The age-herald., 1901-02-24
CARNEGIE AND
 PIERPONT MORGAN Some Characteristics of the
 Two Great Men BEGAN LIFE DIFFERENTLY Andrew Carnegie Worked for Twenty Gents a Day, While MT. Morgan Started Out With Wealth
 At His Command.
BEGAN LIFE DIFFERENTLY
the Chicago Times-Herald.


 John Pierpont Morgan is GA years old Andrew Carnegie is 66 Mir Carnegie began working life on an income of 20 cents day. MT Morgan started with wealth at his command. Until last week MT. Carnegie controlled more iron and steel than any other living man in the world. Today MT. Morgan is to the financial institutions of the United States what the Rothschilds are to Europe-the key MT. Carnegie gives the public some thing out of his enormous wealth by do- hating libraries to towns and cities MT Morgan presents money to hospitals and made the American side of the contest in the last International yacht race. Both men are superb types of the best that the money age can produce. Of their class, their era, no finer examples can be found What the industrial or cooperative age will do with similar types later on is problem.
 MT. Morgan is supposed to have just purchased $S5, 100000 of MT. Carnegies s iron and steel stock. If this be true he now controls nearly s7OO.OOO,OOO of such stock in the United States He has also recently purchased the Jersey Central road and engineered part of a deal for the control of the Great Northern Chi cago, Milwaukee and St. Paul; Erie, and Reading Railroads under one financial head. Ii he accomplishes these things without the wealth of Europe and Ameri- ca back of him he would be Titanic. fdaVlng, though, entire treasures at his disposial, what he has accomplished is not so remarkable. He is obliterating competition. As some one wrote, He Is reducing the world of finance and cor roration industry to a series of numbers which ah hnt,to oh 1av1 upon a board" In his operations he is not ap individuanst, but a concentratist. He Is as necessary to the times as meals to growing child. His opportunity will pass and the need for him. and when death comes his wealth and power cannot so with him across the dark river. His rower and the means which brought it to him are worthy of the closest and most dispassionate study by sociologists.
 MT. Morgan's father was James S. Nor gan, native of western Massachusetts and an old-time Boston merchant. The famous George Peabody admired his abilities and invited him to engage in financial business with him in London. MT. Morgan accepted. The son was born and named Pierpont after his grand father, a famous Unitarian minister of Boston, who led the ant-slavery cause there with Wendell Phillips and Garri- son. His business career began in New York city, but was not successful until he entered into partnership with the noted MT. Drexel of Philadelphia, and the firm became Rrexel, Morgan & Co. The firm had the good will of the Pea body house, the Rothschilds and other foreign money controllers. MT. Morgan is now the senior partner of the house of J. P. Morgan & Co. of New York, Drexel & Co. of Philadelphia, J. s. Morgan x Co. of London and Morgan, Haries & Co., of Paris. Individually he never met with opportunity to exercise his own abilities in striking manner until the time of the refunding of the government debt in 1876. His New York and Phila- delphia houses were members of the syn dicate which took the issue of $200, 900, 900 of AZ per cent bonds authorized for the purpose of taking up previous issues. The syndicate also took $25, 900 of the per cent loan in 1877 and $1O, 900 of another issue of 4As. MT .Morgan's as- ute management of this government deal commended him to other financiers. He made a name.
 Then he turned to railway management. He had a great many ideas as to cut rates, traffic wars and the like. He enun- ciated the doctrine that:
 "Competition is criminal when it de- stroys the interest on investments. Save the interest and obliterate the other"
 That IS the secret or all OI NIT. MOr- gan's advances. He bends his energies to preserving profits for investing cap- italists. Competition, wages individuals that stand in the way of preserving in- terest and the stability of the money mar ket must be removed, and he has proved that so far he knows best of all his rivals how to get vexatious issues of this kind out of the way of his golden chariot. He created the Interstate Railway Asso- oiqtiOn c that aiming fO destroy rate wars, strangled to death through it's own inside treachery. He also devised the "gentlemen's agreement" which also might have succeeded but for the fact that gentlemen of honor did not enter into it. His Joint Tariff Association was more successful. He brought the Penn sylvania road and the New York Central to friendly terms, reorganied the West Shore, reorganized the Philadelphia and Reading, and would have prevented the insolvency of the Baltimore and Ohio road but for the violation of one of the agreements made with him by outside parties. He also reorganized the Chesa- peake and Ohio and the Northern Pacific and the Erie.
 In electricity he brought about the for nation of the Edison company and the General Electric Two or three times his | Judgment and coolness have averted l financial panic in Wall street and dis tress for all the moneyed interests of | the country. To say that he represents or controls $500 O,0OO of capital Is but to admit that what he may control or di- rect is limitless. By a single act of his he could shake the United States treas | ury to its very foundations. Except the | power Of the RothschildS there is no such | example in the world today Gin or out side of governments) as the concentra ted | wealth power of John Pierpont Morgan | So he must individually be a very hon. | est man in order to always do right by | his fellow men and to act for the great est good to the great st number. In charity he has given $1,000CVO to the Ly- ing-in-Hospital of New York city, S5O0, coo to the New York trade school $l0O000 to St. Georges Episcopal schon i S15O.- 900 to St. Georges memoIi. a
 He buys rare books and $. On the yacht contest with M. Lipton of England he is supposed ,o have ex- | pended $5O0,0O0. the Columbia being own ed by him. He Is overly fond of the water, and Mrs Morgan is one of the ex- pert yachtswomen of the Atlantic coast Of his characteristics it has been written.
 'To those employed in his banking house he is an autocrat, supreme, in flexible; whose words form a law that cannot be broken with impunity. To his friends he is simple and unaffected com panion, whose conversation, always en- tertaining, sometimes abounds with the keenest wit and the most rollicking hu- nor. To all members of the human race with whom he is acquainted or in busi- ness relations he is about as inaccessible ac the Czar of Russia. He is popularity supposed to be worth about $50 0OO, 900 in his own right. He is steadily opposed to speculation. Finance to him is great 1 Sciencp.