THE HONGKONG TELEGRAPH, SATURDAY, OCTOBER 29, 1949,
One-man bank Morgan Take Home
saved America
MASTERS OF MONEY-TWO
Paul Brickfiel
N
J. PIERPONT
INT**
MORGAN
FOT for the first time Britons being -hilfeed under the stuidow of the dollar. Back in 1902 pedlars on London selling for n streets were penny a "licence to stay on earth" It was signed by J Pierpont Morgan
Dryly, and a share with,
1 te joke uphratend the The God fearan power of
Yankee who hal Teccome
1
For maritale-
Amer
Dal 19
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4.
easily
Most powerful citizen
on earth: The maker of combines: Bible-reader, art connoisseur and admirer of women
ས*ti;
the
Then back he was sent to stari his businesa career with a mer- chant friendl of his father rear Wall Street, its New York.
A year or two later, agedi 24, felt confident enough to start on his own as his father's re presentative in Amerten.
He fell in love with 23 girl called Mio Sturges, And she beenine gravely {1} with
Tabervalosin
ro-
The ober and rising young business man stepped right out of character, and performed the character
ity great impulsive and Jondi-
mantic deed in his life
dropped his business, carried Minil to the attar in his hl tk held her upright while they were married and took her strouhi to the Merbterranean in rafe alfemipt to win back bealit:
**markable DYETTAME
Hic rap of a nose acme of formidable silidity. mave man of Brt with a grin Jow 30 face, heavy square
lazbe, and ferce eyes But maske his groterque nose frau some instead of funty
Wayne at all werd as
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He ve bacanagsaks Dexorably cestea,
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hat be
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and took it fix
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Sk
indel
Vinili
the face of was imperious a low
Disease pued or & amoled his
Trenes fall it wa
strawber
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great bustou
the butt of va havermanty
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He staves! by her bedside for fe Ender eonths titi she died.
The soberly went back t New York and like lautan s
A deal in old carbines
Tukey.
THE Armurin Civil War had Fot Morgan seand businers, but hesumes He got moved up in Analteing a en to the arms or 22
1
24212
2. her War Depot 3
d
bosglt from th
bett fur only
llars
fand fear, tas atarly 14418
He went to great salierala, and andrew of 124 Cather want! Su
.. se vaj krat
He
It was a scartalets business, out of the Though Morgan gui deal farly curly
JER biographer Frederick Allen, excuses him by saying ver det a tatumos paty
that Morgan didn't share in the Bestel is ampliarty will
poßt, which one enn regard a song feard and kept balance
battle erically beenuse he - - է .
14
collected 3,400 dollars "Com - interest ei ali to intampon," plus for three ye West Tr it parvade Burney hod are Swaz 18 The tu The Univerats of Gothages
When Tips
3
PLATE SLATHION
C. V. R. Thompson
Ever after that, however, in according to his pelticiples, Mor- gan wag a man of strict honesty. The calch is that in the light of modern socini conscience his labiess prieiples are distineily vulnerable.
The atom man sleeps peacefully at night
AMERICANS
NEW YORK
have puhkerala started talkingA Major-General Lee Groves, time as of the IS atom
Youk to New TH Progest with there- prore
They were more concernet with rectitude than compassion Bustiers was business, And s long as it was honest, no other
feelings mattered.
Morgan was the type who could foreclose The mortgage over the alling widow's head in the sun and certain knowle le of is Christion rectitude and his right in law to
ne to do so But
suggestion that he But any should try to squeeze a penny allet the child Winter babies,more than his contrasted profit
out of the deal windd shuck hum od MA stand the best chance
Thad would be dittwow
Bovizen in the parents
od besiming President
which
➡+
MUSING about
1 am to worried.
eleejuda very
The d
Journal welt at
I worry there about how
Futh-avem
than
chneulogists algitt think about them
all the egg? The
Government has 5 turted in eaves, The Wall Street what Writ
Lutsare 131
suught TU the Russions dropping an ans bumin.
"For the Russians to do that
Wilh would be like a gendifer
1:
ten dollar talus on a fellow with 10,000 lollars,"
And in the New York news
were full-page papers there
by A advertisements, pait, d for lannker's son, 40-year-old Ferrin Booth.
The univertisments called upon President Truman to invoke the power of God to half a possible atom wor.
Booth. Oft. Bins, and rugged, and that's the told me: "It may sound trite and anyone could have."
sure that God cerny, but. I'm will set up a chain reaction in our behalf."
Warden at the church
ACTING in New York for his father's bank in London und ¡Graduplly expanding. Morgan made prompere, and in 1804
не
Jams, puddings,
foodstuffs from
Thyme Murray Levine, head of New Britale will be on more Ameri- Church
can Christmas tables than ever on Atomic York's Committee Energy, called in reporters and before this year. Importers re-
are getting into told us this: "We have reached port that they a point in the development of quiries about such things from
cun forget all over the country. selence where about killing people."
and other
three-
A massive man ol
6 with a grim square face, heavy Jaw and moustache, and lerce eyes that
made his grojeiqué noic fentiome in stead al funny
hartui eliminating competition. In other words, the advin- tages of combines, trusts, and mono- polics.
He ran his trusts honestly enough, but
nia
viewpoint was
too strictly that of
the accountant.
He dealt in Agures only A business a set of books, WHA nud nen and
chines The workers were
only matter of numbers to him.
He was the hones!
champion of tho shareholders, and his function was to see What is bundnesses were sound and pald honest dividends.
1. Pierpont Morgan
Nilo whenever he went Egypt
to
He made frequent-trips abroad, but at this stage his wife usually stayed at home, though one or two attractive women usually went in the porty,
On his return, however, Mor- gan never failed to greet Ils wife with lavish and proper regard.
Newspapers tackled him in-" creasingly about sweated labour in U.S. Steel, and the car- toonists had great sport with that monstrous pro- bosels. Morgan hated all newspapers ever after.
A joke of the time concerned the man who said: Just look at the size of Morgan's nose." And another -nar answered:
"He needs
that big. He's
got so
it
much
to pay through it." The great financier was 70, in 1907, when ho saved the U. S. from finan- chaos
CLAT
again.
Business was
slumping and then a buccaneer- ing speculator fumbled a big deal and went to the wall. He was head of
A bank.
Start of a panic
RUMOURS
began
and a run started
on the bank. It spread
to others and also
to
trust companies acting
as banks. The begin-
ning of a panic.
bank
An important failed. Morgon as-
sembled
the bankers
and got them to form
a fund to shore up the
went into his London house in weaker banks. They poured in
A
fens of milions of dollars
and
the banks just scraped through.
-
23 bin early thirties he was
In vpalling
Ove yeurs he Prince's Gate. alteri z bett 1,000,000
him dollars for his own pocket.
friend once usked 110
The run switched to the trust he didn't bring bought
curiously why superb 103. steam yacht, the Corsair.
all these precious things home companies, Morgan forced them the U. S. "Why? echoed to start another huge fund to Then the railways
ran into trouble again through strife and Morgan, "Because 1 can't afford support the weaker ones, and U. S. over-expansion, Morgan dolores to. They would cost me 6,000,- arranged help from the
Treasury 000 dollars in duty." of the worst
cases; re- organised it successfully.
One by one, the others went to
one
to
That was well
With before his
for
everyone running him for ald. Its office became death, and ho went on collecting cover to convert securities inlo sort of Anancial hospital, up to the end, when his personal cash, the storm switched to the He reorganised railway after fortune amounted to 68,000,000 Stock Exchange.
his and, in addition, railway, taking a cut from each, dollars, and finished up as
collection was worth 30,000,000 the must
dollars. powerful ruil man in the coun- knew a ry, though he hardly piston from u driving-wheel.
Beauty in his yacht QUCCESS further fortified his
His porcelains alone worlb 4,000,000 dollars,
objects d'art French nearly that.
were his worth
He bought the set of ten de Grusre Fragonard paintings for nearly 1.000.000 collars, the
11
In two days Morgan raised nearly 40,000,000 dollars to keep the exchange from closing. was a tense time with the nation on the brink of financial collapse, values and money being wiped out everywhere
Then another crisis. New York City
itself needed 30,000,000
redoubtable will power. At Raphael Madorms of St Anthony dollars to pay off a short-term
of Padua for 500,000 dollars, obligation. comumo:le ani secretaire 'of Marie Antoinette's for 200,000 dollars, and hufidreds of olber treasures.
48 he now and a new city bouse, a country estate, and an In- pregnable faith in the sanelly of properly And himself He bulit umself a new yacht, 40ft. long.
Man with
cigar
A public lan was Impossible. Morgen himself under!cok to buy 30,000,000 dollars worth of city bonds.
Then another nightmare crisis, Morgan solved It by un intricate
Like men of his time, Morgan sheltered woman- believed in
so his wife and the wonen of his household hverd quietly at home
IN IN all his enormous spending stock deal, persuaded the trusi Exemption, however, W.5 charities have litle part. te granted to vivacious women of was not uncharitable so much companies to raise another 25,- wit and bnuty, actersser and the as divorced, like so many rich 000,000 dollars, and the panic bike, and Morgan vastly enjoyed men.
f1 DETI the
ol realities
their company, particularly at poverty in other people.
gatherings in his yacht, discreet
To spite of his great motlled
nuse
wr now) was
of
himi
was over.
it.
In effect, he had atted as a
Faith in the Bible
ile turned even more to 'his
Morgan had retired just in
a Case
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MANUFACTURERS LIFE
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(Established 1887)
HONG KONG BRANCH
Tel. 34156, 34157
TORONTO, CANADA
WINDSOR HOUSE
E. J. R. MITCHELL, Manager for South China.
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HONGKONG SOCIETY FOR THE
PROTECTION OF CHILDREN Women's Auxiliary
ile could be touched when he one-mari federal reserve bank, financial of the fabulous beautiful women also found saw and understood suffering. one
knew was feats of history. "We tambi," wil the paper himself the peat personal in Margat attractive, partly for his When a Judge lic that they would ever believe come of 53.000 dollars-then money and powe: no doubt, but ruled by an unfortunate in-
the about £10,000--by steady busi-
Morgan gave real
also for wwer that
Imperious his
per- vestment,
several thousand dollars, He Government put their there beness
sonality. As the war ended, he mar Case 1 taught too match and
Hits several biographers geuer- could understand that kind of Lou cheap food was bad for the Fried again; a nice pretty girl ally believe there were times he suffering.
Leulled Frances Tracy. whose was able to temporise with his At the height people.“
of the Housin AFTER that he gradually re- family had the right business Christian principles. Certainly about, his inysterious affuies
tired from business, and amtecedentia. Within the next he gavè rame of these girls mag with other women there was a VAMPAIGNING fu the
derade the Lore talm four pifcent election of his friend Senator enldren,
gifts, and to two or three prolonged public snigger when spent more and more time over-
dots be presented marriage of he gave 1.000.000 dollars for the seas, buying more treasures for John Foste. Dulles, Governor
Morgan was netting down to 100,000 dollars!
building of a lying-in home for his collection. Tom Dewey, of New York, viled domesticity, a solid young man Though staunchly conserva- indigent mothers.
reemnendations with a 13 of h
large strong face, a tive in his taste, Morgan was When his rector fell on hard uf a Lama; "ile's a veteran
compelling moustache and big enough to be receptive to times he gave him an annuity faith. A woman asked him if thousand bours with Molotov,
manner. He joined the right progress. His New York house for life. Je Save
1,000,000 he really believed in Jonah and hardest battle clubs and became a vestryman was the firs: In the world to be dollars for Harvard University the whale. He said that if the and then senior warden at St it throughout by electricity. buildings, and 1,000,000 to St time ever came when he could George's Episcopal (Anglican, In
the U. S. (It makes John's Cathedral in New York.
word in the more or less) Church.
trouble
He gave to the Metropolitan not belleve every The pattern WAS
dwindling gold now fixed. through
re- Opera. to St Paul's, in London. Bible, he could believe none of twice
Sundays, sources. The nation's credit was and to the Museum. singing at home at night. in acute danger, President It was beral"giving, but it Hymu singing was a passion Cleveland and his Government did not spring from compassion..
Morgan and a trial to others were desperately uncertala
By the end of the century ho time Flicked by the awakened because his voice was strong, his what to do.
was aclmowidged king of money, social conscience of the. 2011, enthusiasm great, and his tone-
Morgan came to the rescue and and he acted like a king dearly-Century, people no longer trusted deafness notorious,
always with a great black cigar big men with such power, Meanwhile America was ex huge bond issue, for which they formed a syndicate to float a
in his hand or his, mouth. anding fast, and the railways
ive rectitude, panding
With his massive to NICKELS, America's
was in Rome early in took payment overseas and in
quile humour- bits penny
wil become naturally booming.
was inevitably PEACE has come
if the New York Railway rivalry led to a rail- the U.S. itself of enough gold to less. Every Christmas Pierpont 1913, when he became briefly ill, Amerca's toy makers. They obsolete
Morgan used to read his grand- sank into a comt, and died on announce that there will be no Telephone Company is granted way war,
A Morgan posed as Bnancler was co- warlike, gadgets this Christmas. a request it made the other day. rising young organ, as a restore stability.
patriot. children the story of Scrooge, March 30. to help against
the (Profitable patriotism! Estimates and saw nothing peculiar about People now do not want their A public telephone call, the fast opted
Ila will gave every one of his
Articles can be delivered to Room 607, Marina House, children to hear about war. thing which can be bought with unscrupulous railway magmate, of his profits on the deal rango 1.
employees a full year's salary. c/o Kal Yue Cheong, on or after October 17th, from 9:30: 300,000 cost twice as Jay Gould. Morgan's side, won from
to 12,000,000. explained Jolin Cloud, a Chicago a nickel, will
Vast steol This rannufacturer.
year's 'much,
and he was rewarded with rail- dollars. He did, however, save
And though he was such a a.m. to 1:00. p.m. and from 2:30 p.m. to 5:00 p.m. 14 farin- novelties are from the
directorships.
U, S. honour.)
rock ribbed Protestant, a Jersey this address is not convenient for delivery please call any yard a cow that gives milk, a
This affair gave Morgan the
Became. whose piglets STRIKES -magnetised sow
ARLY in the century, many City Catholic church sent to the one of the following ladies who will gladly call for anything £10,000,000 a day. In profilo conviction that led him to his trail afier her.
frentest power. Secing the
were Vatican, to be burned in his that you have to offer for the Jumble Sale. American businesses and wages in the steel, epal, and folly of Fallway wars he de-
collector
combining, and then the com- memory, a candle 10ft. high and cided that any kind of wor or
18 inches thick, weighing 10016, KOWLOON. INSTEAD of tomatoes and eggs; sewing machine industries.
Morgan organiked. a huge
and costing over 1,000 dollars. New Yorkers tried out a
struggle or price-cutting contest 1988, aged 51, Morgan bines started to combine.
any companies
bought, almost by chance, a
buy the mammoth syndicate to new weapon of disapproval. CHOW BUSINESS: Broadway is between
Thackeray manuscript for £90. They pelled Left-wing Con- complaining that "company destructive.
From that time on he had the Carnegie steel-interests for 402 On the side of it was a paint-
million dollars without a ing of Morgan. causing Malra gressman Vito Marcantonio with hscipline is
collector's bug and started buy moment's haggling. So was born Burning for one day a year, It "hearer, the daticer most New canteloupe melons.
ing fabulously in a widening the United States Steel Corpora was designed to last 3,000 years.
old relics, palatings,
Morgan's share in the negotia
"000"dollars,”
even
are now
way
costing
Yorkers want to see, to have small parts in the Sadler's Wells
DADIES planned in July or ballet season.... Gertrude Law- August. stand little chanco rince refuses all Hollywood
and
Was
1
Just a sot of books
TN
he
-E
held Muttscripts, rare editians,. tion.
then
free competition, But tographe
combin
of getting Into Who's Who, sold lamour treatments for her firstODAY'S business man axiois ceramics, Bibles, and even au- tlons brought a proft of 12,000
Wog the complete Many of them ho housed in He built a new yacht 100ft. research chemist Dr. Clarence Alm part in "The Glass Mena Morgan Mills. That is because high perie, saying: "I just want to capitalist and forever after was an opulent library he bullt next longer and a private paddle take him up the Temperatures causa physiologieni be an unattractive old woman" enamoured of the adyaninges of to his New York house, but most steamer to
He
NEXT WEEK
Man of Steel
London Express Servico
Appeals to the public for articles for "JUMBLE BALE" to held on Thursday, November 3rd, from Eight AM. to six P.M., the Public Relations Building, Statue Square, Opposite the Hongkong Shanghat Bank Building. Des Voeux Road.
Clothing of any, alte, colour, Summer or Winter, new or wam. bags, toys, curios, odds, and ends; etc., are also solicited.
Any little gift that could be used on a "White Elephant Tabio", will also bo, appročisted.
will be appreciated. Articles such as shoes, stockings, underwear, hind-
Mrs. Leo D'Almada e Castro, 202, Prince Edward Road,
Telephone No. 20333,
HONGKONG.
Mrs. F. H. Loseby, Room 503, Gloucester Hotel, Telephone....!
No. 28003,
Mrs. F. Buchens, 450 The Peak, Telephone No. 20020, Mr. V. Chan, 4. Po Shan Road, Telephone No. 83489. Mrs. C. M. van Vilorden, 26, Condult Road, Telephone
34202.