Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-04-01
J. Pierpont Morgan.

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Mr.. Morgan was born at Hartford
Conn, April il, 1897. His early school
ing opportunities were the best. He
graduated from the Boston high school
and was Il student in the University of
Goettingen, Germany. His father was a
hnaneier of prominence and it was not
difficult for young Morgan to get Il
start in the business world. After his
return from Germany young Morgan
went into his fathers banking bust
ness. AS his experience in the bust
ness grew his father wisely placed up
on his shoulder mon md mere of the
firms responsibilities. lie was sent to
London as the firms representative and
there, in the counting room OF Morgan
4 Peabody, he obtained a thorough
grounding in the exceedingly compli-
Gated subject of foreign exchange.
When he returned to New York he
again entered his fathers banking firm.
From 1864 to 1871 he was a member
Of the finn of Dabney, Morgan & Co.,
dealers in investment securities. About
1869 he attracted the Gttention of the
whole financial and railroad world by
saving and obtaining possession OF the
Albany & Susquehanna railroad which
Gould and Fisk mad tried to wreck.
This was his first great success, partic-
ularly remarkable owing to the fact
that in the fight he was pitted against
the two greatest and most unscrupu-
lous stock and railroad manipulators
of the country and beat Their, at their
", h. ,ot,a
Der of the banking firm of Drexel, Nor
gan & Co. which later became j. p.
Morgan & Co, the largest private
financial institution in the world.
The history of the Morgan banking
house reads almost like a fairy tale, SD
wonderful have been its achievements.
In 1871 Mr.. Morgan created a market
in Europe for $4,000 900 Of New York
Central stock and sold it there at a
profit which amazed old Commodore
Vanderbilt. In 1877 he handled an is
sue of $4,000 600 of government bonds
in preparation for putting the national
currency on a gold basis. In 1880 he
provided S40000,000 for the extension of
the Northern Pacific Railroad 10 the
Pacific Coast. In the same year he
was instrumental in the reorganization
of the Reading Railroad and the Balti-
more & Ohio, involving a loan of Sr0,
000, GOO In 1893 the Southern Railway
was created out of the Richmond Ter
minal and allied lines. In 1895 he re-
habilitated the Erie road. Two years
later he Put the Lehigh Valley road on
it's feet and brought about the soft coal
combination. In 1892 he performed one
of his most remarkable feats. In COM
pany with August Belmont ne under
took to and rSfd maintain the gold re-
serve in the federal treasury, causing
the suspension of the laws OF exchange
in order to accomplish the result.
Another important deal was the or
ganizing and the floating of the Sc
curities of the United States Steel Cor.
poration, with capital of 81, 100, 900, 600.
The violent decline in the securities of
the steel trtfst during the depression of
1854 was as promptly relieved by the
influence of MIR. Morgan and he made it
bis business from that time on to pre-
vent, as much as possible, all violent
fluctuations in that stock.
The most recent financial deal of
great Importance engineered by MIR.
Morgan and his associates was the
controlling majority of the stock of the
Equitable Life Assurance Society for
merly owned by Thomas f. Ryan. Mr..
Ryan bought the controlling interest in
the company. the assets of which, ac-
cording to the last statement issued
previous to the sale, amounted to S472,-
600 600. from James H. Hyde, former
president of the company. The ac-
QUESTION of the control of the Equ'ta-
bic brought the total of the capital and
resources az insurance companies,
banks and trust companies controlled
by Mr. Morgan and his associates to
the gigantic sum of nearly $1,750, 100000.
made up as follows: Equitable Life AS
surance Society, $472,000,000; New
York Life Insurance Company, $685.
600 600; National Bank of Commerce.
1914, DOC, 600; First National Bank 1884,
O0o, 900: Guaranty Trust Company, $780,
O0O, Zoo; Mercantile Trust Company, $75,
100000; Equitable Trust Company $62,
600, 900; Bank ,rs' Trust Company, $4S,-
000, coo; Astor Trust Company, $1,000,
900.
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 collection.
He took an active interest in the Met
ropolitan Museum of Art. and posses
sed one of the most magnificent pri-