Semi-weekly herald., 1913-04-03

Timed a thorough grounding in the
exceedingly complicated subject of
foreign exchange. When he returned
to New York he again entered his
fathers banking firm.
The history of the Morgan banking
house reads almost like fairy tale,
SO wonderful have beea its achieve
ments. In 1871 Mr.. Morgan created
market in Europe for S25,OOO,O 900
of New York Central stock and sold
1t there at a profit which amazed old
handled an issue of s26O,OOO,OOO of
government bonds in preparation for
putting the national currency on
gold basis. In 1880 he provided $40,-
OoO,ooo for the extension of the North
ern Pacific railroad to the Pacific
coast. In the same year he was in
strumental in the REQ. ganization of
the Reading railroad and the Balti-
more q Ohio, involving loan of $1O,-
100000. In 1893 the Southern rail-
way was created out of the Richmond
Terminal and allied lines. In 1895 he
rehabilitated the Erie road. Two
years later he put the Lehigh Valley
road on its feet and brought about
the soft coal combination. In 1892
he performed one of his most re-
niarkable feats. In company with Au-
~ pnlt,nY,t ha ,nIar.tnn1r -
maintain the gold reserve in the fed
eral treasury, causing the suspension
of the laws of exchange in order to
accomplish the result
The most recent financial deal of
great Importance engineered by Mr..
Morgan and his associates was the
purchase in November of 1909 of the
controlling majority of the stock of
the Equitable Life Assurance society,
formerly owned by Thomas F. Ryan.
Mr.. Ryan bought the controlling in
terest in the company, the assets of
which, according to the last state
ment issued previous to the sale,
amounted to S472,O0O, 900, from James
II. Hyde, former president of the
company.
Despite life of strenuous endeavor
Mr.. Morgan found time for other
things. He gave away millions in
charity, but nothing perturbed him
more than to have it mentioned to
him. He was a devout Christian and
vestryman of st. Georges Episcopal
church, where he could be seen every
Sunday morning when at home pass
ing the silver salver for the collee-
ton.
He took an active interest in the
Metropolitan Museum of Art, and pos
sessed one of the most magnificent
private galleries in the world, part of
which he kept in his London mansion,
while the smaller part adorned his
palace in New York or was stored
in the magnificent and thoroughly fire.
proof library building which which
h had built and which also sheltered
one of the most valuable private COL
locticns of books, manuscripts, works
of art, etc, to be found anywhere
in the world. A deep student of me-
diaeva. history, he collected, without
regard to cost many priceless OBJ
jects of medieval art, missales, BIZ
bles, clerical ornates, embroideries,
and masterpieces of the gold
and silversmiths' art.
1t is impossible to estimate with
any degree of accuracy the size Of
the Morgan fortune. 1t has been va
riously estimated in recent years at
from $75,0O0,O0O to s2OO,OOO00O If
It is anywhere near the latter figure,
It is equally true that Mr.. Morgan
made as much for others.
In 1861 Mr.. Morgan married Miss
Amelia Sturges, who died the follow
ng year. In 1866 he married Frances
louise Tracy, by whom he had one
ION and three daughters. The son,
!. F Morgan jr., is now man Of
middle life, and for number of years
as been the active head of the Nor
AN barkipey hnnca in Nop, yo,.l,