New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-02-12
London, January p.


p,srpont Morgan. Like some others 10
= Tho origin Of II is London-the
,ondon. where Mr.. Morgan has
,sen in times past regarded with more
,bor affection. The Orientals. says
Nacaulay. or some of them pay 'he'r
80. homage to the deities whom
49,, most dread; indeed. they are chosen
,.,.;os only in order to be propitiated
,orbans in this case, though the
&c East and the West is West, the
-, &c West also In any case. this Is
,.,,eve. the first transaction which
rvbt Mr.. Pierpont Morgan into no
,ics in the City as, in one sense. rivai
HE father. in whose lifetime the
,sact,on was carried out.
ons of the foremost houses In LONDON
=. p-rrope. had been applied to by the
,..,,sd states Government TO arrange Tor
o,.,oent of a large amount Of out
lending Five Forties. The amount was
e.nnnOOoo. The proposal was MADE IN
~ enring. and our Government Desired
- oreration 10 be completed ana lhe
s,,u, RENTED TO the Treasury at
data in the. autumn; l suppose
:, the expiration Of the hrst term o.
.-.srs when the Government mao rish'
rsd.em the bonds. ] know the name
Iondon firm. but IT is not neces-
- mention IT. The head OF the
that time-he died long since
man Of great capacity ana au-
.nor,,v with an unrivalled knoWleose
a,orce and an unrivalled experience
=, .r.at financial enterprises. Naturally
os also q man Of conservative tenn
IL -, He thought S4O,o0o,COO a
,.-,a sum Of money to find all az
- and 10 and or have ready SIX
.,on,bs hence. when no one coulo loie
mat might he the condition OF the
market If conditions were IA
,t,o there would be large proht on
chs transaction. but the profit might De
...-,e5 into a loss should the Bank rate
- m beyond certain point. 1nere
- MANY other things 10 be taken ln'o
..oo,nt and other people to be con-
"a All this required time. Finally
,he arm proposed to our Government 10
.ots 500 600 600. with the option or TAX
a. the other S2O.000,ooo at a specifed
date. ,., L.a
Tho morning after this proposition nad
49,, sent the firm received a dispatch
from New York saying that MI fler-
,ont Morgan had offered to take the
.rho1e 100000 on the terms origl-
osI,v submitted 10 the London firm ana
,hs, the Government had accepted MS
offer.
u was a surprise. and something more
shan a surprise. Mr.. Morgan was then
o.. Young man; q member OF the irm oi
;S,abney, Morgan G. Co; almost I'M
t,,o,yn IN London. There was no sug-
r.stion-there could be none-that either
bs ar the Government had acted In pau
Faith or IN disregard Of any obligation 10
nondon. 1t was simply a case "hele
american energy and courage person.
Asd for the moment in Mr.. Pierpont MOT
ran had anticipated the slower move
rn.nt Of the English house But 1t was
Resented; should think bitterly resented
az hrst. and even when reflection hau
shown that neither Mr.. Morgan nor the
Government could be blamed some OF the
bitterness remained. A firm Ike THIS
with It's great position and cautious
tInY,Uht tfgQlf entitled
10 notice before a negotiation OF that
magnitude was broken off. AT any rate
II had slipped away from them, ana Mr.
Pierpont Morgan suddenly appeared on
the Western horizon as a figure hence
forth 10 be reckoned with. 1t cannot
have been very long after his father MT
Curts s. Morgan, had electrlhed Lon
zion by his boldness and success IN the
q.arler loan, as l explained the other
IA, In this American matter the 1a'her
oac as I understand. no share. But
Ine were now two Morgans instead OF
O.. with only the Atlantic between
III and what is the Atlantic?
rs after, when Mr.. Morgan began
inch one scheme after another on
= london market some OF when
he was aware, imagine, at times,
NJ opposition which neither the merits
- schemes nor the circumstance OF
he arket explained fully. They would
tei 'ou in the City that American
,noti IDS OF finance were not altogether
liked in London. that Mr.. Morgans
methods were not liked, that the com
missions paid tended TO demoralize the
market, and that it was as well MT.
Morgan should let the fact that London
was not New York sink into his mind.
Now and then somebody would add;
There are perhaps powerful interests
that intervene which are hostile to MI
Morgan
In short, 1t was said that the firm from
whom Mr.. Morgan had taken away the
S400000OO contract with the American
Government had not forgotten 1t. and
that they were not unwilling to put
spoke in his wheel, once in while, as
reminder. But have the best authority
for saying this is not so. Tho fact that
81 was believed in the City TO be so
shows, perhaps, or did show, certain
drift Of opinion which ran counter TO
Mr.. Morgan's wishes. The names Of
some Of the companies or other enter
prises which Mr. Morgan undertook TO
float and did not succeed in floating, or
succeeded only IN floating at the ex-
pense Of those to whom shares were al
lotted. are az we'll known in New York
BIS here.
Since have begun with finance. about