Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1901-11-07

tNcW EH9idHu OWN.
j. Pierpont Morgan is figure no,
very open to the public eye, and con-
sidering the immense amount OF In
terest in the personality of the power
full man of affairs, it is rather extra
ordinary that the periodicals have
failed to present any sketch of him
which bore the mark of authenticity
and which included the details OF his
career comprehensively. The best eff
fort we have seen to describe this
figure, so mighty in the world ofindus-
try and finance, is that contributed to
McCmre's by Ray Standard Baker.
Mr.. Baker gives an idea Of the almost
unprecedented power welded by this
one financier, whose life is so precious
to investors that English brokers have
been insuring themselves at Lloyd's
against his death, paying premiums of
ESQ on the thousand for three months.
Mr.. Morgan has organized the most
powerful financial and industrial in
1
1T matters not whether he was large
owner in the United States steel COR
poration; as its recognized and actual
dictator he controlled yearly income
and expenditure nearly as great as
that of imperial Germany, paid taxes
on debt greater than that of many
of the lesser nations of Europe, and
by employing 100000 men supported a
population of over 100000 souls-al-
most a nation in itself.
Mr.. Baker calls attention to the fact
that very much of our wealth belongs
TO men sprung from the oldest Ameri-
can families. Miles Morgan, the first
of that name, landed in New England
in 1886. Joseph Morgan, grandfather
of J. Pierpont Morgan, was a farmer
and tavern keeper in Hartford, Conn.,,
with revolutionary war record.
Joseph Morgan left his son, julius
| Spencer, a good property on Asylum
Hill, Hartford, and Julius Spencer rose
| from bank clerk to a partner in the
dry goods business of Levi p. Morton,
was later on associate of the million
aire philanthropist George Peabody,
and finally established a successful
banking house in London, with branch
es in America and Australia. He mar
r1ed Juliet Pierpont, the daughter Of
Rev. John Pierpont, poet and preach
err. J. Pierpont Morgan was born
April II, 1897, in Hartford, Conn. In
1851 his father moved to Boston and
the son graduated from th 'oston
high school at Is and studie we're
after for two years in Germany. His
school life was not particularly bril-
liant. At the age of 21 he embarked
on his career as a banker, learned the
complicated mechanism of foreign ex
change in his fathers house and then
was sent to London.
Career as Banker.
In 1860, at the age of 20, young Nor
gan became the American agent for
George Peabody & Co. At % he help
ed organize the firm of Dabney, Nor
gan & Co. In 1871 he formed a com
bination with the wealthy Drexels, OF
Philadelphia, the firm being known as
Drexel, Morgan &c Co. In 1895 Drexel,
Morgan & Co. became ]. p. Morgan a
Co., and, Mr.. Morgan's father having
died in 1890 the New York, London
and Paris houses all came under the
dictatorship of ]. P. Morgan.
Mr. Morgan is of necessity ar abso-
lutte dictator in any concern he active
ly works with. His firm is a private
bank, owned by partners. There are
IL partners besides Mr.. Morgan, most
of them men of the first rank, though
all are under the influence of their
chief.
Mr.. Morgan is not railroad man,
an ironmaster, nor is he a Spectator
or railroad wrecker. He Is primarily
a banker--a worker in money. Great
holders of capital trust him to invest
their funds. and with this financial
power he is enabled to buy out steam
ship lines, reorganize railroads or OBJ
tain an influence in their management.
1t is of the first necessity that Mr.
Morgan should have unexampled good
judgment, and it is also of the first
necessity that he should be absolute
ly honest. Wall street generally at
tributes him prominence In the world
of finance to the fact that he keeps HIS
world and is a gentleman in business
dealings.
Some Morgan Companies.
Besides his own private banking
house here and its branches abroad,
Mr.. Morgan largely controls a power
full National bank in New York city