New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1929-03-09
PIERP0N7 MORGAN
remains MYSTERY
Money Giant Dod6ts Cameras,
Declines All Interviews

Paris March 3 The interallied
conference on reparations. In which
the political and financial rulers of
the world have been trying to figure
out just how much money Germany
can pay her former enemies without
going everlastingly broke. has had
one minor result that wasn't looked
for.
1t has brought J. Pierpont Nor
gan long known as the most IN
democratic man in the world" out
in the open where he can be seen.
photographed. interviewed (occa-
sionally) and gaped at. He is one of
the United States delegates.
Mr.. Morgan, whose brusque re-
serve symbolizes for most Of the
world the aloofness Of great wealth.
Just as his public record symbolizes
the power of great wealth, does not.
ordinarily. appear in public. Newspa-
per men in the New York financial
district often do not even get a
glimpse of him, from one years end
to another. Now, howevere. he Is In
the middle of the stage. 1t is a new
experience.
The privacy with which he In
vests his every act Is fundamentaI
part of the man, bred into him from
the cradle and not to be dropped
easily.
Story of His Life
Morgan was born in lrvington. n.
Y. on Sept. Z. 1867. The son Of a
rich man, he was trained from birth
for the position he would some day
occupy-trained hs carefully as q
crown prince is trained in monar-
chy. The simile is not altogether I'M
justified: ]. p. Morgan, senior. was
q king. in a very real way, and the
son. who succeeded him on his
death, holds power that few crown
ed monarchs have held.
The young Morgan-Jack Morgan.
he was called then-got his prepara-
tory school training at Groton. Mass.
-one of the most exclusive boys
schools in America. From Groton ne
went to Harvard. At Harvard he
roomed alone and mixed very lit-
tie with fellow students.
Graduating in 1889. Morgan was
married a year later. to Jane Norton
Grew, and at once went to work I'M
der his fathers tutelage to learn the
banking business. After a brief APP
premiership in New York he went to
the Morgan firms London office.
Morgan returned to this country.
TO work beside his father, about 1900.
He came back just In time to ad-
lust himself to a great change that
had come upon the banking world.
Prior to 1900. a conservative wall
Street bank-and the house OF Nor
gan had always been conservative
confined itself chiefly to railroad IL
nancing. Industrial financing was
left severely alone. But with the ra-
hid rise OF American industry tins
attitude had to pass, and the elder
Morgan had large part in the
change. First he organized the L. ..
steel Corporation, first of the bill
lion -dollar organizations. Then,
few years later. he brought about the
organization Of the International
Mercantile Marine company.
An International Banker
In 1907 came great financial
panic. and Morgan, close TO his Ia
,her during these trying times, sa"
another aspect OF the financial world.
He also saw the beginning OF the IN
ternational banking business which
eventually was to make the mouse
OF Morgan a power throughout Inc
world. f'irst-this was IN 1906
came a loan Of $50,000,o00 10 Japan.
This seemed like an enormous url-
dertaking at the time. even though
only half of this issue was sold In
this country. Then came smaller
dealings with other countries, which
helped school the young financier IN
this complicated field.
Then. in 1918. the elder Morgan
died, leaving TO the son the direction
Of all the firms vast enterprises.
Contrary to public belief. the ell
der Morgan did not leave large
fortunc--not large In comparison
with the tremendous extent of his
activities. When taxes. deductions
and shrinkages had been accounted
for. the son found he had inherited
just $16,coo.o0o with which to run
his own estate and the firm itself.
Contrast that with the personal for
tune Of Rockefeller or Ford.
The World War
The younger Morgan--"Young j.
p" as he was popularity called
could hardly have assembled to pow
er at a more trying time. He was
hardly settled In hts chair at % Wall
Street when the World War broke
out. bringing with IT problems great
er and tasks more far-reaching than
anything the firm had ever faced
before.
To begin with. there was a $lc.-
600. 900 loan to the imperial govern
ment of Russia. Then the city OF New
York found that because of the dis
location of foreign exchanges 1t
could not meet certain obligations
maturing in London. TO the extent
OF $50 900. Morgan organized a
500. 600 900 gold banking syndicate
to save the day. In January OF 1915
his house became the purchasing
agents of the French and British
governments, at commission OF !
per cent.
To realize the size of the job that
implies. one must stop and think OF