The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-02-23
J. PIERPoNT MORGAN.
AMERICAS GREAT FINANCIER

drew carnegie Is Do MI Carnegie be-
gan a working life on an income of 20
cents "a day Mr.. Morgan started with
wealth at his command. Until last week
Mr. Carnegie controlled more iron and
steel than any other living man IN tbo
world Today Mr.. Morgan is to the finan-
cial institutions Of the United States wbat
the hOtnScnIldS are to rsurOne-the lxex
Mr. Carnegie gives the pubic Sometime.
out on ms enOi nous wealth by donating
1919 80 t~sF--s e.lIu ~...ue. ar. s1J s.i
presents money to hospitals and made
CRe American side OF the contest i'm the
last international yacht race Both men
are superb types OF the best that the
money age can produce. OR their class
lRelf era, 40 liner examples can he fouDd
" nat The lnQuSUrlai OF cooperative age
problem.
mir, Morgan is supposed to have Just
purchased $e5,t g9,Ct0 OF MIR. CaTnegie's IRON
and steel stock. If this be true he now
controls nearly SNJ,J,J,,00 of such stock in
the nIJed SAFES he mas also recently
purchased the new jersey Central road
and engineered pant OF q deal Tor the con-
trol Oh the Great Northern. Chicago Mil
Walke a II. raul, Il e md t.eadIrg rail-
ICa0s unoer one financial mead. fl ne ac-
COnpllSneS these 11lngS without the
wealth OF Europe and me United States
b OK OF him he ~Culd lie Iltanlc nav ng
InOUSn eulFe treasures at his disposal.
what he mas accomplished is not SO re-
markable- lie is ObhJeratlng competition.
As some one wrote, He is reducing the
10 a series OF EumberS winch may be NOV
ed about as CheSSmtn upon a bUaTd. In
ms operations he Is NOT an indlvidualist,
but "a CCnc6ntTauSt He is as necessary
10 the Jim1s as measles to a growing
child HIS opportunity VIII pass. and the
need tor Aims ami when death comes his
wealth and power cannot go with him
across the dark river. His power and the
means which brought it to him are
worthy OF the closest and most dispas-
sionate study by sociolOgists.
Mr.. Morgan's father was Junius s. Nor
gan, a native OF western Massa chusetts,
and an old-time Boston merchant The
famous George Peabody admired his abii-
tiles and invited hlm- to engage in tiuan-
cldl business with him IN LONDON. air.
Morgan accepted. Ine son was born and
named fierpOnJ, aIter ms grand ather.
the famous Unitarian minister OF Boston.
" no lea the an -l-slavtry cause there with
" endeI hiiups ana Garrison. II 5 busI-
ness carer Dt san in New York City, but
was not success IA until he entered into
pstI tl-sfst4 Witn the noted lir- Dr6E6l o.
i h &de b.. a, ~Ed re II N ..Scame LreNel,
S4OTs an a. , q. ne lin nd The zOOd WlIi
OF tne PEABODY mouse, the htothscnIias
and Oiher lOge-sn money controllers. Mr.
Morgan is now me senior partner of the
house OF =. il Morgan q co. OF New
fGrK, DreXei & GO. or Philadelphia, J. ;.
Morgan d &C OF LONDON. ana Morgan,
Heres x Go. ct Paris. individually he
never met with opportunity 10 exercise
his own aDihtes in a striking manner un-
tu the time OF the rounding OF me gov
eminent uCbt in 1916 Ills New York and
Philadelphia houses were members of the
syndicate which took SI3GJ0,C55 OF ~ per
cent bonds authorized Tor the purpose OF
taking up previous issues The syndicate
also took Sz5.CJ0,tG0 Of the per cent iOau
in 1877 and Slt.9jV.j03 of another issue OF
45s NIr Morgan's astute management of
tins government deal commended him to
other finaaciers. he made a name.
Then he TUNED to railway management
He had great many ioeas as TO cut
rates traffic wars and the like. He enuu-
Ciat5d the doctrine that:
Competition is criminal Wnen II de-
Stroys the interest on investments. Save
the interest and Obliterate the other.
HAT Is the secret OF all OF Mr.. MOI
CANS advances. He bends his energies
10 preserving profits for investing cap
itaIsts- competition. wages. 1ndiVld-
uais that stand in the way OF preserV-
ing interest and the stability OF the
money market must be removed. and
ne has proved that so far he knows best
OF all his rivals. now to get VeXa 1OuS is
golden chariot. He created the Inter
state Railway association, that aimed
to destroy rate wars and was StranS !ed
to death by inside treachery. He also
devised the ''gentlemen's agreements
which also might have succeeded but Tor
the fact that gentlemen Of honor dld not
enter into it. His Joint Traffic associa-
ton was more successful lie brought
the Pennsylvania road and the New York
Central to friendly terms, reorganlzed the
West Short, reOrganized the Philadelphia
insolvency OF the Baltimore & Ohio road
but for the violation of one Of the agree
ments made with him by outside parties
He also TeOrganized the Chesapeake d
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 GOODNESS have averted
al n
for ali the mOneyed interests of the cOun-
try. To say that he represents or con-
trolls $Sgo,C.lOo0 OF capital is but to admit
that what ne may control or direct is
llmitless. BY single act of his he could
preclpltate a financial crisis that would
shake the United States treasury to its
very foundation. He and his interests
can make or avert war, and for that mat
ter if evilly inclined may OveTturn gov
eTnments. Except the power of the
ROthschilds there is no such example in
the world today Gin or outside of govern
mentsl as the concentrated wealth power.
OF John PierpOnt Morgan. So he must in
diYidudlly be very honest man in order
TO always 90 right by his fellow men and
to act Tor tfIe greatest gOOd TO the great-
est number Ia charity he has given
S!stglUJ9 to the Lying-in hospital of New
York City $4,000 to the New York Trade
school, Sl02,l0t to St. Georges Episcopal
school and $4,000 TO st. Georges Memoir
ial school.
He buys rare books and rare dogs. On
the yacht contest with Merchant Upton
of England he is supposed to have ex-
pended s5CG990, the Columbia being owned
by him He is overly fond of the water,
and Mrs. Morgan is one of the expert
yachtswomen of the Atlantic coast. OF
his characteristics it has been written:
ITO those employed in his banking
house he is an autOcrat, supreme, fnfleX-
ibie; whose words form law that cannot
be broken with impunity. To his friends
he is a simple and unaffected companion,
whose conversation, always entertaining,
sometimes a1Ounds with the keenest wit
and the most rOllicking humOr. To all
members of the human race with whom
he is not acquainted or in business rela-
lions he Is about as inaccessible as the
car of Russia. He is popularity supposed
to be worth about S60.Co0.C93 in his own
right. He Is steadily opposed TO Specula-
ton. Finance to him is a great science.
Whenever a corporation gets sick DR..
Morgan IS called in. He IS the one man
whom jay Could feared, and the one OF
few to whom the Nanderbilts bow. He
controls absolutely the tens upon tens of
millions of American securities held by
wealthy Englishmen and English corpor-
atiODs. lie is gTuff and emphatic in
speech He is the worst man in New York
to try TO interview. He believes in him
self His desire is not for money, but for
power. He wears loud clothes. big
watch chain, and looks more like sporty
-