Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1913-04-10
THE SOUL OF BUSINESS.

Pierpont Morgan in his last illness
blamed the strain of testifying before
the Pujo investigating committee at
Washington as one of the factors IN
Fastening Mr.. Morgan's death. The
other physicians attached no import
ance to this matter, however, as Mr..
Morgan had reached an advanced age
and had lived life of such tremendous
activity as to shorten his years. An
other view of the results of the Pujo
committee hearing is expressed by
Golfers In an article praising Mr..
Morgan's testimony before that body.
Golfers points out that Mr.. Morgan
was an extremely reticent man and
that few persons of his eminence with
In recent generations have left SO
small q quantity of recorded words
by which to Judge their minds and
characters. Probably more than he
had said publicly elsewhere during the
last half of his lifetime came out dur
ing his recent examination by the
Pujo committee, and the qualities 1t
expressed, Golfers believes, gave an
expression such as any man might be
happy to leave with his contem-
poraries. Mr.. Morgans words in an
swer to the examiners questions are
tn black faced type: -..s
know lots Of men, business men,
too, who can borrow any amount,
whose credit 10 unquestioned. ..
Is that not because 1t is believed
that they have the money back Of
them? s. Ms
No, sir; II 10 because people believe
In the man. . ...
And 1t is regardless of whether he
has any financial backing at all, is it?
Il Is very often. E .,''
And he might not be worth any
thing? 49, H. 4*
No might not have anything.
have known a man to come Into my
ONCE and have given him . check for
million dollars when l know he had
not cent III the world.
There are not many Of them?
Yes, good many. I
Commercial credits are based upon
the possession of money or property?
Money or property or character.
Is not commercial credit based prim-
arily upon money or property?
No, sir; the first thing 10 character.
Before money or property?
Before money or anything else.
Money cannot buy Il. "a
So that a man with character, with
out anything at all behind it, can get
all the credit he wants, and man with
the property cannot get it?
That 10 very often the case.
But is that the rule Of business?
That 10 the rule of business, sir.
II that Is the rule of business, Mr..
Morgan, why do the banks demand
the first thing they aask-a statement
Of what the man has before they ex-
tend him credit?
That IL a question which-that Is
what they 90 into but the first thing
they say 10, want to see your record.
Yes; and If his record Is a blank
the next thing is how much he has
got?
People do not care then. o.
For instance, if he has got govern
ment bonds, or railroad bonds, and
goes in to get credit, he gets it, and
on the security of those bonds, does
he not? .,s u,#
Yes. .r..
He does not get it on his face or his
character, does he?
Yes, he gets II on his character. u
see; then he might as well take the
bonds home, had%he not?s = n52
A man do not trust could not get
money from me on III the bonds In
ChrIstendom.
That is the rule all over the world?
think that 10 the fundamental basis
Of business.
These, Golfers adds, are wholesome
words, expressed with the directness
OF a strong and simple soul. They
express the idea of business that was
held by the man who in his time be-
strobe the world as the very apothe-
osis of business.