THE MASTER OF MILLIONS

Taranaki Daily News, Volume LII, Issue 355, 5 April 1910, Page 8

THE MASTER OF MILLIONS

SOM'E STOIUI-s <>F ,|. I'IKIU'ONT M< uIi.AN. The United States is the land of big trusts, but even the Americans are excited over what they are calling "Morgan's Money Trust." It is impossible lo give the exact total capital now controlled by Mr. J. Pierpont Morgan. To begin with, the banking linn of Morgan ami Co. has deposits of many millions, which its directors can use in financial operations.

The assets of three insurance companies controlled by Mr. Morgan aggregate something' like £200,000,000. Directly controlled banks have deposits and surplus accounts running into hundreds of millions. Ho controls innumerable railroad and industrial companies, and of these he has just sold his interest in certain Chicago companies for £14,000,000. POWER. TO HURT THE NATION,

Then, in addition to all this, It is understood that Mr. Rockefeller is a member of the Money Trust, and that through him Mr. Morgan will be able to control the vast wealth of the coffers of the Standard Oil Company. The American newspapers are inclined to be worried about the enormous power that control of all this money gives to Mr. Morgan, but they have to admit that so far the Trust has had a good, steadying effect on the financial world.

With its command over such an enormous amount of ready money-—and these vast sums are actually in the .possession of the Money Trust—Mr. Morgan is able to wield a financial power on the national credit, and even vitally to affect the national Government.

New York business men complain that they are absolutely in the power of the Money Trust. For one thing, Mr. Morgan could cripple the issue of any Government stock by refusing to take any of it, or he could pause a frightful shortage of lmrd c«sh in New York by suddenly selling several million pounds' worth of bonds and sending the money t# some other part of the country. On its "beneficent side, the Trust could, and does, extend help in times of trouble by granting large loans to any reliable, solid firm which is in temporary difficulties caused by panic or any other sudden emergency.

" MORGAN'S FINANCIAL HOSPITAL." We in this country are inclined to think that every American millionaire started life on a ranch or behind a counter or crossed the Atlantic in the steerage. This is certainly not the case with Pierpont Morgan, for, unlike these other financial magnates, he has never •known from actual experience the meaning of poverty. He inherited about a couple of millions sterling from his father, and he had no other spur to goad him on than the example of his father and grandfather. Now he is the best-known financier on both sides of the Atlantic, and his 'business abilities have exacted the admiration of men like Jay Gould, Vanderbilt, J. J. Hill, and, by no means the least important, the late King Leopold of Belgium. His headquarters in America are the Drexel Building in New York, and this has been described as "Morgan's Financial Hospital." "You go round there after a paiw," somebody said, "and you'll find the 1.0.U.'s of pretty nearly every financial house on Wall Street."

Time and again this master of millions has smoothed over panics and propped up tottering bank*, until now it has become quite the regular thing for distracted brokers to turn for help to the Drfxol Building. THE KIND OF MEN HE WANTS. "Keenness in judging men" has been given as one of the secrets of his success, and his methods of business are illustrated by a story that was told of him recently. He was starting a new branch and found it rather difficult to get just the right sort of man as manager. At last he decided that the best man for the post Avas, sav, Brown, who was the assistant to another manager. Mr. Morgan sent for this manager. "I'm starting a new department." he said, "and T shall want Brown to manage it. You had better make the necessary arrangements to appoint his succesessor." cessor." The

Mr. Morsran <verl him keenly. "If yon could snare Brown." hj" said cnlmlv. "T •wouldn't want him. Men who can 'be spared are of no use to me."