| Show o J Jr r J P Pierpont MM Morgan l Financial Boss Bosse i Americas AmerIca s g ht r Will Ho Do Doa i Pm Port Picture ol of English i 1 in g An What a t tt g I Answers mr t M l lIUI I LI u LI u LI u uV pe r ri h t n writer English W 15 V It n Lawson Lanson a 11 noted IJ i n picture of or J tl has hall the following p pen Americas Financial lions llos Pont poat Morgan Horgan i III hr the London Loudon DailY Nall 0 of i I I t these days It Is g s no ao for far Or v ow i nn nil American to be n a millionaire or ever even evenA evern They rhey are almost ns m n A II multimillionaire plentiful riH as Scientists or pos possibly It U Is n a distinction But 1 TI sibly presidents boss boas all nil the tho other million 1 to be able to ali sites f and multimillionaires multi millionaires On that pinnacle of at fame tame Mr Sir Pier IMer Fiery y pont Morgan sits fits alone on and unrivalled lie He has got eat ahead nh all of ot toil all till the other nock neck n necks ck la 10 Wall s or financiers with whom ton lonI I now swarms lie He has lias ha no longer rivals or competitors but ho tie can haw have lO r any number of oC and assistants In Ino InI choose among I o future he rosy may pick and Imd the important financial work not only of ot New York but of ot London and tiers jarI tier jar I p i Ile Una u M well veil lit He has hn s become to n 11 world t or d tort HT mango finance this the lender of at a II new In gs f power paver which has hM already assumed In InU r I If It Ills his life lito U ut t national proportions should hould be spared d for tor another ten tell years car cari Pit Dip i he will very probably go to far tar mid Iud there hero i In be bo later Inter achievements may inny lUi him compared with which his billion 1111 I j f dollar steel st el trust runt will bu be nn an everyday 1 run lItI noun AND TUB MAN lIAN MANAt MANi i At 1 no previous period In financial Ws Its hist tary tery t have there thore been bean such opportunities us Its I now otter offer for Cor magnificent combinations tone neither has linK there ever on been aman a aman aI of appreciating and ro cc man so capable them an as Mr r Pierpont Morgan I nit nil the thu thui ther preeminent degree decree H 11 lle tins has In a i r rectal qualities they the demand His nm am amb Is U un tin boundless his nerve b U fe l billon and hi his seif Inks at al t nothing To these primary ho hD adds high financier virtues of a l natural ed and a dogged lIall perseverance hold hohl mastery of ot detail When he takes of a 1 thing he has liua the trip grip of at a bulldog a 11 there IB le no letting go 10 until ho has 1 done lIone with It The brilliant surprises hn on Wall street In Inthe InI Inthe which hl he bas sprung the past Jast eight months look meteor meteoric I O DI J ic 10 but every one of or them had been In InTact J Tact fact carefully thought out long beforehand before beforehand hand Some Borne of ot them may have taken to mature and not one ono would bo ho years launched until the right moment for tor It ItI Morgan has hils proved his Mr f I right to a n place among m the worlds world great greal thunders though thou h It may be by no means easy casy as yet to locate him The Ther nearest t approach to a definition of ot his hist r t I peculiar p cullar might be to call him a I 1 w manufacturer of ot stock ex cx exI exchange change securities There he not only I holds the record but he ho Is la out of at sight eight ii of competition As Wall Nail street would It he runs the biggest scrip millIn mill millIn put In rut n creation cren Before he took to trust building he had made mall himself the lIon ton railroad organizer of ot his day lIay tome Some f t the largest reorganizations of or 4 the llIe ErIe Eric the Heading Reading and nm the South Bouth Southern q 1 carried through 1 i pen ern for tor Instance were by b him single handed In others otherA such Buth ButhI I n ns the Northern Pacific and und the Haiti 1 N g more Ohio he had hd h d n a leading lending share shareN Within M three or tour four our years enrA his Ilet firm n I turned out brand new lie railroad securities amount of ot fifteen hundred this ti ties tics es to t n million dollars hundred million sterling It would kayo been u parallel case CillO If Ir ho had hUll treated created und and Issued 1 one on third of the railway capital now In existence HIS 1115 Mr Morgans principal work us a 1 railroad WAS WM spout on un the following half dozen systems lIy lom Tho The aggregate results It tt will bo be seen scon million million dollars ot or new bonds Londs and andover over ov r SOO million dollars ot of stock Including IncludIng ing lug preferred and und common ponds Stocks Stoel s 11 and 0 Of Chesapeake 0 O J Northern I o 15 Heading lien r Southern Southern rY I 0 Ills output including th the Steel Trust l has been at least Kant double tho amount of or til hi his railroad creations und and tho the grand total cannot be bo much start stort of or live thousand million dollars European finance past till II t or present has haa nothing to compare with n such nuon gigantic operations They rhey are aio peculiar to tho the United States and could only uh have occurred o there Whether It Il bo be or o not sot to the that lull such BUch heroic financial remedies should have been b necessary Is II too dellen wn question for lor discussion hw here The Idea des uppermost t In teens mens minds nowadays la is lanot not the original catastrophe but tho the magnificent lh which arose out of ot tho the ashes There nr n a rr ao t inch rI people p In Europe Europa I who hold that some seine or ot the receiverships the Baltimore Ohio for tor example e have been avoided but but then then the glorious resurrections which followed would ouia ul al ulso also l so have been beet lost Avoidable or not the th gront groat railroad reorganizations of oC anew a n anew new kind of or American finance of ot which Mr Pierpont Morgan has inns 1 he como conic the acknowledged high blab They rhe Rave grave n a stimulus to American banking which swept away the local fora limits and anti ro of or former fanner days and raised New York at fit a II bound Into IntI an nn International money renter renier Mr air r Morgan saw auw more clearly than nor any nil ono om else elM the possibilities of or this movement and he ho has exploited them for tor all 1111 they thel are aro worth HIS 1118 MILLION A The secret of ot Ills his hi success Is I that he M perceived tho the chance chanco of ot n lifetime for tor forthe the manufacture of new securities with witha a St lavish hand lie Ile 1 that tha It II It r popular demand 11 e a for thorn them sprang up it they Ihl could not be bl supplied too faw or pt too tea liberally When Whon the r T t railroad wore exhausted tell he hI cast for fresh tresh supplies and found then them among Industrials Coal steel copper t and every other staple Important enough to he ho manipulated wan vim put through tho the flounce mill Trust attar after trust was wal launched d on Wall Willi street and gave uvo off ort a t e shower hower of ot brand now scrip Mr Morgan seems to have d nl u lust last of or his hits Hood flood In profits pro ts it nt at the rate of ot a II million dollars him and he n II t week began bepin to pall on m tIed led to Europe for tor rest and change Doubtless after ft a tow ro weeks of ot Euro Burn loan repose rep he will return like a II giant glunt hd to undertake ko further con conquests quests Soon his hla own country largo large lit ae e eIt It t Is IR will he b too small tor or him if Ir It U Is II not tot so already Ills passion for tor grand rand financial combinations is 18 likely to grow now grown rin n him to tho the end of ot him has life lite and there theres Is s no knowing whet what It may yet give rine ISe to A man who feels feIB that ho he may mayto do to almost anything n he hp IIO s In the way ray of at finance will attempt l many things hinga s which ordinary beings being would think link Impossible Imp Not only so no but bul his example will have an Irresistible ef d effect financier eat te t on every other American Already thready most of ot them are racking their heir brains to produce something which will eclipse the Steel Trust Whatever the tho result may be It will In volvo olve a II new Hood flood of ot trust scrip with the he Inevitable of or money monc locked up Ii and credit more and anil more strained drained NOT A CLEAR CLEAn SKY While frankly recognizing the splendid splendid did dd ability and courage with which the Morgan boom has been conducted its risks laks are not to be Ignored It Is III an en entirely rely novel navel kind of or finance as ns to which history story furnishes no precedents pl Net Nei Neither N Nether ei either ther her has It been long lonn enough In opera operation lion Ion to be bo safely judged jud by b experience All II we can cnn bo be sure Buro of ur Is that the float floating ing Ini lit of or so much new now naper caper must absorb n 11 proportionately large larRe amount of the banking capital of ot the thc country countr It Is IsU there Mere U ere the limit to Mr Morgans super superhuman superhuman human uman activity will bo be found and Wall street knows It Hence the Iho feverish In Interest terest taken In the weekly returns return of oC o othu the thu Now York banks banker A bad other words n a diminution of ot banking le and nn no Increase of ot liabilities Is regarded re ns lR a 11 storm signal Stocks Blocks I Igo igo go down on 16 It und and mare have to be bo lifted up lignin by the guardian angels of ot thus thoi market While Mr Ir Morgan Mor an Is enjoying his bin holiday in ht Europe his friends nt at home have hao to bo be particularly careful of tho the bank serves reserves rt This relive caure of ot anxiety Is likely to go gu 0 on In Increasing increasing creasing and lind next autumn It may be como rather i All 11 tho the came Mr Ur Mor Morgans trust I I and his hl have come came to stay Aln r They nut r bo be temporarily u by money squeezes In the tho au nil autumn but hut M as factors In the thu future trod trail find 1 eo of ot the world they o oto to cumin t Their will bo be feltIn felt feltIn In every International market and unit money center conter If It they should not be beable able to dictate prices as ns absolutely nb as liS tho alto n themselves expect they wl will be a II strong controlling force toree More powerful than their effect on commer commercial cial staples may ho bu their theil bearing on the tha value nilla of ot money If H 1 I stood shod alone alona at nt present rc the tendency of or money ino y would bo be to tu grow ro cheaper owing caving to the th relic rente reaction Lion tion In trade which has unmistakably sot set In Hut the time tendency In the United d dSinteR States Slates la Is I Just JURt the tiro Trade con ron continued to tn expand under tho the stimulus of ot tho rho Morgan trusts trust and money tightens from tho the same Bame e cause The Tho American Is highly artificial and ruin not without a n 1 suspicion of or manipulation In nf or tho the now new trusts trustA Before the tM autumn is over Mr Morgans antl finan linen financial cial handiwork may bo be subjected II to a n 1 pretty ty severe test Any An setback how lion however lionet ever et cr which It t may 1 then suffer not detract from rein tho Ohio rate rare constructive power It exhibits eXhibit Hut But the best of things may Inny be overdone and In finance they t 11 generally are nn |
