Waterbury evening Democrat., 1904-01-07

1t has never been MT. AOrganS pol icy to tie up his own money or that of his firm in any of his enterprises. He has always used the money of other people keeping his own assets in liquid shape, so that they are ready for any emergency.
 His great strength and power rested not in his own wealth but in his abil- ity to get capitalists all over the world to put up money for anything that he said was good" Therefore his loss of prestige. the proof established by the collapse in value of the Steel and Mer- cantile Marine securities that his judg- ment was anything but faultless, and the suspicious aroused by the shipyard inquiry have erected barrier between MT. Morgan and the capital he has all ways relied upon that may prove in- surmountable.
 Mr. Morgan is not a young man by any means. He will be sixty seven years old on April IT next. It took forty-fve years of incessant labor and almost unbroken successes to place him upon the heights of fame which he occupied a year ago. Not only has MT. Morgan been blamed directly for losses sustained in corporations that were peculiarly his own, but he has been held responsible for the general big shrinkage in the value of all kinds of securities
 The Wall street grievances against him may be summed up as follows: <
 First.-That he greatly overdid the pro- motion business.
 Second.-That he set an example in overcapitalization which was initiated by others, producing a flood of securities that had nothing to stand on when trade con ditions began to go back
 Third.-That he created conditions which made the whole market for securities vulnerable and invited the bear raids which proved so disastrous to prices dur ing last spring and summer.
 Fourth.--That he was the originator of the new school of "high finance which Is now so completely discredited.
 Fifth,-That his Judgment of the pub lies capacity to absorb new securities was completely at fault
 Sixth.--That his judgment of the trade future and the amount of shares and bonds that the Steel and other corpora tions could reasonably stand was also very much at fault.
 Seventh.--That his failure to live up to the high reputation he had established had worked an injury which would take years for investors to forget and had done almost irreparable harm to Ameri- can investments in foreign centers
 A study of the achievements of Mir. Morgan makes two facts glaringly ap- parent-namely:
 First.-That as a reorganizer he has known nothing but success.
 Second. That as an organizer he has never made a brilliant success.
 Tn other words, he has the faculty of detecting and correcting the blunders and mistakes of other men, but this same faculty has not saved him from committing the same blunders.
 MT Morgan made his reputation as builder up of broken down railroads. He contented himself for over thirty years with that kind of labor before he embarked upon the new field of or ganizing industrials. Some years ago, when his fame for reorganization was at It's height, the Wall street term for the word was 're- e-Morganization.'
 While practically every industrial or ganization MT. Morgan has created is failure from the viewpoint of the stock holder and the bondholder, it should not be forgotten that dozen of the big gest railroad systems i'll the United States owe their prosperity to his brain and genius. And ill building up these railroad properties, taking hold of them when they were financial wrecks, MT. Morgan probably made as much money for different stockholders as his ven lures in the industrial field have caused other stockholders to lose.