The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1913-05-24
Boys DREAM
SOLVES PROBLEM

Morgan recalls the fact that his fail
ers partner was the founder and hi
son, J p. Morgan, Jr., is one Of tn
surviving trustees of the greater an
most successful effort ever made 4
solve from a philanthropic stand
point--the problem of providing
cheap and sanitary housing for tn,
poor of a great city.
There lies back of this effort 70
nance OF riches and a plan for max
ing the good will Of their possessol
immortal, which none Of the later
and easily richer multi miIlionia- es
have ever been able to equal.
A poor Yankee boy, bon a. Dal.
yers on the north shore OF Massachu
sets in the district which bred the
famous round the werld sailors OF
Salem and Gloucester, there was in
the mind of George Peabody the
breadth OF vision which comes to a
people whose forebears are sea cap
tans and sea merchants, sailing and
trading into the far corners OF the
earth.
After a total formal schooling OF
four years he put his dreams and his
Yankee shrewdness behind the coun-
ter OF a country grocery. He had
then reached the mature age OF II
years. Thirty years later he was the
great importing merchant of the day
with warehouses and stores in New
York, Philadelphia and Baltimore.
In 1887 Peabody went to London to
buy dry goods for the American
trade. He stayed there more than 80
years because he saw at once the
greatest commercial opportunity Of
the century. London WAS the center
OF the worlds wealth. There were al.
ways millions of pounds in London
seeking profitable investment. Peab.
ody decided to send this money TO
the United States In payment for
American securities.
Junius Morgan, father Of J. Pier
pont, the first, was taken in as a /
partner in the banking firm Of Geo.
Peabody & Co. That was the founda. |
ton of the Morgan fortunes and the |
beginning of international banking in
the United States.
III ri ,yh
loved, but never married. Instead OF
centering his affections on one wom-
an he became lover of the whole |
race.
Before he died he had refused an
offer to make him an English baron
ct. His funeral was held in West
minister abbey; England sent his re-
mains home to the little Massachu-
sets village in its greatest man.of.
war; the bronze statue of him, which
still stands in the heart OF the old |
city of London, was dedicated by a |
speech delivered by the Prince OF
Wales, who lately reigned as King
Edward VII, and today 1000 people
are living in the Peabody tenements
in the English capital.
Nor is there any faint of charity
about the Peabody benefaction, for
though the flats and cottages rent for
much less than the current rates,
and though the living quarters are
clean and sanitary they are much
more than self supporting.
The original fund amounted to 49,.
100000 in 1865. There has already
been spent in the erection OF tene.
ments and cottages-out or the in
come from the fund and surplus from
rentals-about 100000. Each year
there is about $50, 900 to De newly
invested, and as the Peabody build.
ings go on increasing in number il |
would seem that eventually half OF |
London might be occupied by them.
There are no accommoGa; ons for !
paupers in the Peabody tenemenls.
The rentals, low as they are, must be |
paid. Nor is any family taken the |
head of which earns more than 81 so |
week, wnicG sum means more in
London than in Chicago. There are
restrictions as to good moral charac. !
ter and good conduct. Within these
limits a prospective tenant may Sc,
lect single room for So cents a
week, two rooms for 81 cents, a fiat
OF three rooms for 95 cents, or a com.
mod.ous apartment of four rooms for
sl,SS week. A five room cottage,
with 4 tiny garden in the rear and a
bit OF grass in front, can be had as
low as sl.96 a week. All the Peab.
ody tenants are also offered certain
other advantages. They can buy coal
Tor Instance, at considerable reduc.
ton, and each block of tenements is
provided with a large play ground
TO- the children.