The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-04-01
BEGINS HIS CAREER ON
BOARD OF DIRECTORS

4
maritime insurance company He Sc
cured the position through the infiu-
ence of his wealthy father. For
year young Morgan attended the d.
rectors' meetings. but never opened
his mouth, except to vote
The president of the company told
the older Morgan that nothing could
! be done with his son, who seemed
to take little interest in business John
Pierpont. however, all the time was
laying his plans for his first railroad
! consolidation, which, when accom-
plished, established his standing in
Wall Street as the only man who
ever got the better of Jay Gould.
The president of the insurance COM
pany had mistaken taciturnity for in
dolence. The sobTiquet of "Sphynx OF
Wall Street later was the appellation
applied to the man who at first was
believed to have been without bust
ness acumen. but later became the
/. supreme head of the finances of the
American continent.
Morgan's control over men and
money was the dominant Keynote of
his life. Others. perhaps, were
weather. than Morgan, but he com
manded his wealth and that of others.
At the height of his power he is said
to have controlled $4,000, 900.
In addition to finance. art. litera-
ture. philanthropy and sport all came
under his influence. His prestige was
not confined to his own Country-kings
and emperors and even the pope were
wont to call him into consultation.
Mr.. Morgan came from ain old Puri-
tan New England family which dates
back in this country ia 1896. He was
born in wealth. His father. Junius
Spencer Morgan. left him $40, 600, 900,
and also young Morgan inherited i'm
portant banking connections. j. S.
Morgan had accumulated his fortune
( in the dry goods business with Levi
+. Morton, and later as an associate
of George Peabody, merchant. bank
er and philanthropist,
j. Pierpont Morgan was born April
II. 1887. in a modest, red brick cot
tage in Hartford. Conn. AS a young
ster his tendency to write poetry gave
him the nickname of Pip" When
he was fourteen, Morgan was sent TO
Boston TO the English High school.
He showed a particular bent for
mathematics, but had no gifts indica-
tive OF unusual mental power. Prob
ably his first attempt az finance took
place in Boston, The school teacher
gave him money with which to buy
erasers.
Young Morgan was gone for q long
time.
When he returned he handed the
teacher the erascrs and also some
change '..
what's this for?" asked the teach
II gave you just enough to buy
the erasers at the price l have always
paid for them"
oh" replied young Morgan. 81
went around town until / could find a
place to buy them at wholesale" -@~
For two years after graduating frurn
the Boston High school Mr.. Morgan
was "a student at Goettingen. Ger
many. AT twenty one he embarked
upon his career as a banker.
Was Devoted Churchman.
Mr. Morgan was 81 devoted church
man and for years had been "a yes-
gryman at ST Georges Protestant
Episcopal 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 afioat. He was fond of dogs
and kept a large kennel Of collies at
his country home, Cragmore. at High
land Falls.
AS a bhilanthropist Mr.. Morgan
gave unostentatiously many millions
of dollars.
Perhaps the most dramatic incident
I'm the life OF the finaucier was during
the panic of 1907. on the stock ex-
change not dollar could be bor-
rowed al any price. The great banks
were clinging to every cent in their
vaults New low records were made
in the issues of all prominent stocks,
October gath came the spectacular
climax There seemed nothing that
could stop the outpour of stocks. Then
it was that Mr.. Morgan poured $40
600. 600 of money into the exchange
Call money broke at . per cent and
Mr., Morgan. with SUPPORTING orders
of United States Steel stocks, made
such a show OF strength that the
leading issues rushed upward To-
points and the panic was aVerted.
Also Had His Failures.
In finances Mr.. Morgan had his
failures as we'll as successes. HE or
ganized the Northern Securities COM
pany. which was dissolved by the
United States government as an al
legged combination in restraint or
trade. The underwriting OF the IN
ternationai Steamship Trust. ny the
Morgan firm was a complete fallhfe' +
The business coup that marked the
climax of his career as a captain OF
industry was the organization OF the
United states steel CoTpoIdh4pii' Jaw -
the largest institutions of the world.
Mr. Morgan's collection OF arr
works probably is the most valuable
individual one in the world. Once Mr.,
Morgan kept abroad a collection or
objects of art valued at many mil
lions rather than pay the duty on
them demanded by the United States
government.
Tt was not alone for his own salts
faction that Mr.. Morgan spent mil
lions in his collection of art books ana
antiques. He gave away his treas
ures almost as fast as he bought them
many of them to public institutions +
A romantic incident in Mr.. Morgan
life as an art collector was his pur-
chase of the famous cope OF Ascoi,
which was presented by Pope Mich |
olas to the city of Ascoli in Italy. The
cope had been stolen and Mr.. Nor
gan returned it to the. Italian govern /
ment. King Victor Emmanuel Dec
Grated Mr. Morgan for this act
Mr. Morgan's magnificent museum
and private library stands in Thirty-
sixth street, near his Madison avenue
home in New York city. 1t is NIL
ed with rare manuscripts and works
Of art In this museum Mr.. Nor
gan spent much of the last years OF
his life
Last Visit to Wall Street
Mr.. Morgan paid his last Visit 10 /
the financial district the day before
he sailed for the Mediterranean ana
"a. hA