The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-02-01
MORGAN'S JUNIOR PARTNERS.
Draws Men of Specialized Talent
from other EmpIOyments.

New York Letter in Philadelphia Press
Mr. Morgans New Years day must have
been a very busy one, but whatever the
industry in his office may have been it was
tempered by abundant years cheer,
and content prevailed there. Exceptional
he is in many things. he was that also
in the announcement that the new years
greetings to the various employees would
be first an increase of salaries all along the
lipe. and second a gratuity of an amount
exactly equal to last years salary. There
are some peculiarities about the direction
of this banking business which some might
think would offset the payment of bonuses
equivalent to a years salary and yearly
increase of salary. One is that it is the
understanding that no salaried employe Of
this private banking house is to look for
ward 10 partnership. He may look ahead to
the day when his salary will be equal to
that received by many bank presidents. He
may, if he has the ability, contemplate the
prospect of a salaried income equal to that
which some of the leaders of the bar re-
ceive. for it is th-rule of this establish
ment that the salary shall be proportionate
to services and ability. But in that con-
temptation there is always a line beyond
which there can be no further view. No
he shall be called into the little inner Of
flee and be invited TO junior partnership.
There are many other corporate and
private institutions where ultimate part
nerships or high office associated with
proprietorship is the constant temptations
10 good service: These hopes take the place
of handsome bonuses. Not with Mr..
Morgan. He finds his partners elsewhere
He reaches for them whenever he has had
reason TO place confidence in the pre-emi-
nent abilities which nit a man for special
fzaI arx-ian 10 mad nd 0f he
ADLER young lawyers of the city obeyed
that nod, withdrew from the great law
firm of which he was a partner, and be-
came the specialized expert having to do
with certain legal propositions and that,
too, notwithstanding the fact that law
yers able any in New York of
general and special counsel to this house.
He found in one OF the life insurance cor
porations a young man whose audacity,
which was tempted by superb judgment,
had enabled him to float in the United
States and with his corporation one of the
first of the foreign loans placed here and
that appealed to Mr.. Morgan. But he was
compelled to beckon more than once before
he pursuaded this young man to become
one of his partners. A comparatively re-
cent graduate OF Harvard who had cour-
age and pre-eminently that kind of cour-
age which has for its basis common sense,
as we'll as an intuitive judgment that
acted with the swiftness of unconscious
mental processes, Mr.. Morgan also brought
into the firm. So. his associates whose
of participation in the profits come from
without, and rarely depart from him. Last
year IL was reported in circles where gos-
sip is not current unless il is we'll au-
thenticated. that of the years profits of
Mr.. Morgan's house, the partners received
all the way from 100000 TO s1.00O000 as
their share and they earned every dollar
that they received.
The happiness of the New Years season
in Mr.. Morgans office was somewhat i'm
paired by the announcement OF the retire
,aAnt Of Mr. hn firm IL xK-ac
not surprise to those who knew that for
some months Mr.. Bacon has been paying
some of the sight drafts on health and
vigor which he drew in May, 1901. pro-
fusely as other drafts We're drawn upon
England then to provide the funds where
with the great battle between Mr.. Harri-
man and his forces on one side and Mr..
Morgan and Mr.. Hill on the other was car
ried on Mr. Bacon was the general then
of part OF the Morgan forces. He was
compelled TO act largely upon his own
Judgment. for Mr.. Morgan was in Europe.
There were concentrated into the few hours
before that battle reached its climax men,
tai activities that could have been well dis
tributed through several years. When il
was all over Mr.. Bacon was in a condi-
ton somewhat similar TO that in which
James r. Keene found himself after he
had stood through the business hours of
one day repeling the attacks that were
made all along the line in that panic sea-
son of 1877 when the great railroad riots
were I'm progress. Mr.. keene was pros
rated and IL was only careful nursing by
the sea whittier he was taken, that brought
him back three months later so that he was
able 10 resume his business. But ii was a
year or two before he had fully recovered
his vigor Mr. Bacon has been in Europe
striving 10 get back his health, as Mr..
Schwab is trying to do. TIE rest cure has
been beneficial. but the understanding is
that his physicians have been apprehen-
sive that any return al present TO business
might permanently disable him. At all
events. that is understood TO be the reason
why he retires from the firm at this time
Probably the recollection of Mr.. Costers
yielding TO the strain TO which he subjected
himself may have been influential in per-
suading Mr.. Bacon 10 give up all business
for a time. Mr.. Coster was partner who
plunged into the labyrinths of underlying
securities, of various interlacing and indie
pendent bonds and mortgages and other