White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1910-08-14
Heir To Financial Throne

at their work; men eome and go
without restraint; there is none OF
the tension so often in huge financial
concerns. And yet here is the
throne-room of the money powers.
Follow young j. p as they call
him down in Wall Street, back to his
desk, and then for the first time you
get a hint of the fact that not only is
he the son of his father, but he has
taken his grizzled sire's place. He
sits at a little private office just out
side the long glass-enclosed place, at
the very head of all the lieutenants
of the great field-marshal. 1t was
the station first occupied by his
father many years ago. and young
Morgan not only sits in the seat of
the master, but is beginning to ex-
ereise the masters function.
No royal road to his present po-
sition was made smooth for him. He
went through the hard Morgan
school of preparation. After his
graduation from Harvard in 1889, a
clerk in the Boston house of Peabody
& Co., was given him. This was
simply to break him into the ways of
financial bookkeeping. The Morgan
course of instruction precribed an
English schooling; so before long he
climbed upon a stool in the London
house of Morgan, and thus began to
serve an apprenticeship where his
father had labored.
Here he emulated his father by
showing the same keenness for ques-
tons of foreign exchange that had
characterized all the Morgans. He
began to be trusted with large COM
missions. When the Morgan syndi-
cate bought ~sixty-two million dollars
worth of government bonds, for
which payment vas to be made in
gold, a difficult problem in foreign
exchange had to be met. Young
Morgan had a very important hand
in the English end of the deal, and
he distinguished himself in this and
in a similar transaction with the
Mercantile Marine Corporation,
which involved the movement of a
shipment of gold.
"All the while his father looked on
approyingly, but said little. Every
now and then, when the parent went
his pilgrimages to London, his col
leagues would say:
Jack is making good
Few people knew the young man
in this country, and the impression
got abroad that he was rather a
parsonage. But events
were moving swiftly down in Wall
Street. The years do not stand still,
with the rulers of financial des-
The elder Morgan was moving
along toward seventy. While he is
not of the retiring kind. his eye
to the time when some other
person would sit in his place. Ma
1t fell on his son, who sat in
hat London contingencies.
Meanwhile he built up a wonder
ful organization. Around him he
lad gathered the most brilliant
group of young men in the Street
Charles Steele, the wizard of rail-
Dad law; George w. Perkins, who
lad been through the Steel and Har-
'ester mergers, and who had dis
such great capacity for or
and the rest. Already he
lad picked out Henry p. Dawson as
coming financial power. But these
nen were not of his flesh and blood,
md the senior Morgan, although few
know it, has a very affection
tie nature.
THUS it happened that one fine
lay, not many years ago, young ]. p.
anne back from Europe, big broad,
)ronzed, a man of full financial stat
ire, ready to take his place in the
of his fathers. From that day
IN, the elder Morgan began to relin-
his hold.
HE did not let go at once, as ~fateful
events that soon followed showed.