be paid. but
carried.
Just a Suggestion.
Might we not as we'll have carried ours
and made 1t the basis Of investment and
money, instead of trusting our money to
new railroads and sride mines and fraudu-
lent trusts, and now being in search of a
method of making good money?
We have run down interest to 8 or 4 per
cent, without any private borrower other
than a corporation, getting the benefit Of
the lower rate.
We have more than duplicated the for
eign and domestic debt the government
paid of. by selling securities of paralleling
railroads to the outer world and all sorts Of
securities, which now are being returned to
our bankers.
You see that II five hundred millions OF
Vanderbilt's and other stocks and bonds
come here to be sold like Atchison at the
street corners of the New England towns.
the borrowing power of all such securities
falls to minimum only measured by the
timidity of the banks. Mr.. Vanderhllt's
sons coCld borrow 80 per cent upon their
stocks; today they can borrow as much only
as frightened bank presidents full Of money
will hazard.
Note last week the price Of New York
Central. 10l; barely above par. That was
the stock VIM. H. Vanderbilt sold great
block of. say a sixth of all he had, to
Englishmeni
See 5000 shares of Reading sold in one
day last week to New York at II, or two
thirds below par-34 cents on the Goiar--Ihe
corporation Drexel Morgan & Co. bought
control of six or seven years ago TO Dust
Gowen, who shot himself. He died more
suddenly and alone than Tony Drexel
cropping for a hand and for light at Carts
badi A big broker said to me: ''Pshaw! The
English have only $500 shs res of Reading"
Very WELL Seventeen times Is. 200 shares is
near half a million dollars. snd IL they
want gold for 1t, how are you, Mr.. Carlisle?
But look at New York, New Haven and
Hartford, the road which connects the
brain of America with It's spine. The iig
ures are 1870 for New Haven. Old Colony III,
Boston and Albany 200 If these should
drop, by foreign overloadiny. sorrow again
New England will wall: We must settle
at last for all the railroads we build out
side of our own investments" GATH.