The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-12-31
AMERICAN hONEYK|NG
J. P. Morgan's Title Due Less
to Amount of Wealth
THAN TO HOW HE USES 1T
Handles Wall Street as If 1t
Were a Peanut Stand.

New York, Dec. 3o.-The Journal says
Last Monday there was panic in Wall
! Street, and Mr. ]. Pierpont Morgan put
an end to it.
That called public attention more forci-
bly, than any other event has done to the
! power of a man wso is unQuestionably
the greatest fnancier in the United
States and perhaps in the world.
Mr.. Morgan controls more than a thous-
and million dollars of railroad property.
If he keeps on as he has begun he will
control the whole railroad system of the
United States.
But Mr. Morgan's interests are not con-
fined to railroads or to finance. He owns
the finest dogs in America, the finest
steam yacht and the finest sailing yacht.
He collects rare books and has many
works of art. He makes munifcent gifts
to charities and even takes an interest
in politics.
His wealth is great, but his power is
greater That was shown last Monday. A
tight money market. the collopse of in
ated industrial stf1ocks and disastrous
news from England eliminated in a Wall
Street panic. Millionaires sold standard
properties ten and twenty points below
their normal value.
There was a frantic demand for mon
ey on the Stock Exchange. Rates of in
terest for loans flew up until they had
reached 1856 per cent
At this point Mr.. Morgan interviewed.
It did not suit him to have the whole
financial situation go to smash. There
fore he loaned 100000 to Stock Ex-
change borrowers at per cent immedi-
ately after they had offered 1S6 per cent.
The effect was magical The panic sub
sided Timid capitalists began to loan
money at normal rates. 1t was not the
amount Of money Mr.. Morgan loaned-a
mere tri1e to him-tnat worked the
change. His masterful mind and uner-
ring judgement were behind the act. 1t
was merely the appearance Of strong
general in a demoralized army.
This man has more power than kings.
He disposes of revenues that exceed those
of all but the greatest European countries
His railroads run 1902 miles, their EN-
ployes number $780, their gross earnings
last year were $179OOO,OOO, and they own
"a. &c, 473 acres Of land.
A great fact which the general pub
lie does not realize is that he controls
the New York Central system. He is the
trusted adviser of the Vanderbilts, holds
vast quantity of New York Central
stock and controls the business of sys-
TENS with which that road is obliged to
do business. 1t was he who put Chauncy
NJ. Depew out Of the presidency of the
Central
The railroads which Mr.. Morgan con-
trolls and their value have been tabulat-
ed as follows by a financial expert:
New York Central system, Is
lines; capital, s16o, $50 ,2oS
New York, New Haven &
Hartford system, II lines;
capital, ..........~... .......... 1o3,s1sS13
Reading system. 16 lines; capt.
tai ....L........... ............ 767os.2s1
! Lehigh Valley system, lines;
capital. ............. ...... ss.49s. s5s
Erie system, u lines; capital. 179,493, ISL
Southern system, lines: capi-
tai ............-..... .........-.. 1S6,23S.1l3
/ Northern Pacific system, 4 lines
capital. .............. ........... 1o6. 4Oo, 900
! Big Four system, lines; capt.
tai. ..............a .............. sl,51zs85
! Chesapeake & Ohio system. 5
lines; capital, ................... 73,7oS,1O0