The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1901-10-13
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Il "a - i ~FAO4 6SAA "~-O N-iS4-' ~ - -
those early days, stout pillars Of the
church in the commonwealth OF
Massachusetts.
They treated with the Indians, helped
II the drafting of the States constitution
and later on fought in the war Of the
revolution. For the whole two hundred
and fifty years that the family has been
in America it has occupied front rank
and has grown with the country.
Miles Morgan was one CT the founders
Of the town OF Springfield, and Joseph
Morgan. grandfather OF John Pierpont
Morgan. xas wcll-to-do innkeeper Of
Hartford. Conn. in the days when the
keeper OF the inn was the principal gen
tleman Of yc towne. Joseph Morgan made
money IN the slow way that people did
when there were only few barrelsful of
pine tree shilngs in New England and
Spanish doubloons had to I'll the gaps left
by the scarcity Of English coins.
Junius Spencer Morgan, the father Of
the present master Of finances, was him
self a banker of highest ability. He had
u natural inclination for work of the
counting house and was bank clerk
when only boy. He inherited from his
father Joseph I'll OF the earnings Of the
profitable tavern and commenced life well
of for those times. He was associated
for tine with Levi =. Morton in the dry
goods trade and later became interested
III business ventures jointly with George
Peabody. the FIRST notable millionaire
phi.anthropist.
Junius s. SIorgan's success was owing
10 his daring in starting his London bank
ing house, which prosperod his affairs to
such an extent that he was able to leave
nearly ten million dollars 10 his son, John
Pierpont Morgan.
The mother Of J. P Morgan was de-
seconded from a stock which was as strong
and influential in 4 patriotic, poetic and
literary way as the Morgans were in the
financial She was a daughter of Rev.
strong mind was devoted to reforms for
the good Of the human race.
J. P. Morgan was born on the 18th of
April, 1887 near Hartford, Conn, on a
farm which has since been incorporated
with the town, as the latter has grown
out and around ii. Morgan as boy was
sturdy and solid, studying not so hard as
TO distinguish himself and ruin his con-
stitution; neither was he talkative nor
inclined to the social side of school life.
those Of outdoor sports. hunting, fishing
and boating. His education was finished
by two years study at the University Of
Gotungen, Germany. From there he re-
turned to take a place in the foreign ex-
change department of the American
branch of his fathers bank. and it was
in that broad school that he got his grasp
on the method of handling international
finances.
The latter part Of Mr.. AIorgan's life has
been devoted TO a realization Of the
dreams Of his two grandfathers: for one
the achievement of vast wealth; for the
other, the reformer John Pierpont. He
is putting an end to destructive compe-
titiOn by uniting rival and combative
forces and increasing the possibilities for
useful creativeness. The scale on which
he is uniting already surprising aggre-
cations Of capital is something unknown
in the world before and has been called
''BIorganizing'' by the New York brokers,
who had no name for such tremendous
unions Of capital as Mr. Morgan has eff
fected. It is direct step toward nation
alization, yet accomplished by a process
which appeared TO have been always
tending in a reverse direction.
THE boyle of Wall street, where
troubles dim and big are continually
frighting timid capital, is J. P. Morgan,
1.-THE old man. he is generally called
by those who do not care to have his
name too often on their tongue. If he
were the old man of the sea he could not
inspire more terror among many of the
operators" who make an exploiter's
living by wiggling values up and down a
point or so to clip margins off specu-
lators' investments. He has little SYM
pathy with stock jobbers of this class,
and has given them such hard squeezes
that even he himself felt sorry, and
rather than send the whole card house of
speculative investment tunbling by ex-
acting his pound Of flesh he has permit
ted them to ''ha5y7 and CIT their losses
TO figures which they could stand.
This Will be remembered as having oc-
CURED only recently in London, when
the fight over Northern Pacific nearly
caused the ruin Of dozens who got caught
between the shears that Morgan Yields.
Mr.. Morgan has from the beginning of
his business life always followed his own
advice and been sole dictator Of all of
the affairs In which he has taken part,
for he believes IN no divided authority,
and even the banking house Of ]. P.
Morgan & Co. is q partnership and not
q corporation It is to this freedom of
action that he owes much Of his power,
for It enables him to instantly take ad-
vantage Of turns Of the wheel Of fortune
without waiting for the action Of a cum
bersome board of directors.