The Birmingham age-herald., 1913-04-01
J. P. MORGAN, THE
WORLDS MOST
NOTED FINANCIER,
is DEAD IN ROME
Continued from page One,

tCOntinued from page One)
with the exception of two dispatches
announcing the death of Mr.. Morgan no
information had been received by the
firm from Rome. 1t was expected that
statement of the physicians giving in de-
tail the last illness of the financier would
be received, but it failed to come through.
according TO DR.. Dawson. He said thera
probably would be a family conference
tomorrow and details as to the funeral
would be worked out
The immediate effect on the machinery
of Wall street of Mr.. Morgan's death
was comparatively slight. On the stock
exchange the news from Rome had large
ly spent its force within 10 minutes after
the opening of the market. Mr.. Morgan's
Illness had prepared the financial district
for the end and every precaution had
teen taken to guard against a serious
break in prices. At the opening the prom
inent stocks declined a point or so, but
they received prompt support and rallied
quickly. Thereafter the market was dull.
Wall street transactions with the head
Of the house of Morgan had been of such
large consequence for so many years thar
the news of his passing made an
enormous impression. From bankers,
brokers' railroad and business men came
tributes to the dead man. Outside the
Morgan offices there was curious crowd
for some time after the news was received.
On the glass door there was terse
notice that the offices would be closed
for the day.
Friends of Mr. Morgan pointed another
reason, In addition to the warning given
hy his illness why the financier's death
was not seriously disturbing. His career.
they said, was rounded out He had ac-
compished virtually what he started out
to achieve. For some time the Morgan
firm had refrained from large new enter
prises. All that human foresight could
dictate had been done during the last
year or two to safeguard the business
ana financial world against calamity
when Mr.. Morg$n's last hour came.
Among the number of numerous ap-
preciations of Mr.. Morgan was one by
Ebert II. Gary, chairman of the United
States Steel corporation, the greatest of
all the industries organized by Mr. Nor
gan
None of Mr.. Morgans business asso-
ciates will mourn his death more than
those who are connected with the United
States Steel corporation, said Mr.. Gary
His presence, his counsel, his efforts
were always influential in the endeavor
tc establish and maintain a reputation
for fair and honorable treatment toward
all who might be affected by the deci-
sions and conduct of the corporation
never be filed"
A resolution adopted by the board of
governors of the Consolidated Exchange
said "In the death of Mr.. Morgan his
country has lost a real American citi-
zen who united with his genius for
finance a generous desire to serve his
fellow citizens to the fullest extent in
the upbulding and maintaining of Amer
lean credit throughout the world.
Nothfng is known as Vet as To how
Mr.. Morgan in his will disposed of his
vast estate. J. Pierpont Morgan, Jr.
has been his fathers understudy for
years and is classed high in financial
ability. He served his apprenticeship in
the London house of Morgan, Grenfell
& Co. He is in the forties and greatly
resembles his father in facial detail,
build and even in manner of walking like
his father. He is quick at reaching a
determination on big questions. brusque
and intolerant of small details. His
preparation to take his fathers place in
the business world has been thoroughly
worked out
Gave Impulsively
The extern of Mr.. Morgans philan-
thropic gifts will probably never be
known. He gave unostentatiously, i'm
pulsively, rather than along the lines
OF fixed campaign. Probably his larg-
| ing of the cathedral of ST. John the
| Divine in this city. For the founding of
| the great lying-in hospital near ST.
Georges church, of which Mr.. Morgan
was warden, he donated 1880. .0OO Har-
ward benefited by his munifcence to the
extent of $1,500,00O with which was built
! the medical school in Boston. Trinity
college was given $250,000 for a labora-
| tory.
| If the accounts of Mr.. Morgan could
| be seen, it is said, they would disclose
| the names of numerous persons whose
| fortunes, lost in investments in Morgan
| securities, were returned to them. Not
| able among these, it Is stated, would be
| the name of noted jurist who, after he
had ceased work. lost nearly his all ir
| Investments made, as he supposed, on the
advice of Mr.. Morgan.
| AS patron of art, Mr.. Morgan was
as famous as in the world of finance
| His expenditures for objects of virtue
| were boundless. 1t was only necessary
| for him to see some painting, statuary
or other work of art that struck his ar.
tistic fancy and he would buy it, The
price to be paid nearly always was a
secondary consideration to possessing an
art treasure. His collection in the
Metropolitan Museum of Art has beer
estimated by connoisseurs to be wortl
\ $50, ,00O,000 In his private museum nexi
to his home are paintings, tapestries
carvings. books, manuscripts, bronze.
and antique gold and silverware valued
at many millions of dollars. In his col
lections of early editions are 80 Caxton.
valued at s1,250.O00.
Among some of the objects of art ant
their prices Mr.. Morgan paid for then
are Raphael's "Colonna Madonna $500,
900; the Fragonard Panels depicting the
love affairs Of the Countess Du Barry
| $500. .000; set of Gothic tapestries, $500.
600; the Pfungst collection of bronzes
100000, and Gainsborough's famou.
painting of the Duchess of Devonshire
$20o,0 900. In this collection are the works
of such masters as Rembrandt, Rubens
Velasquez. Van Dyke, Reynolds, Franz
Halls, Millet and Turner
Former President Taft paid q tributs
to the memory OF ]. Pierpont Morgan
tonight at the home of his brother, Hen
ry w. Taft, shortly after his arriva
from Augusta, Ga. Said Mr.. TAFT