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

carefully excluded.
| Morgan did organize giant corpo-
rations. He extended railroads, he
opened new territories, he made pos
sible commerce, which in all reason
had to be enlarged by some man,
consistently with the growth of the
country and population. Curious as
it may seem, however. the more
clamor there was against his meth
DDS the more he was held in esteem
by writer's of note and educators
who had occasion to review his
works.
Turns Down Unpatriotic Proffer.
At one time English capitalists, see
| ing a favorable opportunity, through
adverse conditions in this country,
to grab the West Shore railroad,
thereby establishing footing for
still greater grab, asked Morgan 70
act as their agent, In that manner
covering the identity of those VINO
were to be the real owners. Morgan
turned down an opportunity of maxi
ing several millions by refusing.
Then he saved the railroad to Amer
| lean ownership by taking 1t over
himself. quietly and quickly, and
turned it over to the New York Cen
trail by perpetual lease.
| At another time he discovered hat
| the country was being depleted Ok
gold by a clique of men who were
amassing great wealth by shipping
it to Europe. He stopped the leak,
,reorganized the system of shipment
and was then made the subject OF
congressional investigation, which
should more properly have been made
of the clique he broke He clearly
and concisely answered every ques-
ton that was put to him by the in
vestigators.
/ During President Clevelands adj
ministration it was decided that a
bond issue of $20,OO0.0OO was neces-
/ sary. Morgan undertook the task
land it was foated. He made money,
of course. That was what he was in
business for; but at that time the
whole world looked on with wonder
at the ease with which he ac-
oomplished task that no other
banking firm was willing to under
take.
Floats Billion Dollar Concern.
In 1901 Morgan fioated the securi-
ties of the United Steel Corporation,
which was capitalized at $1,l00, OO0, 900.
The amount was almost beyond the
ken of ordinary mortals, but with the
great financier it was merely mat
ter of calculation and accomplish
ment. In the same year he secured
the American subscriptions to a $780,
000 900 British war loan.
But 1t was during the bankers
panic of 1907 that Morgan rose to
lsupreme command of financial Amer
lea.
Like an absolute monarch he sat
in his marble library in New York.
surrounded by the money kings of
a lesser empire, debating to them,
and sending them forth to carry out
his will.
At time when banks end trust
companies were topping all about
him il was his steadylng land that
was stretched forth to save, no. all
of them, but those which he decreed
should survive. Practically speaking,
the life of nearly every banking and
financial institution in New York was
in his hands, he held the balances,
passing out his sentences of financial
1 life or death in quick staccato torres.
His friends say that the work "a
did during this trying period will re-
bound to his everlasting honor.
u. $. Treasury at His Service.
Even the government at Washing
ton looked upon him as the ono man
who was capable of throttling the
dragon OF panic and practically the
resources of the United States treas.
ury were turned over to him to dc
with as he saw fit and proper
An instance of this was the pouring
out of s25.0000,0O0 upon the floor of the
stock exchange to save that institu'
ton from utter ruin on that memoir
able black Friday in 1907.
This money was conjured from
somewhere by j. P. Morgan. No ons
knew from where. Later it developed
that the money had been taken oul
of the United States sub-treasury anc
turned over to Mr.. Morgan
AS a great lover of art Mr.. Morgan
spent much money in collecting; bu
he always played fair.
After paying a fortune for tn
famous Ascoli cope he returned Vt u
the Italian government as soon as
he learned it had been stolen from
its place in an old church.
He possessed a rare copy OF TIM
Bible. the famous Luther Bible.
e.. 10 Rfst