Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1913-04-04
j. P. MORGAN DEAD.


acute indigestion, were the cause.
Mr.. Morgan was nearing the end of his |
18th year and had been in poor health |
for several months.
He passed away after week Of critical
illness and he was for the most part I'M
conscious since Wednesday before his /
death. The end came peacefully while he
was still unconscious.
Herbert L. Satterlee; Mrs. Satterlee, |
daughter of the fnancier; Professor Bas-
tianelli. Drs. Starr and Dixon and other
members of the Morgan party were at the
bedside.
Mr.. Morgan was the only financier the |
United States have produced who would
be classed with the RothschiIds and the
Barings as the fnanciers. not Of country.
but Of the world. Although foreign loans
have never been extensively marketed in
this country. because we have hardly had
capital enough for our own needs. yet Mr.
Morgan has been the foremost banker Of
the world for generation
He was no mere money lender. He was
a great power in the promotion Of indus
tries and the carrying on Of trade and in
national finance. He had the genius to
conceive and the holiness TO execute great
things. He was far removed from a specu-
lator. and the notion that he "milked" the
stock market and squeezed his profits out
Of the cOuntry's industries is the product
Of extremely superficial ideas Of the func-
ton Of banking
The family Of the inancier is one Of the
Oldest Of New England. having been found
ed in America in 1886. when Miles Morgan
landed in the New World and helped to
found the present town of Springfield, Mass
Unlike many Of the high lights Of finance.
Mr.. Morgan was not born in poverty. His
grandfather. Joseph Morgan, was a sue
cessful farmer and innkeepeT in Hartford.
Conn. as well as soldier Of the Revolu-
ton. His father. Junius Spencer Morgan,
received a good education. and. having
finished his studies. became bank clerk.
AT % years Of age he married Juliet Pier
pont, the daughter Of John Pierpont. a
somewhat cratic character, who was at
various times merchant. theological stu
dent, minister and poet He was a re-
former Of nature and an Abolitionist, which
tendencies, together with one toward spir-
ltualism. got him into difficulties with his
Congregations Boston one-which ended
in his transferring from the Congregational
to the Unitarian denomination. He was
afterward chaplain in a Massachusetts
regiment during the Civil War and died in
1866 as an employe Of the Treasury De-
partment
John Pierpont Morgan was born in a
red brick house that stood on Asylum Hill,
Hartford. the site OF which is now occupied
by cathedral, April II. 1897. Shortly
after his birth his parents moved to a new
house on what is now Pennington avenue,
home more suitable to the rising fortunes
Of Junius Spencer Morgan. who had gone
into the dry goods business with Levi P.
Morton. Now surrounded by residences,
the house then stood by itself on a farm
OF about 100 acres. In dwellings built on
portions OF this farm have since lived some
famous persons, including MARX Twain. -
Harriet Beecher Stowe, Charles Dudley
Warner, Isabella Beecher Hooker and VIII
liam Gillette. Young John Morgan is said
TO have known Mrs. Stowe intimately while
she was writing portions of Uncle Toms
Cabin" and to have visited her frequently
during the composition Of that story.
From all accounts young Morgan was in
nowise different from the general run of
boys; not particularly distinguished as a
scholar or in athletics. hunting. fishing
playing boys games with his schoolfollows.
pleasant companion, an unpleasant OPP
ponent in fight, but as often the van
pushed as the victor; in disposition trifie
taciturn, but not morose. with the usual
allowance Of independence and fondness
for leadership of the healthy American
youth.
The fortunes Of Junius Spencer Morgan
continued to prosper. His early training
as bank clerk led him into banking and
he became associated with George Peabody.
TO whose charity Baltimore. where he built
the foundations of his fortune, owes SC
much. Then Morgan founded the London
banking house Of J. S. Morgan & Co.. with
branches in San Francisco and Australia.
In 1881 the banker removed his family
to Boston. where Pierpont was entered as
a student in the famous English High
School. from which he graduated at the age
of 10.
After his graduation from the Boston
High School the family again changed il.
place Of residence, this time going across the
sea to England. and young Morgan spent the
following two years at the University of
Gottingen, Germany.
Finishing his university course at the
age Of Fl. he returned to America and al
once embarked upon the career ordained
for him by his father, entering the employ
Of Duncan. Sherman & Co., bankers. OF
New York. to gain that familiarity with
the lower rungs of the banking ladder
which was to fit him for his unique posi-
ton In the worlds financial history.
Two years after he entered upon this
apprenticeship, in 1850, Mr.. Morgan be-
came American agent for George Peabody
& Co. of London. and when he was 27 he
helped organize the firm Of Dabney. Nor
gan & Co.. which afterward was merged
into Drexel, Morgan & Co., Morgan having
consummated an alliance with the wealthy
Drexels Of Philadelphia in 1871.
He had always been associated with his
father, who directed his large banking in
terests from London. then considered the
worlds financial centre. mantle which
J. p. Morgan was principally instrumental
In transferring TO the shoulders Of the
American metropolis. In 1890 Junius
Spencer Morgan died. and to his son fell
r II