Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-03-31


back in this country to 1886. He was
born in wealth. His father, Junius
Spencer Morgan, left him $10,000,000,
and also young Morgan inherited i'm
portant banking connections. ]. S.
Morgan had accumulated his fortune
in the dry goods business with Levi
P. Morton, and later as an associate
of George Peabody, merchant,
banker and philanthropist
AS a youngster his tendency to
write poetry gave him the nickname
of Pip" When he was IA Morgan
was sent to Boston to the English
High School. He showed a particu-
lar bent for mathematics, but had no
gifts indicative of unusual mental
power. Probably his first attempt at
! finance took place in Boston. The
school teacher gave him money with
which to buy erasers. Young Nor
gan was gone for a long time. When
he returned he handed the teacher
the erasers and also some change.
Whats this for?" asked the
teacher. 81 gave you just enough to
buy the erasers at the price l have
always paid for them
"Oh," replied young Morgan, IL
! went dTOulu lOWIi lilllii COhio iIHd u
place to buy them at Wholesale
OF J. P. Morgan, financier, and of
his achievements all the world knows
Few men have been more widely
feared yet more generally trusted.
Those who met him only in a bust
ness way saw a man rough, emphatic
and repellant, inaccessible as the EN-
peror of Russia when he chose to be,
known as the worst man in the
| world to interview and as man who
believed absolutely in himself and
apparently never questioned the cor
rectness of his method.
Mr.. Morgan's Other Side.
His friends, however, knew him as
a simple. unaffected companion, an
interesting conversationalist with
keen wit and genial humor.
Once a woman asked him why he
kept on accommodating money when
he already had more than he needed.
II do not love money!" Mr.. Morgan
is said to have replied. But | do
enjoy the excitement. the fun of maxi
ing it,"
Business was not all to the life of
j. Pierpont Morgan. His office hours
were short and at the close of his
business day he left his office and
his business behind him. Woe to the
person who then approached him on
business bent. He cared little for So
ciety but was fond of a good dinner
in congenial company, of rare wines
and big black cigars. Wines he par
took of with moderation. TO cigars
he was almost slave.
Mr.. Morgan was a devoted church
man. and for years had been YES
tryman 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 yachh. Corsair is one
of the largest and most sumptuous
private vessels afloat. He was fond
of dogs and kept large kennel OF
collies at his country home, Crag-
more. at Highland Falls, N. Y.
AS philanthropist Mr.. Morgan
was scarcely known publicly. He
gave unostentatiously many millions
of dollars.
In finance Mr.. Morgan had his fail
ures as we'll as successes. He or
ganized the Northern Securities Com
pany. which was dissolved by thu
United states government as an al
legged combination in restraint Of
trade. The underwriting of the lin
ternational steamship trust" by the
Morgan firm was a complete failure
The business coup that marked thu
climax of his career as a captain o
industry was the organization of thu
United States Steel Corporation, ont
of the largest institutions of th'
world.
Mr. Morgans magnificent museum
and private library stands in Thirty
sixth street near his Madison avenue
home in New York city. 1t is fillet
with rare manuscripts and works o
art. In this museum Mr.. Morgan
spent much of the last years of hi
life.