The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-02-10
YOUNG "JACKv MORGAN.
Stories of the Son Of the Noted Amer
lean Financier.

The announcement that ]. p. Nor
gan is going TO retire from financial
lie and leave the management of his
immense interests 10 his son, Jack
Morgan, is not in accordance with the
common practice OF big financierS, re-
marked Washington broker to the
Star the other day. They usually die
IN harness, frequently after being dis
placed from their leadership by young
er and more vigorous men. IL the
younger Morgan is to take charge of
the firms interests in New York ii VIII
bring more prominently before the
American public a young man of whom
comparatively little has been heard
oy the average newspaper reader, but
VINO has long been identified with the
Morgan interests abroad, and who for
almost decade past has been the
head Of the branch house of J. p.
Morgan & Co. in London.
II also, as has been intimated, there
is TO be concerted attack on the Nor
gan holdings 10 test the younger mans
grip, il may result i'm some pretty py-
rotechnics in the street. In fact, it is
said the attack has already commenced
against the Erie and the Southern. and
that the older hands in New York are
going TO Initiate young Morgan in good
shape. What success they will have is
problem. But the young man prob
ably knows more about stock control
now than he did a few years ago.
The younger Morgan is no tyro at
the financial game He is something
of young giant physically. almost as
broad as his father, about six feet two
inches i'm height. and considerably bet
ter looking than mis- respected sire, but
that is no extravaganza praise. He has
had as one of the partners in the bust
ness for long time Clinton Dawkins
now Sir Clinton, a young Englishman
who has practically grown up with the
Morgan financial interests. Jack Nor
gan is SO and does not look any older
He and Dawlxins had the immediate
management of the firms immense in
terests in London, and came into direct
collision with the late Charles Yerkes
not long after the gigantic shipping
combine was. carried through, placing
J. p. Morgan at the head of the list
of combination magnates.
"Yerkes was an unknown quantity in
London at The time. He had the IA
Guilty of making all his own men in
tensely loyal to him and Of winning
the complete confidence of the big out
siders with whom he did business. He
wanted the control of the underground
railways of London. to renovate then
and make them something like what
they ought to be in cleanliness, mod.
ern equipment and carrying capacity
The Morgans had their eye on the rail
roads, too, in a general sort of a way
had their eye on anything in fact tina
promised to have "A few million dollar:
/ concealed about it. The United Elec
| trio railways was a system i'm tn,
/ northwest that was an essential link il
the general development of the under
ground electric scheme Yerkes wanted
control of it, and went after it quiet
ly and in such fashion as not to arous'
the pigheadedness of the British finan
cier.
THE Morgans wanted It also, anC
with the prestige of the shipping mer
ger behind them-for this had throw
| a cold chill into the English public
| they started after United Electric Will
sledge hammers and hob-nailed boots
| Yerkes was content to use a butterfl!
net. j. p had just gone back to tn
United States and Jack Morgan ant
| Dawkins were left to fight out tn
| traction deal. There was some spar
ring for position, and then before any
one realized what had happened it wa
| announced that Yerkes, through tn
banking house of Spyer Brothers, hat
| copied control of United Electric, am
everything was over except the shout
ing.
"Yerkes was sitting up in his big of
fee, overlooking the Thames embank
ment when one of the American news
papers sent it's London man up to in
terview him and find out as much a
possible about the deal Yerkes told
briefly and unostentatiously, so mucl
as he wanted printed, and then droppe
into some of the inside history of tn
fight that was much more interestin
than anything that got into print. II
was always particularly happy in hi
way of handling newspaper men, as h
probably was with men of all sorts
and he could say a good many thing
with the certainty of not being quoted
He wound I'D the account with a tol
Grant smile and the remark, as thong
The had been forced to spank a COUP
of schoolboys against his wilr:
You see, young Jack and Clinic
think they are devil of a pair G
hnanciers. But as a matter of fact, the
amt"