The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-17

I gan rendered important services to the
] federal government.
/ During the second Cleveland admins
| tration he not merely guaranteed the
| success of an immense bond issue. but
| to avert a panic. at a time when the
| public credit had become seriously i'm
paired, he accomplished the unprece-
| denied undertaking scoffed at as CHI
merical and absurd, of controlling ex-
change, SO as to prevent the withdrawal
| OF gold from the United States treasury
! for export. But the most remarkable
| achievement of Mr.. Morgan has been
the employment OF his power to give to
| the chief American securities a stabil-
| tty previously unknown and seemingly
unattainable. Financiers do not need to
| be reminded of the ruinous and chaotic
| state of affairs a few years ago when
| railroad companies and other great cor
| porations too often conducted their af-
fairs in the belief that good flnanciering
| required wars Of determination against
| all competitors. Not only was a con-
! dition of chronic uncertainty and insHa-
| bility thus produced, but the frequent
| wrecking of great enterprises was con-
| stantly enbailing ruin upon investors and
| lettering others from touching these
| stocks. To this situation Mr. Morgan
| addressed himself. The financial inter-
| ests at his command enabled him to
form connections with great rivals, and
! to have an important voice in the at
fadrs of each. 1t could not be expected
that his interest in the one could make
! agreeable to him raid upon his interest
/ In the other, and he was able to bring
convincing arguments In demonstration
! that the interests Of all alike would be
! best served if the great energies wasted
in mutual brigandage were utilized In
! developing the resources naturally be
! longing to each. Perhaps the first inter
est of this kind affecting immense inter
| eSts which reached the public ear was
the case of the New York Central &
Pennsylvania railroad systems The for
mer had been poaching upon the coal
preserves of Pennsylvania, while the
latter. in retaliation, had been extending
aid and comfort to the West Shore. tho
new rival of the New York Central in
! New York state. In the rate-war which
resulted the West Shore was we'll nigh
exterrnlnated
! Out of such state of affairs the power
, and skill of Mr.. Morgan Were able to
bring peace and prosperity to all con-
| cerned. The rival systems ceased their
encroachments, while the stockholders of
! the West Shore were saved by the plac.
! Ing Of that line under the auspices Of it's
erstWhile enemy. the New York Central,
which now, as friend and ally, was abba
| to throw prosperity in it's way. Not less
notable was the financial resurrection OF
the Philadelphia & Reading in 1887.
when Mr.. Morgan formed a syndicate OF
capitalists and reorganiZed this road, and
| the amalgamation of the Central Rail-
road Of New Jersey with the Reading sys-
| tenn, which was consummated in March.
! 1901. This latter consolidation of railroad
properties also brought about a closer
relationship of the great coal interests
Of the country. For the Erie the North
! ern Pacific, and the Southern railway he
|
bringing them back to financial life when
they seemed to have suffered hopeless
collapse.
Thus we find a policy inaugurated, on
! the principle of a great financial balance
/ of power whereby its author conserves
| interests which otherwise would be en-
| gagged IN conflicts mutually Injurious an
destructive-a policy which enables its
! author to maintain IN very practical
! ways the relation Of mutual friend
| towards such competitors as the Penn
| sylyania and the Philadelphia and Read
| ing, towards the New York Central and
! West Shore on one side and the Erie on
the other. Who has not heard of the
savage campaigns Of the past between
| the Vanderbilt and Gould interests? To-
| day we find Mr.. Morgan upon the direc-
torate of the New York Central and the
Western Union Telegraph company alike.
| the West Shore and the Manhattan II
| domestic peace and internal harmony
| and confidence have resulted from this
policy, it has been no less effective in
bringing foreign investors to our doors.
The most recent of Mr.. Morgan y
achievements is the conc idation. in
March, 1901, of all the great steel and
iron properties in the Cn;led States, to-
gether with their allied interests. into a
| single corporation with q capital of ST.
100,000,000. This is popularity known as
the steel trust, and represents the com
panies formerly controlled by Andrew
Carnegie, H. c. Frick, NJ. a. Hanna and
| others.
Mr.. Morgan is a director of a large
| number Of corporations, while the various
members of his firm represent the house
on the directorates of many more He
was member of the syndicate that
erected the Madison Square Garden and
the new Metropolitan opera house. He
has presented valuable paintings to the
Metropolitan Museum Of Art and for
| the Museum of Natural History acquir-
ed the unique and exceedingly valuable
collection of American gems and gem
minerals exhibited by Tiffany g. Co at
the Paris exposition and a collection Of
rare and ancient gems and relics. He
endowed the New York Trade school
for half a million dollars and erected
St Georges Memorial house He is pres
fdent of the Metropolitan club and a
member of the Union, Union League.
Century, Knickerbocker Tuxedo. Riding.
| Racquet. Players, lawyers Whist. New
ian Yacht clubs.