PIERPONT MORGAN.

Dominion, Volume 6, Issue 1713, 2 April 1913, Page 7

PIERPONT MORGAN.

GREAT FINANCIER'S END,

DIES OF INDIGESTION AT ROME, lJy Telezrauli-Preeß Association-OoDyrlahl London, March 31. The death is announced of Mr. J. Pierpout Morgan, tho great American financier, aged 75. 31 r. Morgan, who hail been seized with an attack of acute indigestion while visiting Cairo, died at Koine ou his way to Loudon. (Rec. April 2, 0.15 a.m.) Rome, April 2. Mr. Pierpont Morgan's illness dated from the time of his examination before the Congressional Committee ou the Money Trust in December last. .Ho retained his faculties until Easier Sunday, when a general collapse occurred. In the last week he suffered much from depression and nervous irritability. TliiC- death was concealed for hours to prevent the news from being cabled to New; York before the Slock .Exchange opeiied. A bulletin was given to the reporters slating that tho temperature was iOldeg. and tile pulse 110. The body will be embalmed and taken to America. New York, March 31. Thore was no excitement on the markets because of Mr. Morgan's . .death. Priccs only lost fractionally, 1 and the bears did r.ot make attacks. The recent money stringency and consequent fall in prices were responsible for lack of interest in the news of Mr. Morgan's death. Members of the Money Trust. Investigation .'Committee reject the suggestion l that Mi-. Morgan's death was hastened as the result of the investigation. It is pointed out that Mr. Morgan rather enjoyed crossexamination at the hands .of ihe Committee. - h COLOSSUS OF FINANCE. _. Lira STCIUY OF FAMOUS AMERICAN. SOME ANECDOTES. • Mr. : Morgan, tho financial colossus of America, controlled about itfOO.OCO,OOO directly and indirectly a much larger sum estiniatcd at twenty-two times the amount of the annUal revenue of tho United States. His cash fortune may 'be anything between thirty and fifty millions sterling.': He owned palatial mansions in London, New York, and elsewhere, and when he travelled he had a private railway train, at his command on land and a luxuriously fitted pleasure yacht at sea. ■Vol' years he had been n keen collector of art and literary treasures, and perhaps no ,private citizen could, boast more interesting arid valuablo possessions of these kinds. A few mouths ago Mr. Morgan underwent a long examination- bv the Congressional Committee which is inquiring into tho existence of the alleged "Money Trust." As one: American paper said. Mr. Morgan told the committee what ho did and why he did it, with a completeness the poor magazine writer could never dig out. "After his testimony," added the same journal, "the country will, wo believe, have, a finer feeling toward . Mr. Morgan. . 110 talked like a'. statesman. There was in his testimony ,no touch of Ihe stock gambler, no suggestion of that rat-like cunning that lias marred similar interviews with men. who have probably made greater fortunes than. he,". : "t have known men come into ■ my office," Mr. Morgan .told the committee, "and I have given them a cheque for a. million dollars when I knew 'they had not a cent in tho world." Credit, ho maintained, depended not upon a man's collateral, but upon his character. "The first thing," ho declared, "is character, before moiiey or anything $Ise. Money lannot buy it:." • , .. • His direct, reference to the Money- Trust was hs follows:—"I would rather 'have'' combination than competition. 1 like a little competition, but I like combination better. I would like to say .some- ■<! right lieio that I may not have a ;hance to say again;, without control you launot do a thing. Control is the imlortant tiling. Now, you speak of a Money Trust; no man can get control of ill tho money. The question of coutrol is personal as to money and credit. All tha money in Christendom and all tho Janks in- Christendom, could not control nouey. There could be no Money. Trust." Kven if a man did liavc the power to sway :redit, Mr. 'Morgan* went on to'say, .hp ivould lose that power the-moment lie lbused it. '. . Early Days. _ Heredity plays an important • part in ife, and it had probably something to' lo in shaping Mr. Morgan's career. 'He was a born in Hartford, Connecticut, on ipril 17, 1837. His father, Junius -Spenjer Morgan, was a banker. After being educated at ißoston, at Vivay, and at tho University of Gottingen, young Morgan jntered his father's banking house in London. Later he was sent to America, ivlicre he became cashier, and his father's .•epresentative, with the firm of Duncan, sheruiau,. and Co. There lie met Mr. Dabiiey, the man whom he afterwards seccted as partner when lie went into busiies9 for himself. It was in 18G0. that :hey became associated as bankers. There is nothing in Mr. Morgan's :arec® in. these earlier, days which sug;ests that he had at that time the slight>st comprehension of what his relations i? a banker and a constructive force, iither. in the world of railway affairs, or n industrial development, ,was to be. He ooked upon himself then, as. in fact ho ilways did until he was forced by im* lerative pressure to lead in tho reorgansation of bankrupt railroads, as a banker lure and simple. A Big Transaction. It was in 1901 that Mr. Morgan created :he United States Steel Corporation by :he flotation of a "billion dollar trust." ft was, and remains still, tho greatest ind most characteristic Morgan enterprise; an enormously complicated piece of jusiness in tho beginning, of which only -lie motive for doing it was siinplo hnd lncomplicated. The motive was the eliiunahoii -of Carnegie from tho Ateel indusry. This was the starting point of the vhole enormous transaction. ■' The' swift and vast success of the Steel proposition will always be regarded ns .no greatest of Morgan's achievements.' Vs payment for putting the deal through »ie Morgan syndicate received exactly >19,897 shares of Common stock of the ./orporation, and an equal number of L referred shares. The syndicate's profit, :iet, was about 200 per cent on the amount )t cash actually paid in. In order to iiako this profit tho syndicato had guaranteed. the sale of securities amounting lo one billion four hundred million dol,ars; at any time events might have conipired to swamp them. But fortunately c ii successful carrying t r le .I through added enormouslv :o Mr. Morgan s prestige. 'The Financial Monarch of {he World,"! Soon afterwards Mr. Morgan was tho ?uest of the Emperor William. The Emperor visited Mr. Morgan on his yacht, the Corsair. In fact the Emperor and Mr. Morgan were in friendly association tor. several days, ihe Emperor sent the Royal car to .Kiel, where Mr.-Morgan's yacht-was .anchored, for the purpose of bringing Mr. Morgan to Berlin; So, also,. King Edward met Mr. Morgan on the Continent and afterwards received him as a personal guest at London, making it apparent.to all who saw the two men upon this occasion that (ho King regarded .Mr. Morgan as tho financial monarch of the ivoi'ld. "What the Emperor thought of Mr. Morgan was apparent from his manner. What .Mr. -Mot-Kan thought of (lie I'.mperor was expressed in his character!-:, tie. war. U< ; said. "I have seen the Kaiser ind I like him. . ( "A Silent Man." Mr. Morgan was .descrilied as a sileu! nmn, although lie sometimes talks a,good ileal, either on ilia subject of his collectiuns ol books and pictures, or when lie tha need lo writ-a Ihe slorv v< mK , [•vent in his life. Once lie visiled (lie Sahara, and the Englishman who acted as Snide on the occasion related minulelv his iniprrssions of Hie journey: "1 | m 'd been direeled In lake ehurge of .Mr. Morgan and-his parly in the m;p.i;liil (rain lie aad ordered for tho six hours' journey j

across tho desert, aiul at the station fi< came up (u mo, and, in a jovial manner asked me hmv I did. fliis i!itnidu<:lur\ Jiou;- do you do?' were almost Urn »nli ■ s '"j 1 " 1 t" me. Fur tin; rest of th'i u'm, ?i"' s 110l 10 uttered a syllable •ilv i- if u ' v I ct 'P' : ' 0 , 11 "f two terse question: oi S i , ,lesol ' i: - Tho N,mo tuithoritj i,/ i 1" n!1 luncheon was so' b'lore him, -but all that ho took wai c aS anil a pieco of bread," and a! mjou as tho egg and bread was.linishec lie plunged lutti thought again." His Art Possessions. Discontented Americans lmve sometime! complained _ because Mr. Morgan left si '" an >' °f bis art possessions- in England -Wie. former Secretary of tho Treasury Leslie! A. Shaw, one# asked him point blank why lie did not bring hift picture. l and miniatures and other beautiful thing; to America, where the American peoph could have a look at them. Mr. Morgar saul "I can't afford to." "I knew yoi Ym C > a man," said Shaw, "but J aidii t realise you were aa poor as that.' Mr. ijbaw," returned Morgan, "how much do you suppose tho duties on mj colleeuoiis would amount to,,if I shouli bring them to ISYw York?" "Perhaps I:w< or three hundred thousand." "The\ would amount to nt least six millions.' Mr. Mprgnn, it may bo stated, had agent: lit Antwerp, Vienna, Paris, Brussels Home—in fact, in almost every Contin ental city—whose business it is to buj for him whatever tlie.y judge a master piece. Millions in Moments. Sli'. Morgan opeiated blind pools ii London just as.he did in AVw York J uere are a number of firms in London I'Pp.n whom he could call at a moment': notice for immense sunis of money. Whei be 'ent out a brief request for a' feu Millions of pounds ho could depend upor receiving tho money without delay. His manner of granting, requests was peculiar to him. In practical matters hi; manner was said to be as decisive anc bluntj and his speech as laconic as thai of a military commander in tho midsl ot an engagement._ He was called upor one day by a physician, who liad becoim interested in the problem of how to cart tor poor women who were approaching confinement. To tho explanation of tlu physician Mr. Morgan appeared to lister impatiently. He asked one or , twe brusque questions. Then 'he said: "Brinp me your plnns for a suitable building anc : endowment, and I'll provide the money.' It was over in five .minutes, and just when .the visitor thought lie was about to be dismissed with a chrt "No," his request for the involving of an expendi, ture of a million and a "half dollars was granted. Another Example. . Stories of this hind might bo multiplied indefinitely. iniist suffice. Mr. George \\. Perlciiw,. on one occasion, wanted to secure what is known as the Palisades, on the Hudson Pivcr near New York, so that ultimately tho whole stretch of them might become a public park;' Hi; first call was upon Jtr. Morgan. "Mow much do you need?" said Sir.Morgan bluntly, and Mr. Perkins told him. "Well, you go nnd see Hockfeller and Stillnuui and some others. Sec what thcv'll give, then you can come back to me," and' I'll see what I'll do." "But Mr. Morgan," Mr. Perkins ventured to sav, "I had hopod you would-lead'off the subscription list, and thru it would be easy for mo to' secure other subscript ions in sufficient, amount to raise (he sum needed." "Oil, well." said Mr. Morgan, "put me down',for the whole amount." It may be added that a vcar or so ago Miv 'Morgan received the degree of LL.I), from..Harvard University/on which occasion President Lowell described him as "public-spirited citizen, patron of literaturo nnd art, prince among merchants, who by his skill, his wisdom, and jiis courage has twice, in times, of stress, repelled a national danger and financial panic."