The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-04-01
JOHN PIERPoNT MORGAN
Americas Greatest Flnaneler a Com
pick Character.

pick Character.
John Pierpont Morgan. who died
Monday In Rome, Italy, started bis
business carer half q century ago on
the board OF directors Of a large ma
ritime insurance company. He secur
ed the position through the influence
OF his wealthy father. For a year
young Morgan attended the directors
meetings but never opened his mouth
except TO vote The president OF the
company. told the elder Morgan moth
ing could be done with his son, who
seemed TO take little interest in busi-
ness. John Pierpont. however. all
the time vas laying his plans for his
first railroad consolidation. which
when accomplished. and established
his standing Wall street was the
only man who ever got the better oil
Jay Gould.
The president of the insurance com
pany had mistaken taciturnity for in
dolence. The sobriquet Of sphinx
OF Wall street" later was the appella-
ton applied to the man who at first
was believed TO have been without
business acumen, but later became
the supreme head OF the finances OF
the American continent.
Morgan's control over men anc
money was the dominant keynote Of
his life. Others perhaps. were veal
their than Morgan, but he command
ed his wealth and that OF others. At
the height OF his power he Is said to
have controlled S900.0O0.000.
Mr.. Morgan came from an old Puri
tan New England family which dates
back in this country to 1886. He was
born in wealth. His father, Junius
Spencer Morgan left him $lO.0OO.OOO,
and young Morgan also inherited Inn
portant banking connections. j. s.
i Morgan had accumulated his fortune
in the dry goods business with Levi
p. Morton and later as an associate
OF George Peabody.
| ]. p. Morgan was born April IL,
1887, in modest, red brick cottage
in Hartford, CT. AS a youngster his
tendency to write poetry gave him
the nickname OF Pip" When he
| was IA he was sent to Boston to the
English High school. He showed a
bent for mathematics, but gave no
evidence of unusual mental power.
Probably his first attempt at finance
took place in Boston. The school
teacher gave him money with which
to buy erasers. Young Morgan was
gone for long time. When he re-
turned he handed the teacher the
erasers and also some change.
Whats this for?" asked the teach
er. Il gave you just enough to buy
the erasers at the price have al
ways paid for them"
"Oh," replied young Morgan, II
went around town until could find
place to buy, them at wholesale"
For two years after graduating
from the Boston high school Morgan
was a student at Goettingen, Ger
many. At 81 he embarked upon his
career as banker.
OF j. p Morgan, fnancier, and Of
his achievements all the world
knows. Few men have been more
widely yet more generally trusted
Those who met him only in a bust
ness way saw a man rough, emphatic
and repellant, inaccessible as the car
of Russia when he chose to be known
as the worst man in the world to in
terview and as a man who believed
absolutely in himself and apparently
never questioned the correctness of
his methods.
His friends, however, knew him as
simple, unaffected companion, an
interesting conversationalist with
keen wit and humor.
Mr.. Morgan was a devoted church
man and for years had been a vestry-
man at St. Georges Protestant Epis-
copal church in New York.
The collection of books and works
of art was his chief pleasure. but he
had numerous other diversions. His
favorite sport was yachting and his
, steam yacht Corsair is one of the
; largest and most sumptuous private
vessels ahoat.
He was a friend of dogs and kept
large kennel of collies at his coun
try home, Cragmore, Alright and
, False, n. Y. Perhaps the most dra
matte incident in the life of the finan
cier was during the panic of 1907
: On the stock exchange not a dollar
could be borrowed at any price. The
e great banks were clinging to every
cent in their vaults. On October 2
!, came the spectacular climax. Appar
! emily nothing could stop the outpoul
of stocks Then Mr. Morgan poured
e $25,0O0,0 900 out of the pool money In
y to the exchange. Call money broke
to 6 per cent, stocks rushed upward
five to six points and panic was
averted. When a panic seized Wal
S street in 1901 during the struggle fol
control of the Northern Pacific rail
s road, it was Mr.. Morgan who came
d to the rescue.
+ The business coup that marked the
5 climax OF his career as a captain o.
n industry was the organization of the
/ United States Steel corporation with
r a capital of s1,100,000,000. The VIC
e lent decline in the securities OF tn,
S Steel trust during the depression o
+ 1904 was as promptly relieved b,
= the influence of Mr.. Morgan and h
s made it his business from that tim,
d on TO prevent, as much as possible
all violent fluctuations in that stock