Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1913-04-03

this city before the Civil war.
Frequently Savior of Street"
THE old doctor of Wall street. was
]. Pierpont Morgan-not its wizard"
nor its "frenzied financier." He saved
the street" from what seemed i'm
pending ruin on a number of occa-
sions. Even the pulse of the national
government quickened under the min
istering care of the great banker on
whom the term doctor nestles grace
fully.
The most critical case" ever at
tended by Mr. Morgan was the finan-
cial slump of the fall OF 1907, when the
frenzy of "frenzied finance" became a
degenerate, stock-tumbling affliction.
"Dr." Morgan was called in after a
long period of inconspicuousness and
left to battle with the situation He
organized a pool and put $25,000,000
into instant circulation. This enor-
nous sum was not sufficient, however.
More money was needed and needed
at once II panic was to be avoided.
Morgan and his/pool placed $4,000
900 more where it was needed The
feat vas one of raising s40.000.000 in
forty hours-$1, 100000 an hour,
There was no log cabin beginning
to the career of the head of the great
banking firm of j. p Morgan & Co.
His life was not the conventional
story of great achievements founded
on small beginnings. Morgan was
Handicapped" by being born to
riches.
John Pierpont Morgan was born at
Hartford, Conn.,, April II, 1887, His
schooling opportunities were excel
lent. He graduated at the English
high school of Boston and then be-
came student in the University of
Gottingen, Germany In 1857 he en-
tered the bank of Duncan, Sherman &
Co of London. His father was part
ner in the firm and 1t was not difficult
for young Morgan to get his start.
From 1864 to 1871 he was a member
of the firm of Dabney. Morgan & Co.,
dealers in investment securities.
In 1871 he became member of the
banking firm of Drexel Morgan & Co.,
converted. after the death of Mr..
Drexel, to J, p Morgan & Co., the
largest private financial institution in
the world. In thirty years the his
tory Of this house has been that of the
finances of the nation. Mr.. Morgan
was also head of the firm of J. s. Nor
gan G. Co. of London; Morgan, Harges
& Co. OF Paris, and Drexel & Co. OF
Philadelphia.
Big Chapters In Magnetic Career.
A few chapters in the career of the
financial giant are indicated as fol-
lows:
In 1871 he created a market in Eu-
rope for s25,OO0,OOO worth OF New
York Central stock
In 1877 he handled an issue OF $780,
100000 Of government bonds in prepa-
ration for placing the national cur
rency on a gold basis.
In 1880 he provided S40,O00.000 for
the extension of the Northern Pacific
railroad to the Pacific coast. In the
same year he led in the reorganization
of the Reading railroad and of the
Baltimore e Ohio, involving syndicate
work and the loan of $10,000.000
In 1898 the Southern railroad was
created out of the Richmond Terminal
and allied lines.
In 1895 the Erie railroad was rehab-
llitated
In 1897 the I.ehigh Valley was put
on its feet, the soft coal combination
formed and the Central Railroad OF
New Jersey leased by the Reading.
In 1901 he secured American sub
scriptions to the amount of $50.000.p0O
to the British war loan
Floats Steel Corporation.
Other achievements of the doctor
OF Wall street" were the floating OF
the securities Of the United States
Steel corporation. the fathering of the
agreement between the anthracite
coal operators and the federating OF
soft coal interests in Ohio, Indiana
and Pennsylvania
Member of Many Clubs.
| Mr. Morgan was a member OF the
| Metropolitan. Union. Knickerbocker
Union League. Century. Lawyers Tux
l edo. Racquet. Riding and Players
clubs of New York city. He was q
warden of st. Georges Episcopal
church in New York.
| In 1861 Mr. Morgan married Miss
Amelia Sturges, who died the fol
lowing year. In 1865 he married Fran
ces Louis Tracy and they have one
son, three daughters and eight grand
children. The son, J. P. Morgan. Jr,
is of middle age and is the active head
of the house in New York.