The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1910-10-21
business. succeeded In control OF the
renamed firm OF J. s. Morgan a Co.
THE Morgans." says man who

renamed Arm OF j. 8. Morgan Co.
THE Morgans," says man who
has known both him and his son well.
always believed In absolute monarchy.
While Junius Morgan lived. he ruled
the family and the buslness-his son
and his partners"
I'm the last OF October, 1870. the
city OF London was stirred by the news
that ]. s. Morgan a. Co. had taken
French loan of 250. 000,000 francs $780,
900 ,0O0). IL was a syndicate opera
tton-one OF the largest and boldest
ever known"
From this daring French loan the
Morgan syndicate was believed to
have cleared $5,000,000. The former
Boston dry goods merchant took his
place In the world. second only TO the
Rothschilds In the greatest financial
operations of that time"
Mr.. Moody tells how Junius Morgan
turned bis attention TO the gigantic
operations OF refunding the American
civil war debt, the prize Of decade
In the financial world" operating
through his son, J. Pierpont Morgan.
who had formed connections with the
Drexels or Philadelphia and as Drexei.
Morgan & Co. represented the London
Arm In New York. J. p. Morgan was
then "a. well educated, a brilliant
mathematician. The failure OF Ameri-
cas- leading financial house. Jay Cooke
az Co., I'm 1873, left the whole refund
ing operations TO the Drexel-M Morgan
Morton syndicate. which handled some
$3.50 .00C 900 Of securities and profted
many millions.
THE day of the 5000. 100000 corpor-
alton had arrived. In 1879 there came
forward, as II chosen by circumstance
and inheritance as the heir OF North
America j. Pierpont Morgan.
He was AZ then. Up TO that time
he had been the son OF his grim
mouthed father. In one step he took
his place as the greatest financial
figure OF his time or any other--great-
est because the leader In the greatest
and most momentous movement OF
capital in the history Of the world.
He is no theorist and never was.
The Morgan firm represented and be-
lieved I'm America: and one inherited
article OF faith appears In every &C
ton of Pierpont Morgan. He recalls
today as his business motto. the adj
vice his father gave him In 1851:
Remember one thing always said
Junius Morgan. Any man who Is a
bear on the future OF the United
States will go broke There will be
many times, when things look dark
and cloudy In America. when every
one will think there has been over
development. But remember. your
self that the growth OF that vast coun-
...sl t.tr rxf 10 nj AIuyn
tie bull" on America
Morgan's Master Stroke.
Up TO this time the financing of
American railroads had been almost
entirely In the hands Of promoters
says Mr.. Moody, and quotes Poors
Manual OF 1884, which stated with
great positivensss that all OF the cap
ital stock in the railroads Of the uni
ted States In 1SS3--practically $4,000
900 ,00O--represented water"
Mr.. Moody narrates Morgans mas
ter stroke in settling the warfare be-
tween the Vanderbilt and Pennsyl
vania lines, the first step toward a
monopoly OF transportation between
the seaboard and Chicago. He tells
how Morgan supplied the millions to
rescue the Reading railway, the Balti-
more & Ohio. and the Chesapeake &
Ohio from collapse. He shows how
the tendency to combination by pool
ing was 'thwarted by the interstate
commerce act OF 1887.
There was no way to turn but to
y. p. Morgan. His old-fashioned
brownstone house on Madison-ave. be-
came the resort OF railroad presidents,
making ''gentlemen's agreements" on
rates over the dinner table. In Janu-
airy. 1889. the 'gentlemens agreement"
movement eliminated In the forma-