Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-04-04
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in 1871 the hrM Of Dabncy, Morgan
& 90. dissolved, Morgan to take the
partnership in the Drcxel banking
house, already mentioned, under the
name OF DreXel, Morgan & Co.
Allied With VanderbtIts.
DAT OF his vanquishing of Jay Gould
grew this powerful alliance. So also
did it gain Morgan the friendship and
backing Of William H. Vanderbilt,
then the greatest antagonist OF Gould
in the railroad and financial field.
Meanwhile, the elder Morgan had
died, leaving his son something in the
neighSorhood Of $1a,000,00N and the
control OF the great English banking
house, formerly Peabody & Co, but
then and for years before J. S. Nor
gan & Co. Added to his own fortune
1t enabled Morgan to branch oNt into
fields hitherto forbidden him.
1t was not, however, Nntil 1878 that
Morgan actually gained entrance 20
the first rank OF the country's inan,
ticrs. The country was Still suffering
from the terrible panic OF Ave years
before. Specie payments had not yet
been resumed. For months the gov,
eminent had sought to market an is
sue Of 4 per cent bonds, but the Slow,
ness Of the pablo TO take them up
promised no speedy relief TO the Sit
uation.
Then in November Of that year. an
der Morgan'S direction, the Morgan,
Observation-Disclosures syndicate was
formed To take WN a large part OF the
issue, Within a period OF four month.
from November to April. the syndicate
had disposed OF $2ea,Nh0.hN0 OF the
bonds. &c..
The taking over OF these bonds and
the marketing OF them at a great
mroht-Drexel, Morgan & %. netting
S5,6h0,a00 as their share-in a period
Iof sach great financial depression at
once placed Morgan in the front rant
OF American fnancierS. From that
time on his advance toward his Future
proportions was rapid.
In 1885, acting as the agent Of vii
liam X. Vanderbilt, Morgan effected
the lease in p~erpetuity OF the West
Shore railroad to the New York Cen,
trail, which ended q hattie that hat
continued for years and which threat
ened to threw both roads into bank
.rNptcy.
Became Financial King.
tt would take a library 10 tell OF the
geat bankers achievements between
1855 and the present time, Railroads
and Industrial corporations came q
him by the dozens and scores for ex.
pert counsel. And they all got it il
they were ready 10 pay the price.
BY 1900, despite occasional sethacSs
Morgan was clearly the strongest in
divifual fnancier alive. The com
hinations that he had fathered repre.
seRted billions and billions OF dollars
In 1895, when. with August Bel.
mont and Others, he helped float the
cleveland bond issue. he was asked
by the secretary OF the treasury, John
G. Carlisle, for sccurity, he produced
Endorsements representing S5nh,0o
hhN.
The formation OF the billion dollar
United States steel trust and the In
ternarional Mercantile Marine, the
latter perhaps his single serious fail
IRE, in 1901 aud zoe is sufficient 10
show how far he had progressed in
that time.
Morgan was p nan OF marked char
acterissics. Aggressive in character
and action, his Very holiness in
smashing down obstacles, coupled
with a knowledge Of how to apply
money and power where they would
produce most results. undoubtedly
had much to do with his success,
Loved At and Dogs.
Three things Morgan iloveG-the
memory OF his father, his family and
his dogs. To these perhaps a fourth
should he added-power.
He was a patron Of the arts, spend
ing countless thousands for antiques.
sculpture, paintings, gems and rare
|hccss- he was \ philanshr0ptst,
49, t.fANEEAE ZNHAHLHat