Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-10-30


A Georgian is rated in New York as one
Of the worlds leading fnanciers. He IS
Samuel Spencer, formerly Of Columbus
The New York World, in an article on
J. p Morgan's cabinet. devotes consider
able SPACE to Mr.. Spencer, one OF the
members.
Morgans cabinet is better paid than any
cabinet On earth. says The World It's
members receive on an average H,250.ooo a
year each. The United States pays the
members OF President Roosevelt's cabinet
5000 year each.
Morgan discusses all matters of import
ance with his cabinet. sometimes with in
dividual members. sometimes with them
ALL He is not patient listener. Before a
man is through talking he is quite likely
to shut him off by putting an abrupt ques-
ton to another member of his council.
Cabinet Settled Coal Strike.
When il was decided to end the coal
strike Morgan discussed the matter first
with his cabinet. They worked out the
details of the proposition subsequently,
submitted to President Roosevelt and later
accepted by Mitchell and the miners. 1T
was the same with the merger of the rail-
roads that resulte,. in the Northern Secu-
rites company, the union OF the many
companies which form the United States
Steel corporation and the creation of the
or steamship trust
Besides Mr.. Morgan there are eleven
members of the firm Of j. P. Morgan &.
Co Morgan's cabinet. however, is not,
made I'D wholly of members Of the hrm-
Four of the seven cabinet members are
nominally outsiders, but their interests,
are so interlaced with lie affairs Of Nor
gan 6 Co. that they and the firm are prac-
tieally one.
The cabinet is made up by Mr.. Morgan
with regard to the ability of each coun-
sellor in some special important line Of
work. There are huge departments 20 be
managed and directed In the affairs Of j.
P. Morgan & CO., just as there are In the
affairs of the nation
Cabinet Meets Each Week.
While Mr. Morgan and its members new
er speak Of the body of advisors as
cabinet, 1t is no exaggeration to give 4
that title, for in many respects its work
is of greater Importance than that OF the
regular cabinet OF many nations. When
il is realized that the six and a half bill
lions of property interests which the cab
met controls is nearly two billions more
than all the worlds gold, coined and un-
coined. and that by drastic action 1t could
heap ruin upon nearly all the great imam
cial centers of the word. prevent or pro-
woke warfare on a tremendous scale, II
can be realized that IL Is no exaggeration
TO dignity Morgan's council with the title
of cabinet.
The cabinet meets at least once a week
in private conference room in the read OF
the Morgan banking house at No. p Wall.
street.
only three Of Morgan's partners. Bacon,
Steele and Perkins, are in the cabinet
Samuel Spencer until recently was IN the
firm, but wished TO separate himself from
the banking business so that he could
concentrate his energies upon railroading
He spends a good part of each day, how
ever. in the office of Morgan & Co.
The other partners IN the firm are
George c. Thomas. Edward T. stotesbury.
James ". Paul, Jr.. ]. Pierpont Morgan,
Jr., Temple Bowdoin. Edward N. Robin
son, Edward F. Whitney and William
Pierson Hamilton.
Sketch of Mr.. Spencer.
Samuel Spencer is the practical railroad
man in Morgan's cabinet. From 1857 until
about two years ago Mr.. Spencer was
member of the firm Of ]. P. Morgan & Co
He is hfty-fve years old. Georgian
by birth, and began his railroad career
in 1863 by carrying a chain for party
of surveyors employed by the Savannah
and Memphis Railroad company. Three
years later he was assistant engineer OF
the company.
Thereafter his progress in railroading
was rapid. He worked up grade by grade,
hl1ing every position, and In 1885 he sue
ceeded Robert Garrett as president Of the
Baltimore and Ohio system. Two years
later Mr.. Morgan induced him to enter his
firm.
When the Southern railway was ere
ated Mr.. Spencer was made its presi-
dent. His detailed knowledge Of railroads
is said 10 exceed that of any man In the
country. Mr.. Morgan relies implicitly
upon his judgment in all matters pertain
ing TO railroads.
Mr.. Spencer is a short. wiry little man,
teeming with energy. He has country
home at Tuxedo and town house at No.
% West Seventy-third street.