The Elbert County tribune., 1907-02-14
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financial interest which is usually
spoken of as wall street" has been
looking forward to anxiously and with
much speculation for several years
has actually come to pass IN the
"House of Morgan" The "O1d Man."
as ]. Pierpont Morgan is generally
called in "the street." has to all in
tents and purposes gone into retire
ment, and in his place in the most
famous banking house in America
there reigns in his stead j. P. Morgan,
Jr, or Jack" as he is more frequent
ly called and spoken of in the same
district. No one can cry. The king
is dead! Long live the king!" for the
head of the house is very much alive.
Only he has handed over the practical
administration of his banking con-
Germs to his son, while in his magnifi-
cent new library on East Thirty-sixth
street he is spending the evening of
his days in the pleasures of the collec-
tor amid his collections.
Like all of the things the elder Nor
gan does, this change in his banking
house was accomplished with little
flourishing of trumpets. So quiet
and gradual has been the process that
until the last few weeks but little at
tention has been paid to the impor-
tant change which has for several
years been going on in the house of
Morgan. John Pierpont Morgan, the
first financier of the country, and per-
haps of the world, has practically
turned the reins of power over to his
son Jack" OF late Morgan, Sr., has
not been in any too good health, and
for more than a month has not been
in the financial district at all. Every
time the stock market tumbles dis
quieting reports are circulated from
one end of Wall street to the other
that the "old man" is seriously i'll,
and in spite of frequent denials from
other members of the firm, including
Jack the reports persist and come
to the surface at every favorable op-
portunity.
Seeks Leisure in Old Age.
But there seems to be nothing i'm
mediately alarming in Mr.. Morgan's
condition. He is merely an old man,
and is retiring from the multifarious
duties of his position as Americas
greatest financier. AS he has with
drawn from financial worries he has
devoted more and more attention to
art and charity.
The more time ]. P. Morgan spends
among his art treasures and the fewer
his business cares, the more these
cares and responsibilities fall upon
Jack Morgan. In fact, the affairs of
the great house of Morgan are now in
the hands of three men, j. P. Morgan,
Jr., George W. Perkins and Charles
Steele. Mr.. Steele is the legal man,
SO that the heavy financial work,
formerly the joy of "The Old Mans
life, is in the hands of Jack Morgan
and Perkins. Not that these are the
only members of the firm, but they
are the active ones. The stock ex-
change firm of which John w. Gates
is a member has frequently been
called "The House of the Twelve
Partners" The Morgan firm has IL
partners, but the members other than
those mentioned are little more than
head clerks.
]. P. Morgan, Jr., is by no means
an inexperienced boy. He is exactly
40 years old and his training in the
intricacies of banking has been long
and thorough. Whether he will prove
the genius in the world of business
that his father has been remains to be
seen. But if genius consists in an ex-
cessive devotion to hard work he may
compare favorably with his illustrious
father.
Characteristics Of "Jack."
He is big man physically, six feet
in height and weighing 200 pounds.
From his college days he has been an