Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1913-04-05

been the London house OF ]. T. Morgan
X Co. New York. For several years
J. T. Morgan. Jr.. has been the senior
partner.
Educated In Europe.
A few years before he started busi-
ness IN Boston Junius Spencer Morgan
married daughter of the Rev. John
| Pierpont. Il lineal descendant of the
Rev. James Pierpont. who was con
temporary OF Elihu Yale and associated
with him In founding Yale college.
Their only son. John Pierpont Morgan.
was born In Hartford April Il. 1897.
and was finishing his course In East
high school of Boston as Pip Morgan.
a none too brilliant student. when the
London banking house was established
and the family moved abroad The
son was graduated from the University
OF Gocttingcn in 1851.
From the university young Morgan
went into the London banking house
| for two years. He then came 10 New
York and entered the employ of Dun
can. sherman X Co. In the year of the
outbreak OF the civil war he helped to
organize and became Il member OF the
firm Of Dabney. Morgan X Co. With
this firm lac remained until 1863
After nine years OF hiding his light
under a bushel Mr.. Morgan emerged in
1869 as an antagonist of lay Gould and
James Fisk. who at the zenith of their
power We're busily engaged in exploit
ing the Erie. As n tributary 10 the
trunk line they went after the Albany
and Susquehanna. n road In bad hnan-
cial condition then. with its stock sell
ing at % cents on the dollar. but as
events proved In 1909 IL paid an
extra dividend Of $50 share-a road
OF great intrinsic value. MIR. Morgan
had studied its possibilities as had
they. He turned up at the stockhold-
ers' meeting with stock control. though
II occurred to Mr.. Gould and Mr. Fisk
that their operation was opposed. least
of all by young Morgan.
One Long Legal Fight.
There followed a legal fight but II
Mr.. Gould had no trouble In securing
appointment OF n receiver from the
Tweed judges Morgan and his associ-
ates were equally successful In getting
their own receiver named by an up
state judge. What was more 10 the
point. the Morgan people persuaded
Governor Hoffman to protect their re-
ceiyer by calling out the militia.
During part OF the contest the stock
transfer books were hidden In an
empty tomb in an Albany cemetery.
There were us many as twenty-five
lawsuits. but In the end the Morgan
party triumphed. leased the road to
the Delaware aud Hudson. which still
controls Ii. and soon saw stock they
had bought at % cents share 20
above par.
The Drexcls OF Philadelphia had no
New York house. and the financial pri-
macy of Philadelphia. which waned
with the decline OF Jay Cooke. had al
ready passed TO New York. They We're
impressed with Mr.. Morgan's achieve
HitIl III stlDiuN uuu ttpn
him ia as a partner and placed him In
charge OF the New York house of the
reorganized firm OF Drexel. Morgan n
Co. Mr.. Morgan did business under
this firm name until 1895. although two
years before he had become senior part
ner. In 1895 the firm was reorganized
as J. +. Morgan & Co.. and the Phila-
delphia business left TO the Drexels
alone. In that house. the house Of J.
s. Morgan 4 Co.. London. and Morgan.
Harjes & Co.. Paris. Mr.. Morgan did
his business until his death.
doctor of Wall Street" In '93.
II was In the panic of 1898 and In
the two or three years following that
the Morgan Office became known as the
hospital for crippled railroads Chaun-
cey NJ. Depew dubbed Mr.. Morgan the
doctor of Wall street" and the name
stuck for several years or until the pa-
iients were all out OF Mr.. Morgan's
care. MANY Of them Mr.. Morgan re-.