The Washington herald., 1919-06-17
BACON FORTUNE
DUE To MORGAN
Father S Friendship with
Banker Opened Way,
Says Holland.

Bacon will be represented wnen Pfo-
bate proceedings are taken. Is OF less
consequences than II he had accumu-
lated his possessions chiefly oy ms
own exertions. Yet there are many
surmises Of the aggregate value OF
the estate or what the inventory VIII
disclose. Col. Bacon is presumed 10
have been n millionaire, possibly
multi-rnIllionaire- And yet, IN MS en-
tire career from the day after Har-
yard graduated him. when he becare
associated with a Boston banking
house, to his death. he had none OF
the mannerisms. none OF the intense
concentration Of mind upon money
making which are characteristic OF
sIn1ost ALI Of those who. beginning
with nothing, gained large fortunes.
Not because Col. Bacon was Secre-
tary of State at Washington for
few weeks, nor because he was al
most successful in the campaign
which was made for him to represent
New York State in the United states
Senate, not even because he became
soldier, entering as private and 90
ing memorable service IN France. but
because he was regarded by all VINO
knew him as fully representing the
hest type Of American manhood, VIII
his memory hereafter be cherished
Father Was Banker.
His father was a banker and. nat
urally enough. Robert, after receiving
his diploma as bachelor Of arts from
Harvard. thought the banking voca-
ton might offer the best opportuni-
ties to him for a career. He was
anxious to be dependent upon his own
exertions. begin at the bottom. al
though his father was possessed OF
great wealth and Robert was himself
in his young manhood the fine flower
of the true cultivation which was
characteristic of the best that is in
Boston life
His father, the late William Bacon.
bought for the son an interest in the
banking house of E. Rollins Morse &
Company. paying $4,000 for that in
terest The young man took into the
business not merely the assurance
that he possessed excellent financial
support, which his fathers invest
ment in the business represented, but.
more than that, he brought into the
banking house an almost indescrib-
able charm of manner. And il seemed
to be sincere II is a gift which can
be made to go far. If combined with
it is ability. toward success in the
banking business.
A Sentimental Association.
There had been established. some
years earlier, a friendship which was
warm and sincere between the elder
Bacon and ]. P. Morgan. sr.
This may possibly have been due to
the fact that William Bacon. for some
Ha faF gv,
Of the influential London banking
house OF Barring Brothers. The asso-
citation may be traced even farther
back. for William Bacon is understood
TO have had in his early life most
pleasant relations with Junius S. Nor
gan. the father of the late ]. P. Nor
gan
Whatever the reason was, warm
friendship was established between
Morgan and Bacon. Both of them
were men to whom friendship meant
the binding of two men together as
though with bands of steel.
Therefore. when William Bacon. in
a casual chat with ]. P. Morgan. said
TO him that Robert was not satisfied
in Boston. believing that his opportu-
mites were too limited. and the field
for such ability as he had too cir
brief manner which was characteristic
of him. said. "Send him over here;
have a place for him"
In that way Robert Bacon was
brought into partnership with ]. p.
Morgan and Company and on the
other hand, himself brought into the
association his fine cultivation, his
irresistible charm of manner, and
an unusual gift for business diplo-
macy. This combination might have
been so highly developed as to en-
able Robert Bacon to become indi-
vidually a financial power His di-
plomacy was always honorable. for
there was no trickery nor subtlety
in ii. He was able to use it so as
TO persuade able men to do things
that were of consequence. as, for in
stance. when he once in this way per-
suaded James r. Keene to do some
thing which was of immeasurable
Importance at the time.
Not Merely n Money Seeker.
Col Bacon must have inheri-
ted a considerable fortune from his
father. He must also have received
a large proportionate share of the
yearly earnings of ]. P. Morgan and
Company These earnings them
selves would have been sufficient to
enable him to accumulate, while he
was a Morgan partner. a consider
able fortune. His manner of life
was not ostentatious. He lived as a
man Of his vocation and of his fam
lily surroundings should live. but
never with extravaganza.
Therefore. 1t is presumed that
when Col. Bacon retired from
the firm of j. P. Morgan and Com
pany, he found himself in very COM
Portable circumstances and he Is
presumed to have invested wisely a
considerable portion of his principal.
There were. however. other things
than banking or the swift and tre-
mendous activities that are charac-
teristic of life in the financial dis
trict to which his mind turned. He
often thought of public service. not
at first seeing his way clearly to
entering into unsGlfish vocation of
that kind. 1t was with pleasure
that he accepted President Roose-
velt's offer of the post of Assistant
Secretary OF State, for there is
something in diplomatic activity and
much in our diplomatic history
which greatly interested him.
His brief service as Secretary Of
State. to which Office Preside mt
Roosevelt promoted him, after Elihu
Root resigned so that he might en-
ter the United States Senate, re-
vealed to him the keener interests,
the intellectual fascination which
real service in that department
makes possible. and brought him
into closer relations than he hao