The times. [volume] (Richmond, Va.) 1890-1903, 1895-08-24

himself TO George Peabody, i>ohuoi, p ,,.Ss
or and philanthropist, that hc was
his American representative; ..o,, ne,ng
After ten wears i'm 1854. PeapouF p'",s
dead. JUnms Morgan went 10 bv ,n'i,,Dese
be head of the whole banking 80
changing the firm TO J; ,. sloi san 81 tho
He was Il On rich. lie became onte Va
richest men in the Western Hemlsp,eie,,
His son. Pierpont Morgan, educated a.
the Boston High-school ana AZ 49,,
tingen. was back In America AT 49,, -,
and a clerk in the old banking -"o'S'
Duncan. sherman & co; ...,,. ,,ere
Two years ne drudged obscurey tne'e,
learning banking in every departure -, ="
RD ne felt strong enough 10 s'"t ~. i $3.50
and set Up a small bank IN -NcHait7o
Place, where he was soon joined py D"D
ney. The chief strength OF TINS HIn wa,
Morgan's agency for PEABODY - -, ~
London. During eleven years TINS H"..,
with various minor changes, grew az, az"
became a power. Morgan was not adus-
fed with the old idea of a PASSIVE paHN-
iLg business. His mind was fun OF plans
for making himself an active low 80
the world, for putting his name o,si.o
those OF the great dictators OF lhuustsf
found I'm every European CITY OF lht
first class As the firms influence VIA
ened he set these IDEAS IN motion, ,,..
Then, as now, two great opposite N"sS
invited p capitalist banker 10 enormous
fortune and enormous power. Inc his,
the way Of Jay Gould was py NlcoN.-7
and loOting great properties. Inc stcour'
wrecker. wrest from him as much OF W.,
spells as possible. restore the Mfecn' IL.
II from the shoals and rocks. anu -. ~
In "a prosperous way again. IN 1919 80,
gan did his first notable Work o. '4ia
kind Gould and Fske had seized we
Albany and Susquehanna raiiroad' anu
were ready to destroy H. some o. tis.
stockholders appealed 10 Morgan. le,
audaciiy which can be aplte .ll .S .,, Dy
those who recall the strength ana cur
ming Of Gould I'm those days ne maIcsN
against the destrOyers won twenty ~
law suits. bafiled iniunctions innuiheiaut,,
triumphed In drawn battles between nv
retaincrs OF Fisk and the state inilun'
Gould and Fiske were dislodged anu Iou'-
ed
Upon this followed n long series OF
battles and triumphs that steadit Uull1
the belief i'm Morgan as an lhEihe9Dv
general or finance I'm ISL he laid before
the great house OF Drexel & CO., OF fiiid-
dclphia. plan by which they coula aHaps
themselves 70 the new req lieiileii ~ -,
barking. Then rose the establSh 1t.'
a. Broad and Wall strects-DreNei MOI
gan a. Co. Physically their position Goini-
mated the financial quarter OF Ne" oIn.
As enc went down Wall street IL "as
the United states Treasury on me on
hand. end Drexcl. Moran & co. on ine
other. The physical position was 500"
justified.
The first great achievement Of Morgan,
working through the new firm. was as an
ally of the United states Treasury re
formed "a syndicate which foated S91-
OGo.0lp of Government bonds ~ inc ii"l'a
administration. This was 20 eL"ule t.o
Government to resume specie pdyNr''.,
and both I'm plan and in outcome the shin
Of Morgan was great factor. W hth W
success If this affair was asSuitni
IT. Vanderbilt came 10 Morgan 20 80
So. 10000 I'm cash from Europe } improve
end complete the New York Central sSs-
.tm II was one thing 10 place me bones
Of a powerful government Whlch Iau a. a.
serted its stability by winning lei ~
war and mad maintained IT'S creilt III
snite 0f an exhausting drain. To I.a..
the shares Of railv ay system JUST al ''I
a panic that had Justly alarmed foreign
investors was "a different mater
MORAN had now been cohsideranie
figure in the world of money TOT zen
years. lie had the prestige OF MS iathei
name and Of the great banklhs-house
with which his father had neen ASST
ciated Further. Dee rad the strong sup
port Of the name of DreNel. sHuoht I'D
Of honesty and stability. He had ms own
Ten years OF brilliant and honorable
achievements. He had Just assisted the
national government i'm dazzling sue
cess With an this 20 assist him, an"
with his own clear. and persuasive spttDn'
nc got the 100000 from English capital
lists. and a good deal more, TOT the
shares sold az "a high premium.
These Two achievements were adm.Ie1
throughout the world. and hrmly 'stau-
nshed the fame of Morgan ana OF Als
f1ry 10 success in TIE international
schemes OF reorganization and Dond-seii-
ing that lave been the greatest source -
Of profit 10 the house. and have euan4rN
half "A dozen men 10 retire froin the house
and from business with large fortunes
made in n few years The present ~ est
Shore read was the first great ieoi-
canizatiCn iu this country. Nhth III "P-
pealed to Morgan its affairs were in
hCreless tanele. lie straightencd lhen
cut AGAINST furious ana banning oiifY7i-
tiCn, sold the road 10 the New } ORR th-
trail The directors Of the New YORK cen
trial gave Morgan service or soilu eolt
plate that cost 5000, ana anno.nt,'t
that hc had given time and skill without
making any charge Whatever.
Two years later In lsN, came lne 80
che OF the Baltimore and Ohio from the
ruln into which it was tumnling because
the CARROTS had listened 20 tAot amazing
anaucn iuggler Henry =. Ives, Whohi
mcrcifu Providence removed htIpie A'
had time 10 out-Gould Gould. Ihey VIZ
stnl talking OF the saving or INC i"t.i-
nirre AMI Ohio when Morgan TOOK UP tNe
reorganization and restoration "l VIZ
Reading system. lie succeencd WIZ
Austin COrbin failed. Tie laicI Iiiis i.t-
tunes of that system Were "-, 20
very man whom Morgan Aan lal7,A up
TO guard IFS prosperity. Ana Do - '"
teresting 90 know that the mama -li.-
raised him mp Was the mana t-at l~r-
ieh.d him for betraying the uIot III
th. year of the Reading reOi raHl1'iti'il
lSSSD Morgan reconstructed 'Ae 'ii,''-
make and Ohio. which seemed 20 De nope
lesslv ins0lyent. and joined j. 70 we h's
Four system 10 the making OF "otH- 49,
m WIS In 1881 that Morgan showed IN.
iron hand OF the master 10 we
railway barOns. Ia tine yen Ll 49,. ~
ve1rs he had had 10 do with every one OF
fhe great railroad companies he naN
saved some from bankruptcy. ne ~
organized others. lie mao heiiS' 49,,
20 perfect their coni'e'y'-7 e.'f al