The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1913-03-31


of drugs and other supplies are avail
able. DR.. Zellers, of Union City, is
here with a car of drugs and supplies.
Five hundred collins from Richmond
arrived Saturday afternoon.
held in esteem by writer's of note and
educators who had occasion to review
| his works.
Turns Down English.
| AT one time English capitalists, see
| ing a favorable opportunity through
adverse conditions in this country to
grab the West Shore railroad, there
, by establishing a footing for a still
greater grab, asked Morgan to act as
their agent, in that manner covering
| the identity of those who were to be
| the real owners. Morgan turned down
an opportunity of making several mil
! lions by refusing. Then he saved the
railroad to American ownership by
taking it over himself, quietly and
! quickly and turned it over to the New
York Central by perpetual lease.
|
the country was being depleted of gold
by CLIQUE of men who were amassing
great wealth by shipping in to Europe.
He stopped the leak, reorganized the
system of shipment and was then
made the subject of a Congressional
investigation which should more prop
erly have been made of the clique he
broke. He clearly and concisely ans
wered every question that was put to
him by the investigators.
During President Cleveland's admin
istration it was decided that a bond
| issue of $20,00O,000 was necessary.
Morgan undertook the task and it was
floated He made money, of course.
That was what he was in business for.
But at that time the whole world look
ed on with wonder at the ease with
which he accomplished task that no
other banking firm was willing to I'm.
dertake.
FIoated Steel Trust.
In 1901 Morgan floated the secur.
tiles of the United Steel corporation
which was capitalized at $1,100,0 00,-
000 The amount was almost beyond
the ken of ordinary mortals, but with
the great financier it was merely a
matter of calculation and accomplish.
ment. In the same year he secured
the American subscriptions to $50,
100000 British war loan.
But it was during the bankers panic
of 1907 that Morgan rose to supreme
command of financial America.
Like an absolute monarch he sat in
his marble library in New York, sur
rounded by the money kings of les
ser empire, debating to them, and
sending them forth to carry out his
will.
At a time when banks and trust
companies were topping all about
him it was his steadying hand that
was stretched forth to save, not all
of them, but those which he decreed
should survive. Practically speaking
the life of nearly every banking and
financial institution in New York was
in his hands, he held the balances
passing out his sentences Of financial
life or death in quick staccato tones
His friends say that the work he
did during this trying period will re
bound to his everlasting honor.
Even the government at Washing
ton looked upon him as the one mar
who was capable of throttling the
dragon of panic and practically al
the resources of the United States
Treasury were turned over to him tt
do with as he saw fit and proper.
Stops a Wild Panic.
!; An instance of this was the pour
ing out of $25 100000 upon the f1ool
of the stock exchange to save tina
institution from utter ruin on tina
, memorable black Friday in 1907.
: This money was conjured from
somewhere by J. P. Morgan. No ont
| knew from where. Later it devel
oped that the money had been takel
: out of the United States sub-treasur,
and turned over to Mr.. Morgan.
AS a great lover of art, Mr.. Morgan
/ spent much money in collecting blu
he always played fair.
) After paying fortune for the fam
Gus Ascoli cope, he returned it to tn
: Italian government as soon as h
! learned 1t had been stolen from it
) place in an old church.
: He possessed rare copy of tn
, Bible. the famous Luther Bible.
r He had spent vast fortune to pos
sess it, bidding more than any of hi
/ rivals could afford TO give. When b
e learned that Emperor William of Gel
4 many was one of those whom he ou
t bid, he promptly presented it to tn
t Kaiser.
:, For these two acts of generosit
e he was decorated by the Italian Go,
t eminent and by the German Kaisel
y Because of the heavy duty on work
of art coming into the United State
/ Mr.. Morgan had kept the greater pal
l. of his collection on the other side.
e Great Art Collection.
o Congress. however. passed law n
t moving this duty and in the spring {
d 1912, the great collections Of the An
/, erican fnancier. which were asseu
s bled at his two homes in London IN