Semi-weekly herald., 1913-04-03

gan's death scarcely affected the stock
market, which opened fractionally
lower generally but quickly recovered
The London market also recovered
Evidently the brokers were prepared
for his death.
1t is announced that the death of
the leader will not cause any changes
in the firm.
Flags are at half-mast on Wall
street today.
No man of recent times has occu.
pied more prominent place in Amer.
lean financial history than John Pier.
pont Morgan. He was in the bank
ing business for more than half a
century, and during the latter years
OF his life he was unquestionably the
financial dictator of the United States
When a panic seized Wall street in
1901 during the struggle for the con-
troll of the Northern Pacific railroad
and it was Mr.. Morgan who came to
the rescue. Again, when in the fall
of 1907 the Wall street panic was
at its height, the fnanciers of the
country instinctively turned to Mr..
Morgan for aid and advice. He needed
the appeal, and within forty hours
created pool of $4O,0OO,O0O and saved
the nation from what seemed to be a
panic that would topple over many of
the financial pillars of the country.
Aside from these two incidents Mr..
Morgan probably will be chiefly re-
membered for the part he took in
floating the United States Steel cor
poration. The violent decline in the
securities of the steel trust during
the depression of 19O3-'O4, and the
storm of criticism that broke forth
from the thousands of investors in
the United States and in Europe who
put their money into these securities.
had been thorn in Mr.. Morgan's
side, and his chief ambition in the
years that followed was to see the
steel securities in such a position in
the market that his most bitter critics
would be forced to concede that he
built the great trust on a substantial
foundation.
AS an example of business capacity
of remarkable kind, Mr.. Morgan was
almost without parallel He was as
capable as any of the Rothschilds in
the money line and his achievements
as an industrial organizer surpassed
any similar feats performed by other
operators in the United States or
abroad Among the concrete results
of Mr. Morgan's financial genius were
the reorganization of the Buffalo and
West Shore, and its lease to the New
York Central; the reorganization of
the Chesapeake and Ohio; the rear
of the Great Southern and
the reorganization of the Erie. His
was also materially felt il.
the Pacific system. Some of the
achievements which he made incidents
% his money and railroad business are
he present efficiency of the Japan
ard China carrying trade, the con- /
iolidation of the Western Union Tele-
sraph and the American Bell Tele /
'hone company, the combination of
he coffin producing and steel indus
ries and the launching of the Edison
'rocess of magnetic iron ore separa-
ion.
MIR. Morgan was born at Hartford.
'onn., April II, 1887. His early school
ng opportunities were the best. He
from the Boston high school
nd was a student in the University
Goettingen, Germany. His father
'as a financier of prominence and it
'as not difficult for young Morgan to ,
ct start in the business world
fter his return from Germany Young 6
lorgan went into his fathers bank r
lg business. AS his experience in
lie business grew his father wisely "
aced upon his shoulders more and h
ore of the firms responsibilities. He |
as sent to London as the firms rep- Il
sentative and there, in the counting g
om of Morgan q Peahodv he oh D.