The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1901-10-13
= =z= Il. Pterpont Mor9an==tbe Man I'D
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place the products Of forest and quarry
The process Of specialization had sepa~
rated what should have been allied inter-
ests until all weresat Ioggerheads, and the
idea Of a gigantic combination Of them
while promising wonderful increase OF
profit, showed almost hopeless obstacles
in the way Yet it was but three months
from that time that the largest corpora
ton in the world had been organized by
combining these branches and the stock
on sale.
New York fnanciers are usually Jumped
together in a single class, with no differ
ence between them but their relative
wealths. in the minds of those who are
not familiar with their ways. AS fact
no two of them are in the same line or
business. Sage was a money lender pure
and simple; Keene a Spectator who
watched for the turn Of the market as a
gambler does the turn of card Gould
was a wrecker who proflted by the mis-
fortunes which he often helped to bring
about The Vanderb5Its and Astors are
strictly confined to their specialties OF
transportation and real estate, but Nor
gan's work is on broader lines 1t IS al
ways by putting cooperation in the place
of competition, by paying the bills OF
those who are swamped with debt and
reaping his profit from increased produc-
ton and its attendant prosperity The
railroads Of the South offered an inviting
field, and there he has secured control OF
nearly everything on wheels that is pulled
by steam The methods OF the Southern
roads business managers had about
wound them up in bankruptcy and Hdga-
ton. When Morgan took. hold OF the
problem it required months for him to
make head or tail out Of the confusion
When his plan was formulated it required
twenty-six foreclosure suits to vanish the
ghostly equities of the chancery courts
and expenditure of enough money to can
eel two hundred and fifty millions Of in
debtedness. The Southern Railway. which
was the name Of the company evolved by
this feat of ''Morganiza ton" was not at
first popular with investors, who were 10th
to see how the combination OF a number OF
failures could make a success. Tt was In
1898 that Mr.. Morgan began his recon
struction of the Southern roads. To-day
the combination Of them makes one Of
the best paying systems OF the country
and has had much to do with the pros
perity Of the New South"
Morgan's upbuilding, helpful policy
should be remembered by those who crit
icize his vast accommodations, While 9TH
ers during the time Of trouble with our
Government were running down its credit
and running up the price Of gold in vain
attempt to wreck the Union the Morgans,
on the contrary. were the first to offer
gold for the resumption of specie pay
4
for years in a precariOus financial condi-
ton, with it's paper promises always be-
low par. Again in 1895 and 1886 Morgan
came to the aid of the country and if he
did charge a high price it was no more
than was necessary to enable him to
tempt timid capital from the secure
depths of the safe deposit vaults in which
1t had taken hiding.
The greatest feat which Morgan has
accomplished in the financial world-one
that appeals to every proud American
was his turning the tables on the money
lenders of Europe by financing the first
foreign loan which was ever negotiated
here-that of Mexico for one hundred and
ten million dollars. The following year
he secured twelve million dollars by the
sale of English bonds In New York, and
since that time one after another Of for
eign countries are learning to come here
for their money,
The worlds financial and commercial
center is rapidly being pulled to the west
ward by this man who has done so much
to make the United States the commercial
unit that his forefathers helped to make
it politically, And still he looks farther
westward, for already he has assisted in
financing two great transconttnental lines
Hills road and the Northern Pacific.
With all the business on his hands he Ia
such rusher that he finds time to devote
to the collection of curios. to the raising Of
fine stock, to supervising the building OF
his own yachts and general interest in
the sport of yachting which led him to
head the syndicate which built the Co.
Iumbia.
While he loves curios, he does not be-
Ieve in hiding them away to be seen only
by himself. The collection Of rare fabrics
and products from the looms Of strange
countries which he presented to the
Cooper Institute delights thousands, and
SO does the Tiffany cabinet of rare gems
which he gave to the American Museum
Of Natural History. OF less popular in
terest, but more valuable to artists and
antiquarians, are numerous rare Greek
ornaments donated to the Metropolitan
Museum Of Art.
Millions Of dollars have been given by
Morgan to charity, but the work IN which
he takes the most interest Is that of DR..
Ra1nsford In st. Georges parish, New
York. Here they have all kinds Of costly
experiments in progress for the ameliora-
ton of the condition Of the submerged
tenth There is coal yard where coal is
bought by the ship load in summer, when
1t Is cheap, and sold out by the tin buck
etful in the winter time at the same price.
There is also parish store where are
gathered the good as new cast-off clothes
of the wealthy parishioners, to be sold at
nominal prices to the poor who have