The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1902-09-18
M0RGAN'S GREAT FIRM
Vast Power Welded by the
Financier and His Partners.
BILLIONS IN THEIR ENTERPRISES

Famous House Is Interested In yari~
Gus Ways I'm Great Many of the
Leading American Properties, the
Capital OF Which Reaches the STU
pendous Total of $6,44s, 800, 900.
When J. Pierpont Morgan was a stu
dent at Heidelberg university, he de-
veloped such an extraordinary aptitude
for mathematics that he was offered a
professorship in that science at the
time of his graduation, says the New
York World. His father wanted him
to continue the fortunes of the great
banking house, and the cap and gown
lost shining: light. It is told that
short time after Morgan had left col
lege friend met his father and asked
low the boy was getting on.
"Why. that boy will break the whole
world one Of these days." replied the
elder Morgan.
In the unpretentious corner Office at
% Wall street, New York, where the
firm Of ]. P. Morgan & Co. sits in con-
troll Of the finances Of many Of this
country's industries, the extravaganza
prediction of the elder Morgan Is never
thought o. The whole world already
looks to that Office for its cue when
ever any transaction involving millions
whether 1t be war or coal strike,
an arnalgamation Of steamship and
railroad lines or the financing Of a
bankrupt Kingdoms up for discus
sion.
There are twelve partners in the
firm, and eleven Of them look after de
tails of the various great schemes
which have given to the language a
new word, "Morganizing." There Is
only one Morgan on whose life Eng
fish investors and spectators take ouss
insurance policies paying 8 per cent
premium.
The amount OF capital under control
from the office at Broad and Wall
streets is perhaps greater than the to-
tai amount of gold coin in the world.
It represents such wealth and power
as never before were centralized in the
hands of one man.
4
firm Of ]. p. Morgan & Co. are mem
bers Of the board oe directors of one
or more Of the great corporations and
trusts which mark this era Of central
lied capital The mere list Of these
companies In whose affairs no move
can be made without consultation at
% Wall street inspires the Difference
due from dollar to million dollars.
But there are vast combinations Of
capital, unions Of powerful corpora
lions whose affairs are being handled
by ]. p. Morgan & Co., In whose d.
rectorate no member Of the firm ever
sits. They are known as Morgan COM
panies.
The members of the firm Of ]. p.
Morgan & Co. are his son, ]. p. Nor
gan, Jr.; George G. Thomas, Edward
f. Whitney, James w. Paul. Jr.; Ed
ward n. Robinson, Edward Z. Stotes-
bury, Robert Bacon, Temple Bowdoin,
William Pierson Hamilton, Charles
Steele, George w. Perkins and J. Pier
pont Morgan.
According to the public records, no
one Of the first five named sits as d.
rector in any corporation. Temple
Bowdoin is named as director only In
the Chicago, indianapolis and Louis
| vile railroad and the South Carolina
and Georgia Railroad company, but
George S. Bowdoin, whose Office also
| is at % Wall street, has an active hand
lin the direction OF dozen great cor
| porations as member of the boards of
| directors.
William Pierson Hamilton, another
partner, appears in the financial direct
cries only as a director or trustee in
three comprehensive National Tube,
| the North British and Mercantile In
surance company of London and Edin-
burgh and the North British and Mer-
camille Insurance company of New
York.
Even George w. Perkins, to whom
| the detail of the great coal strike was
referred by Mr.. Morgan when Bishop
| Potter preached the subject of set
Element on their recent trip across the
| Atlantic together, is named as a di-
rector in only four companies. But the
| remaining partners could spend their
entire time attending directors meet
/ ings had they no more important use
! for their business hours.
Morgan & Co. are interested directly
or indirectly in great many of the
/ leading concerns Of the country. The
total capitalization of such properties
is estimated at sc, AIS, 100000 Besides
this vast sum, other great accumula-
tons look small. The gold coin and
gold certificates in the United States
| treasury only amount to about $780,
! 100000, and yet this is unprecedented.
All the gold coined and uncoined In
| the whole world is estimated at S4,-
| 81, 100000.
| The total number Of human beings in
! the world is estimated at 1920, 600, 900.
The public debt Of the United States
on June 80, 1900, was $1,107,711,2 57.
| The entire revenue of the forty three
principal nations Of the world for the
| year 1900 was Sc, 1888. 1872. 563.