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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (April 1, 1913)
n THE MORXIXG OREGONIJuX, TUESDAY, APKXL l 1913. e- VARIOUS VIEWS OF NEW YORK FDTAXCIER, WHO DIED AT ROME, AND HIS GOTHAM OFFICES, THE FINANCIAL CENTER, 23 WALL STREET. r Iff HORGMrS DEATH BUSINESS RAPID - 1 Title of "Sphinx" Applied to Only Man Who Ever Beat Jay Gould in Deal. Wall Street, However, Is Pre pared and Effect Is Only Slight. ,wT h -. .-w : P.t' -V CEDARHILL BURIAL PLACE CONTROL OF MEN KEYNOTE MORGAN'S RISE IN HEW YORK SHOCKED r ; i s v Tribnte Pour From All eid? t Memory of Financier, Philan thropist and Art Patron. Mock Exchange Firm. .NEW YORK, March il. The lat V resting place of John Plerpont Morgan. wr.o died la Rome today. proo"u be a mausoleum In Cedarhlll Cemetery. Hertford. Conn., whloh ho had erected Am in asm In memory of his tmtnttr inil mother. When the body of Mr. Morgan reaches - here from Rome it la expected the funeral servlcee will be held tn the Cathedral of fct. John the Divine, to ward the construction or wmcn air. Momn was a lara-e contributor. When the news of Mr. Morgan's - eeatn in Rome reached here today ex pressions of reejret at his passing- were heard on every side. Oft-lrea Close at Oaee. The on-lcea of J. P. Mora-an Co. closed Immediately upon the receipt of the news and little Information was vouchsafed by members of the llrro. Throughout the day equlpaajes of all kinds drove up to Mr. Morgan's man sion and their occupants left cards of condolence. The morbid crowd leath ered In force In the vicinity of the - Morgan home and at one time It was necessary for the police to disperse tbem. Henry P. DjrMion, now senior mem ber of J. P. Morns Co.. said today with the exception of two dispatches, announcing the death of Mr. Morgan, no word had been received from Rome. It mas expected a statement from the physicians, riving in detail the last Ill ness of the financier, would be received, but It had failed to come, according to Mr. Davidson. He said there probably would be a family conference tomorrow and the details of the funeral would be worked Olif. F.lfeet la 'Mall Street Slight. The immediate effect on the ma chinery of Wall street of Mr. Morgan's teath was comparatively slight. On Hie stock exchange the news from Rome had largely spent Its force 16 minutes after the opening of the market. Mr. Morgan's Illness hsd prepared the nnantlal district for the end and every precaution bad been taken to guard against a serious break in prices. At the opening the prominent stocks .declined a point or so. but they re ceived prompt support and rallied T . qulfkly. Thereafter the market was dull. Wall street's relations with the head '. of the house of Morgan bad been of such large consequence for so many ' years that the news of his passing inaoe an enormous impression. From banker, brokers, railroad aud business ' men came tributes to the dead man. ' ' Outside the Morgan offices there was ' "a curious crowd for some time after "the news was received. On the glass door there was a terse notice that the cfTices would be closed for the day. Career Rewaded Oat. Friends of Mr. Morgan pointed out another reason. In addition to the warning1 given by his Illness, why the financier s death was not seriously dis turbing. His career, they said, was rounded out. He had accomplished virtually alt he started out to achieve. For some time the Morgan nrm nan refrained from large new enterprises. All that humon foresight could dictate I'ad been done in the last year or two to safeguard the business and financial world against calamity when Mr. Mor gan's lsst hour came. Among the numerous appreciations nf Mr. Morgan was ore ly Klbert H. Gary, chairman of the Vnlted Ptates Steel Corporation, the greatest of all the industries organised by Mr. Mor gan. "None of Mr. Montan a business asso ciates will mourn his death more than those who are connected with the Vniteil States Steel Corporation." said Mr. Gary. "His presence, his counsel, his etfnrts were always influential In the endeavor to establish and main tain a reputation for fair and honor able treatment towards all who might bo affected by the decisions and con duct of the corporation. His death will leave a void that never can be tilled." Trtbnle Paid by Kirkiise. A resolution adopted by the board of governor of the Consolidated Ex change said: "In the death of Mr. Morgan his country lost a real American clliien. - who united with his genius for finance . a generous desire to serve his fellow rltlj. ns to tlie f illest extent In the up- ' huilding and maintaining of American , credit throuchout the world." ; The extent of Mr. Morgan's philan thropic gift may never be known. Probably his largest gift was H.SOP.OOO toward the building of the Cathedral of St. Jo'in the Divine In this city. For he founding of the great Lj-ing-tn-Hospltal near St. George Church, of which Mr. Morgan was a warden, be lonated tl.iSO.000. Harvard benefited Uy him munificence to the extent of i..00."00. with which was bul't the M' dical School In Boston. Trinity Col lejra given IIJO.lHio for a library. If the accounts of Mr. Morgan could . he reen It la said they would disclose the names of numerous persons whose fortunes lost In Investments In Morgan securities were returned to them. XofsMe smong those, it is said, would he te name of a Jurist, who after he t had ceased active work lost nearly bis entire, fortune In Investments made, as h supposed, on tlie advice of Mr. Morgan. sarna Faswai as Art Patraa. As a patron of art. Mr. Morgan was am famous as In the world of finance. His expenditures for objects of virtue were boundless. The price nearly al ways was a secondary condition to se curing an art treasure. His collection in the Metropolitan Museum of Art has . been estimated by connoisseurs to be ' worth 11.0.000.000. In his private mu ' srum next to his home are paintings. , tapestries, carvings, books, manuscripts. bror.se and antique gold and silverware ' aluvd at many millions of dollars. In . h's colieotloa of early editions are 32 Cartons, valued at tl.ZoO.OOO. Amopg some of the objects of art and the prices Mr. Morgan paid for t!im are Raphael's "Colonna Madonna. J-itfO.ot; the Fracenard panels deplct ' ing the lov affairs of the Countess T'ubany. JiOO.OCO: set of Gothic tapes . tries. Ii0.0l: the Pfungat collection of bronres, S .00. 000. and Gainsborough's famous painting of the Duchess of Dev onshire. :oo.oo. I'.ritUh Pilgrim Offer SyrupaUbi. l.ONTON. March JL The British I' trims adopted resolutions tonight. s :nr -Ihlzlnc with the members of Mr. .Vorgun s family and with the Ameri can rtlgrlms in the loss yistaloed through the death of one of their vice- presidents. SCOPE OF MONEY POWER OF J. PIERP0NT MORGAN Resources TLaser Direct Coatrol. Equitable Life Assurance Society I 43.OO0,0O0 New York Life Insurance Company 667.000,000 National Bank of Co na me roe 44.000.000 184.000,000 100.000,000 75.000.000 First National Bank Guaranty Trust Company Mercantile Trust Compsny Equitable Trust Company.. Bankers' Trust Company. . As tor Trust Company C 2.000,000 4H.000.000 17.000.000 Total 41,749.000.000 Ceaeeraa la WTsleft Tie Held Power. Aetna Insurance Company. Carthaze Tc Adirondack Railway Company. Central New England Railway com' pany. Cleveland. Cincinnati, Chicago t- Louis Railway Company. Columbus, Hope A Greensburg Rail road. Dunkirk. Allegheny Valley Pitta burg Railroad Company. Ellenvllle Sc Kingston Railroad Com. pany. First National Bank of New YorK. First Security Company of City of New YorK. Fort Wayne. Cincinnati te Louisville Railroad Company. Fulton Chain Railway Company. Fulton Navigation Company. General Electric Company. Harlem River Port Chester Rail road. Hartford & Connecticut Western Railroad Company. Jersey City & Bayonne Railroad com nanv. LaKe Erie & western rtauroaa win- nanv. Lake Shore Michigan Southern Railway Company. Madison Square Garden Company. Metropolitan Opera & Real Estate Company. Mexican Telegraph Company. Michigan Central Railroad Company. Mohawk Malone Railroad Company. National Bank of Commerce In New Tork. New England Navigation Company. New England Railroad Company. New Jersey Junction Railroad Com pany. New Jersey Shore Line Railroad Com pany. Newport Trust Company. New York ft Harlem Railroad Corn- Dan v. New York Northern Railroad Com pany. 1 New Tork & Ottawa Railroad Com' pany. New Tork & Putnam Railroad Com' pany. New York Botanical Gardens. New York Central A Hudson River Railroad Company. New York. Chicago A St Louis Rail road Company. New York, New Haven Hartford Railroad Company. New York. Ontario A Western Kail way Company. New York State Realty A Terminal Company. New York Trade School. Niagara Falls Branch Railroad Com pany. Ontario. Carbondale Scranton Rail way Company. Ilttsbur-r A Lake Erie Railroad Com nanv. Port Jervls. Montlcello A Summitvllla Railroad Company. Pouglikeepsle Bridge Railroad Com pany. Pullman Compiiny. Ttaquette Lake Railway Company. Rhode Island Company (electric line.) Rutland Railroad Company. St. Lawrence A Adirondack Kallway Company. Syracuse. Geneva A Corning Railway Company. Terminal Railway of Buffalo. Trustee of Columbia College in the City of New York. United States Steel Corporation, w allklll Valley Railroad Company. West Sliore Railroad Company. Western ITnion Telegraph Company. NAT COOPER FOUND DEAD Treasurer of Piano Company Passes Away lu Salem Hotel. SALEM. Or, March 21. (Special.) Nat Cooper, treasurer ot the Keea- French piano Company, of Portland. was found dead in bed today at the Marion Hotel this afternoon. Falling to respond after several calls, the chambermaid finally Investigated and discovered him dead. Apparently he died of heart failure. His son. Virgil Cooper, was formerly superintendent of the Portland. Eugene ft Eastern street, ear lines in this city. Knowing thst he was afflicted with heart disease Mr. Cooper went to Salem Friday for a few days' rest. Mrs. Cooper is now on her ws- back from California where she has been for six weeks. The only child Is Virgil Cooper. 16 years old, who is no wemployed at Roseburg. He will Join his mother on the train and accompany her to Port land Mr. Cooper was S4 years of age and formerly a resident of Chllllcothe, Mo He went from there to Baker. Or where he engaged in the hardware bus iness, and Joining the Reed-French Piano company in Portland four years ago. taking a financial Interest In the company with the office of treasurer. He was a member of the Elks at Baker. He stood high In the estimation of his associates. His home was at 600 East Forty-second street. North. Fire-HBlitiHK Money Overdue. SALEM. Or- March 81. (Special.) A report has been prepared by State Forester EUlott showing that J6740.1S Is due from counties to the state for as sistance In fire fighting. Of this amount ::;.C5 was due from 191L - ; : cj hi :. if ( ... i l SkSk. r-3 fSi' Tfr111'!'!11 7"''" 1 "' ' " - ! i ill if 1 . I - . v i i r hi q J k SV 1 I V if A t 1 ' if "t ' iu K' i f; I I .i y i si i $ Ml'- - h - : Ir'SLA ill -! .... ; C!-'1S5ilH I . - i ls&'& if rcr?yf View ofafyr JljzxzzcSfr J. P.rJR., LIKE IE Young Morgan Looked Upon as Father's Successor. RESEMBLANCE IS MARKED Son Classed High in Financial Ability Preparation to' Take Father's Place Already Is Thoroughly Worked Out. NEW YORK. March 31. Nothing Is known as yet as to how J. P. Morgan in his will disposed of his vast estate. J. P. Morgan, Jr.. has been his father's understudy for years and Is classed high In financial ability. He served his apprenticeship in the London house of Morgan. Grenfell A Co. He Is in the 40s and greatly resembles his father In facial d'etat), build and even in manner. Like his father, he Is quick at reaching a determination on big questions, brusque and lntolcTant of small dotails. His preparation to take his father's place In the business world has been thoroughly worked out. Traasartloa Skillfully Haadlrd. The younger Morgan, when he re turned to New York some years ago, did not bring with him the unusual repute a master of foreign exchange which his father did. But that he is cum petent to handle this fundamental featuro of international banking and finance must be assumed not only from the fact that he was his father's partner and presumably his successor, but also by the younger Morgan's asso ciation with some of the most mo mentous operations in foreign ex change, brilliantly strategical, ever undertaken in this country. He had some snare, in one transaction which for swiftness and magnitude of planning and completing: stands as yet unequaled. The Government was to pay 110.000 000 in gold to France on account of the Panama Canal purchase, and there was an undertaking on the part of the Government with Mr. Morgan prin cipally, although In association with some others, to transmit that gold, and to do It if possible without occasioning the slightest disturbance tn the money market. It involved very large han dling of foreign exchange, for by these Instruments the gold furnished by the Government could, by the modern artifi cialities of finance, be invisibly trans ferred to Paris. Real Power Revealed. There must be skillful entering of the xchange market, and very likely dis counting in the London market, of finance bills against which exchange could be drawn, this being available to procure sold in the London market. The transaction was too technical for a layman to understand, but it stands today traditional as one of the world's great exploits in the movement of gold from one nation to another. In much of the detailed work of this transaction the younger Morgan bore bis propor tionate part. At the time of the pur- hase by his father and the little syndicate which grouped around the senior Morgan of tJ2.000.000 of Govern ment bonds, for which payment was made in gold, and which involved the furnishing of foreign exchange for six months, whereby to erect a barricade which would prevent the exportation of gold, the younger Morgan was with the London housei. That transaction was bis first ex perience on a groat scale with foreign exchange. His relation to It ' caused word to be brought to the United States that he had gained the admiration of those who were at that time In author rty over him. and it was in fact that experience which Justified, them In pre dieting- and in saying in balf-connden tlal way to Americans whom they met In London that the younger Morgan was going to "make good." There are some reasons for surmising that the father heard with proper pride or the facility, the technical skill and the breadth of comprehension, as well as delicacy of touch, which the young man revealed at that time. PAT LAVEY IS SENTENCED Real Estate Man . Escapes Federal Imprisonment by One Day. Having pleaded guilty to fradulent use of the mails, Pat C. Lavey, a real estate operator, was sentenced yester day by Judge Wolverton, of the United States District Court, to serve a year in the County Jail and to pay a fine of $1000. If the sentence had been a single day longer Lavey would have had to go to a Federal penitentiary. Tlie court granted Lavey until Thurs' day to arrange his affairs before en tering on his sentence, which. If he takes advantage of all the opportuni ties for reduction, may be shortened to nine and a half months. Attorney McCue made a plea In La vey's behalf, urging that for the rea sons that Lavey had pleaded guilty and that he Intended to pay back all those who had lost money by reason of his operations, which he said fie started with honest intent, his client should not be sent to the penitentiary, but to the County Jail. IX) CK JIBS DBOAVJT IX SUISIAW Locsers Embark on Iiog in Lieu of Boat and One Body Discovered. EUGENE, Or., March SL (Special.) While attempting to ride a loir across the flood-swollen Siuslaw River at Mound. 40 miles west of Eugene. Sun day afternoon, James and George Meyers. Ralph Allen and Cleo Doyle, loggers, were drowned. Allen's body was recovered this morning, but the others have not yet been found. All of the men lived on the Upper McKenzle. east ot Eugene, but had gone several months ago to the Siuslaw with Jack Doyle, the logging con tractor. Cleo Doyle, one of the drowned men. was son of the contractor. Failure of the men to return Sunday evening led to a search and when the place was round where they had launched log, lacking a boat, it was decided they must have been drowned. Coroner Gordon left early today. XORTH PALOCSE BAXKFVIiIi Western Idaho Traffic Is Impended by Landslides and High Water. COLFAX, Wash, March - SI. Floods In Southeastern Washington continued without great damage today. The North Palouse Is still running bank full, but It is thought that the big- dam on which gangs of men are working- will not be swept away. Snow melting- in the mountains is causing: the rivers near Walla Walla to spread out beyon dthelr banks. No great damage, however, has been re ported. The man who was orownea yester day while trying to ford the Touchet River on a horse was identified today i Walter Brown. Railroad traffic has been Impeded in Western Idaho by landslides and high water. Th. hnvlln. nf a dor friahtened a New Tom alrl the other day into admitting ber sulk as a flrebux. Financier as Youngster Shows Ten dency Toward Poetry and on Entering- Wall Street Associ ates Said He Would Fall. John Plerpont Morgan started his business career half a century ago on the board of directors of a large marl- time insurance company. He secured the position through the influence of his wealthy father. For a year young Morgan attended the directors" meet lngs, but never opened his mouth, ex cent to vote. The president of the company told the elder Morgan that nothing; could be done with his son, who seemed to take little interest in business. John Plerpont all the time was laying plans for his first railroad construction. which, when accepted, established standing in Wall street as the only man who ever got the better or jay Gould. Sobriquet ot "Spblnx Applied. The sobriquet of "Sphinx of Wall street" later was the appellation ap plied to the man who at first was be lieved to have been without Dusiness acumen, but later became the supreme head of American finances. Morgan's control over men and money was the dominant keynote of his life. Others, perhaps, were wealthier than Morgan, but he commanded his wealth and that of others. At the height of hi power he is said to have controlled S3.00u.000.000.' Morgan came from an old Puritan New England family- which dates back in this country to 1636. He was born in wealth. His father, Junius Spencer Morgan, left him 110,000,000, and he in berited important banking connections. J. S. Morgan had accumulated his for tune in the dry goods business with Levi P. Morton and later as an associate of George Peabody, merchant, banker and philanthropist. Age Is Almost 78. J. Plerpont Morgan was born April IT, 1837, in a brica cottage in Hartford, Conn. Aa a youngster his tendency to write poetry gave him the nickname of Pip." AVben he was 14, Morgan was sent to Boston to the ' English High School. He showed a particular bent for mathematics, but had no -gifts in dlcatlve of unusual mental power. Probably his first attempt at finance took place in Boston. The school teach er gave him money with which to buy erasers. 1 oung Morgan was gone for long: time. When he returned he handed the teacher the erasers and also some change. "What's this for?" asked the teacher. I gave you just enough to buy the erasers. I always paid that for them. "Ob," replied young Morgan. "I went arouno: until I could, find a place to ouy at wnoiesaie. For two years after graduating from the Boston High School, Morgan was a student at Goetcingen, Germany. At 21 he embarked on his career as banker. Pew More Widely Feared. Of J. P. Morgan, financier, and of his achievements all the world knowa Few men have been more widely feared, yet more generally trusted. Those who met him only in a business way saw a. man rougn, emphatic and repellant, in accessible as the Emperor of Russia when he chose to be, known as a man who believed absolutely In himself and apparently never questioned the cor recmess of his methods. His friends, however, knew him as a simple, unaffected companion, an inter estlng conversationalist with keen wit and genial humor. Once a woman asked him why be kept on accumulating money when he al ready had. more than he needed. I don t love money," Morgan is said to have replied, "but I do enjoy the ex cltement, the run or making it." Business was not all to the life of Plerpont Morgan. His office hours were short and at the close of his bust nofs day he left his office and his bus! ness behind him. Woe to the person who then approached him on business bent. He cared little for society, but was fond or a good dinner in congenial Thin? Pale? And do not know what to take? Then go to your doctor. Ask his opinion of Ayer'sSarsaparilla. No alco hol, no stimulation. A blood rniriflpr a npnjp frit-Mr" a autmg ouciauvc, ui aiu lu digestion. Let your doctor UCUUCi KU, ntsa USE POSLAM WHENEVER THE SKIN AILS If your skin is not in the perfect condition In which It should be, and Is affected with any eruptlonal trouble, the benefits of Poslam are too Import ant for you to overlook. Nothing is so rapid and effective In permanently cur ing eczema, acne, tetter, pimples, scalp scale, all forms of itch and every sur face disorder. Poslam is antiseptic, soothing, cooi ng, intense ana active ia ueuun power. It cannot possioiy harm and should be used unhesitatingly in all conditions. POSLAM SOAP improves the health, color and quality of the skini beautl- complexions, renders the hands soft and velvety. All druggists sell Poslam (price, 50 cents), and Poslam Soap (price, 25 cents). For free samples, write to the Emergency Laboratories, 02 West 25tb treet. New tors: City. AbsoIutelyPure ROYAL the most celebrated of all the baking powders In the world celebrated for its great leavening strength and purity. It makes your cakes, biscuit, bread, etc healthful, it insures you against alum and all forms of adulteration that go with the low priced brands. company, of rare wines and big, black cigars. Wines he partook of with mod eration. To cigars be was almost a slave. . Morris to Manage. Moffat Road. DENVER, March 31 William E. Morris, formerly assistant general manager of the Chicago Northwest ern Railroad, has been appointed gen eral manager of the Denver. North western & Pacific (Moffatt road), effee- Extractions and dental surgery mads pleasantly painless by our New Bo tanical Dis covery. P.atlre Corner ot east Lornrr ox bccobo hi -'" . CAY T0U BEAT IT NO! Nor our competitors cannot either. because we only pay about one-fifth the KENT that the other offices pay. We do all of our own work; do not hire these so-called specialists that you read about in the other advertise ments, and last, but not least, we stand alone and not in the Dental Com bine. For a limited time we will con tinue to make you gold crowns and bridge work at $3 per tooth. 22-k Gold Crown and $3.00 PER TOOTH Not tn the - Dental Trust. All work fuaranteed 5 years. .-- l 1 v . cnicaen, Tcgcww ... B- - . home and try it for youreelt Grocers' and Druggists' everywhere. Write for free copy of Arroours Monthly Cook Book. Addreas Armour and Company, Dept K 40. Chicago AskforEmomHonillones A Fact Worth The higher ost of living has not affected tho price of "PHOENIX" Hosiery "Phoenix" embodies the same stylish, guaranteed high quality in weave and pure silk thread it always 7C has and still sells at, (women's), per pair 4 Pairs 'Phoenix,' guaranteed 3 months, $3 "Phoenix" de Luxe Hosiery, a pair, $1 'Phoenix" Silk Socks for Men, a pair, 50 11 PetmonS; l) MORRISON, OPPOSITK I'OSTOKFICK C. F. BERG, Manager. Head Ache? Eyes Water? Voi, m a v see perfectly, and yet need Glasses. If your eyes tire or ache that is positive proof that the V. are calling for help, or relief. If You Are in Doubt Let me find the trouble for you. It will cost you nothing. If you need Glasses I will give you the best fit for the least money. My fitters are experts. MY PRICES. Lenses Sphero in year frame. . .91.00 Leases Sphero la Alom. frame. ..S1.MI Lest sea Sphere la Gold Filled - frame. 3.50 Leases Sphero (curved) ft G. F. Eye Glass MoDBtlaf S5.0A Kryptolc Leases $8.00 to f 13.00 tive April 1, according to an announce ment made at the company's general offices today. Autos In National Park Are Issue. WASHINGTON, March SL Secretary Lane is considering whether to admit automobiles to the Yosemite National Park, and has asked the War Depart ment to detail Major William T. Litte brant to investigate. PAINLESS DENTISTS Mnlkey Building- at the North. Solid Bridge Work Eight Year In Portlund. " rountain unnt that All Like Armour's TA..11.n tAatrb the hnv drnn a vuut in." m, (- i" r i .v. AmKfinnm bland of flavors beer (or - UT. nrA ....nninir Voire Rome ABC Remembering STAPLES The Jeweler 169 First Street Near Morrison. Portland, Orrgoa