Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1913-04-09
During President Cleveland's ad.
ministration it was decided that .

During President Cleveland's ad.
ministration 1t was decided that 9
bond issue Of $20.O0O.0O0 was neces.
sary. Morgan undertook the task,
and it was floated. He made money,
OF course. That was what he was
in business for. But at that time the
whole world looked on with wonder
at the ease with which he accomplish-
ed task that no other banking firm
was willing to undertake. :,S
In 1901 Morgan fioated the securi-
ties Of the United States Steel corpor-
alton, which was capitalized at
81, 100000 1000. The amount was q.
most beyond the ken or ordinary NOR.
tails, but with the great financiersit
was merely a matter Of calculation
and accomplishment. In the same
year he secured the American sub
scription to a $50,0000OO British war
loan. ssz 55!5
But it was during the bankers pan.
ic Of 1907 that Morgan rose to gu
preme command OF. financial America.
Like an absolute monarch, he sat
in his marble library In New York,
surrounded BY the money kings Of q
lesser empire, debating to them, and
sending them forth to carry out his
will. 4
At a time when banks and trust
companies we're topping all about
him, it was his steadying hand that
was stretched forth to save. not all Of
them, but those which he decreed
should survive. Practically speaking
the life OF nearly every banking and
financial institution in New York was
in his hands. he held the balances.
passing out his sentences Of financial
life or death In quick staccato tones.
4 His friends say that the work he
did during this trying period will re-
bound to his everlasting honor.
Even the government at Washing
ton looked upon him as the one man
who was capable Of throttling the
dragon Of panic and practically all the
resources of the United States treas
ury were turned over to him 70 do
with as he saw At and proper. n
An instance Of this was the pouring
out Of SIS, $1,000 upon the floor Of
the stock exchange to save that instt-
tuition from utter ruin on that memoir
able black Friday in 1907.
This money was conjured from
somewhere by J. p. Morgan. No one
knew from where. Later it developed
that the money had been taken out Of
the United States sub-treasury and
turned over to Mr.. Morgan. (.
: As q great lover OF art, Mr.. Nor
ran spent much money In collecting.
but he always played fair.
After paying . fortune for the
famous Ascoli cope, he returned It to
the Italian government "a soon - he
learned 1t had been stolen from it
place in an old church.
He possessed rare copy OF the
Bible, the famous Luther Bible.
He has spent q vast fortune to pos
sess it, bidding more than any Of his
rivals could afford to give. When he
learned that Emperor William OF Ger
many was one Of those whom he had
outbid for the precious volume, how.
ever. he promptly presented 1t to the
kaiser.
For these two acts Of generosity he
was decorated by the Italian govern
ment and by the German kaiser.
Because Of the heavy duty on works
Of art coming into the United States
Mr.. Morgan had kept the greater part
OF his collection on the other side.
Congress, however. passed a law 70
moving this duty and in tho spring OF
1919 the great collections OF the Amer
lean f1nancier, which were assembled
at his two homes In London and at
Paris, and valued ut more than 81
100000, were packed up and shipped
to New York.
The greatest part Of this collection
is now to be seen in the Metropolitan
Museum of Art.