Perth Amboy evening news., 1913-03-31
Death of J. Pierpont Morgan.
Americas Great FinanCier
Passing of Aged Banker. Foremost Financial Genius of
His Generation. Recalls Ills Epoch Making
Career.-The Leading Apostle of Con.
Centration Of Capital and More
Powerful Than Kings

pferpont, the post, after whom he was
named.
Tho future fipancter attended school
IN his birthplace until fourteen years
OF age, when the family moved to Bos-
ton, his father to enter q prosperos1s
mercantile firm there, while young
Morgan became a pupil at the Boston
English Grammar school. As & stu
dent, It is said, he made slight fmpres-
sion on his Instructors, and when, d
year or 10 Iater, his father determined
to send him abroad to study there was
little indication Of the future mark he
would make for himself In the world.
After a brief visit at Fayal, In the
Azores, the boy was sent to Feligh's
school at Vevay, Switzerland, where
he spent year, afterward entering the
University of Gottingen, In Germany.
Here he remained two years.
In the meantime the elder Morgan's
business had 30 prospered in Boston
that he was enabled TO sell out his
share Of the mercantile business In
which he had until then been engaged
and purchase partnership in the great
London banking house Of Peabody 4
Co. And here young Morgan came
when he had completed hjs studies at
the university to lay the foundations
OF his future knowledge of the banking
business.
Father a Rich Man
| Unlike many other American boys,
he was not compelled to hew his des-
| tiny out Of the rock of circumstance.
Junius Morgan was already very
wealthy man, as wealth went in those
days, when he launched his son In
business, and he grew weaithier still
rs the years rolled on So it was that
young Pierpout from the first stood at
a certain height above the crowd, pos
sessing from the beginning all the ad-
vantages and prestige of successful
bankers fdolized son.
1t was with the powerful backing Of
his father that he first went to New
York to enter business there 1t was
the panic year of 1857. Hundreds of
failures occurred within few weeks.
Young Morgan, clerk In the firm OF
Duncan, Sherman & Co., studied the
problems he saw al ound him-studied
and asked questions. He wanted an
swers to his questions, but he never
criticised. lie kept his conclusions to
himself.
| In 1859 the coming master Of mil
lions entered business on his own ac-
count, first under the name of J. P.
Morgan & Co. and later rs Dabney,
Morgan & Co.. the latter firm not be-
ing dissolved until 1871, when Morgan
allied himself with the Drexel banking
house. In the former year also he
married Miss Amelia Sturgis. even
then dying Of consumption. who lived
only few months after the wedding
From that time until after the close
Of the civil war not much was heard
Of Morgan outside his Immediate circle
In Wall street. He was industrious.
prosperous, invincibly energetic, yet
fully content to turn the full stream
Of his energies into ordinary business
channels.
In 1865 he married again, his second
! wife being Miss Frances Louise Ira
cy, daughter OF Charles Tracy, a New
York lawyer. Morgan was then TWEEN
ty-elght years old.
His Advent In Railway World.
Up to that time the railway mania
had not struck the country. In the
following year began the spectacular
exploitation and wrecking of railroads,
which resulted in the making of Q
number of millionaires almost over
night, but It was not until 1869 that
Morgan first entered this field.
The achievement that first attracted
attention to him as a man of original
capacity for dealing with very diff
cult railway problems and In such
fashion as to save railway properties
from the predatory hands which for
some years after the close of the civil
war sought swiftly to gain fortunes by
the ruthless wrecking Of railroads was
the sensational Albany and Susque-
hanna railway fight for control.
| uS StCIy VI tuot QdLtAo 10 LA wv
long to be set down here. Enough 1t
is to say that it was one of the most
spectacular that Wall street and New
York state have ever witnessed, In
which legislature and judiciary on
the one side and New York's thugs
and criminal element on the other
were used merely as pawns in the
game Of high finance.
For the first time Morgan was pitted
against the dreaded Jay Gould, ther
one Of the most sinister powers tn the
financial district. And for the first
time Gould found that he had met his
master. s
Immediately after the reorganiza tior
of the Albany and Susquehanna II
1871 the firm Of Dabney. Morgan 4
Co. dissolved, Morgan to take the part
nership in the Drexel banking house
already mentioned, under the name o.
Drexel, Morgan 6 Co.
Allied With Vanderbilts.
Out Of his vanquishing of Jay Goult
u.