The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1910-10-21

no~ ds clerk, acquired stores Of his
own and then founded In London the
great merchant banking house OF
George Peabody 4 Co.
Capital was beginning to mass IT.
self to equip civilization with steam
machinery-a new use for capital, full
Of diflculty.
peabody was a shrewd and daring
man. He reached out immediately
. his successors in his firm have al
ways done---to take the lead In finan-
cling America He amassed some $20.-
100000, became the greatest philan-
: thropist OF his time. refused title OF
NOBILITY from Queen Victoria, and died
With the thorough confidence of the
English investing public"
Clears $4,000 on Loan.
Junius Morgan, "a fine. tall, thin
tipped New Highlander. grim-faced and
arbitrary" already a partner in the
business, succeeded In control of the
renamed firm OF ]. 8. Morgan & Co.
THE Morgans," says a man who
has known both him and his son well"
Always believed In absolute monarchy.
NhfIg Junius Morgan lived, he ruled
the lamily anu tic DuoinCco-htb ooa
and his partners"
I'm the last OF October, 1870, the
city of London was stirred by the news
that ]. 8. Morgan & Co. had taken a
French loan Of 250,000,090 francs $780,
B 000,000). II was a syndicate opera
tion--one OF the largest and boldest
ever known"
From this daring French loan the
Morgan syndicate was believed to
have cleared 100000. 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 his 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 of Philadelphia and as Drexel,
Morgan & Co. represented the London
firm In New York. J. p. Morgan was
then "a. well educated, brilliant
mathematician. The failure of Ameri-
cas- leading financial house, Jay Cooke
& Co., in 1873, left the whole refund
ing operations to the Drexel-Morgan-
Morton syndicate, which handled some
$3.50, 10000 of securities and profited
many millions.
THE day OF the 5000 600, 900 corpor-
alton had arrived. In 1879 there came
forward, as IL chosen by circumstance
and inheritance as the heir of North
America, J. Pierpont Morgan.
He was ~ then. Up to that time
ne had been the son of his grim
mouthed father In one step he took
his place as the greatest financial
4 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 In America; and one inherited
8 article OF faith appears in every ac-
tion Of Pierpont Morgan. He recalls
today as his business motto, the ad-
vice his father gave him in 1857:
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
Z and cloudy In America. when every
one will think there has been over.
development. But remember. YOUR
oe1f that the growth OF that vast coun.
try viii take care Of II all. Always
b 4 'bull" on America
Moresn's Master Stroke.
.rJp 20 this time the financing OF
Am6rican railroads had been almost
~-xs~~t.~ a. a. hanaa ~ x~o.-~.~-- %