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PUBLISHED ON THE 5T|I OF EACII MONTH AT S8 WABASII AVE., CHICAGO
Subscription price $1.00 per year in VOLUME VIII NO 1
JANUARY, 1908 428245 Sibandet foreigner los reporting to be
Canadian subscription $1.25
ASTOR, LENOX AND
Men who have left their name to posterity, never faltered at the critical moment--to have done so they would have encouraged disaster, but like Columbus, they headed for a place wholly unknown and pressing ever on with no thought of defeat, they have realized their ambition, and have bettered the human race by their indomitable courage.
John Pierpont Morgan. International Banker and Organizer of Industries The name of this great financier again expression of awe and wonderment. His floats to the surface of America's present tu- schemes for multiplying small fortunes into multuous water. While it is superfluous to ask gigantic accumulations of wealth gave food who this interesting personage is, it neverthe- for talk abroad as well as in America. He less is of abounding interest to know what was termed a modern Midas whose very touch Mr. Morgan has done in the way of aiding would turn things into gold. Success not the financial progress of the world. And if crowning every effort in any of his undertakever a niche should be saved in any great ings seemed an impossibility. hall for integrity there could be no name more In Morgan we have cited one instance of a worthy of filling an appropriate space in that successful man who was not cast out to earn niche than that of John Pierpont Morgan. his own means of support, for Morgan's par
Mr. Morgan has not only saved corpora- ents were well styled artistocrats. tions, placed business men upon their feet and
The reconstructing and saving of other comput financial stren
strength into wavering con- panies and their credit is found to be a speciai cerns, but he has proved to be a modern liv- characteristic of the Morgans. Mr. Morgan's ing example of the worthy man whose ideal
grandfather Rev. John Pierpont likewise owes qualities generally can only be found in print.
much of his success to the shrewdness with Not more than seven years ago when panic which he secured control of a Connecticut fire seized Wall Street the moneyed men looked insurance company at the time when the New to Morgan to save the situation, and he did. York fire of 1835 placed it on the verge of Again business flourished when the gold dol- bankruptcy. He strengthened the company lar was declared the standard unit of value. and saved its credit. New enterprises and new combinations were It is scarcely possible for any man of power almost daily announced to an eager and inter- to exist without enemies, but be his opponents ested public.
ever so great, it would not be possible for Business in Wall Street increased to tre- one to cite a single instance where any of mendous proportion and at this time there the Morgans have made theïr money by plot. came conspicuously into public notice a num- ting the overthrow of other people's legitimate ber of bold financiers, who amazed the coun- business. try and in fact the world by the magnitude of John Pierpont Morgan was born at Harttheir operations.
ford, Connecticut, April 17, 1837.
He was Conspicuous among the men who represent given every opportunity to become thoroughly ed the achievements of this era was Mr. John educated and is a man of cultivated tastes. Pierpont Morgan. He full of vim, In his early years he was inclined for a time strength and success and his bold conceptions toward the scholar's life. He graduated at attracted the attention of both hemispheres. the English High School of Boston. He perHe promoted the Unïted States Steel Corpor- sued his studies at the Boston Latin school ation and advanced it $25,000,000 in cash re- where he read the classics leisurely. Later in ceiving in return $106,800,000 in its preferred Germany he spent some time at the Univerand common stock. He saved Wall street by sity of Gottingen where he became interested putting $40,000,000 into circulation and did it in lectures in History and Political Economy. with as much ease as a child would spend five He won such distinction by his mathematical pennies for candy.
work, that he received the offer of a profesPerhaps the most remarkable of Morgan's sor's chair in that historic institution. feats, was his assistance to the national treas- In after years he became a connoisseur of ury. It is the one step in his career that fav- the fine art, a collector of fine arts and manors strong criticism but it is a step that never- uscripts and a patron of science and learning. theless will be given the greatest praise as But these were only the diversions of an extime rolls on. In 1892 he with a Mr. Belmont traordinary career. successfully undertook to maintain the gold In 1857 he entered the bank of Duncan reserve in the federal treasury when the under- Sherman and Company and in 1860 became taking appeared to all eyes as a mere impossi- the agent in the United States for the Engbility.
lish banking house of Peabody and Company Indeed Morgan is the name of the most of London. His father was a partner in this conspicuous man in the world to-day. The firm and it was thus easy for young Morgan eyes of all nations are fixed upon him with an to get a start in the financial world.
From the time that he interested the finan- scriptions to the amount of $50,000,000 to the cial industries by reviving a railroad which British war loan of April, 1901, the fathering had suffered from a fight between its president of the agreement between the anthracite coal and the firm of Fisk and Gould, Morgan's operators and the federating of soft coal incareer has been one of the most brilliant the terests in Ohio, Indiana and Pennsylvania. world has known.
And then there is the work which has given In going over thirty years. of Morgan's his- him interests in 50,000 miles of railways, in tory we find the following as ii effects the American and British shipping companies and finance of the nation.
English traction companies. In 1871 he created a market in Europe for
Mr. Vorgä!. has distributed many of his $25,000,000 worth of New York Central stock
millions for " e purpose of building a priand sold it there at a profit which amazed old
vate library arr art gallery to be filled with Commodore Vanderbilt.
the choicest col.. tion of books and paintings In 1887 he handled an issue of $260.000,000
on this continent. He takes active interest of government bonds in preparation for put
in the Metropoli un Museum of Art to which ting the national currency on a gold basis.
he has made mary valuable presentations. He In 1880 he provided $40,000,000 for the ex
own's the famous Gainsborough. tension of the Northern Pacific Railroad to the Pacific Coast.
Mr. Morgan is a consistent churchman, In 1880 his was the master hand in the
warden of St. George's in New York. He reorganization of the Reading Railroad and never plays poker and he never specuiates the reorganization of the Baltimore and
on margins. His interests in financial and
industrial institutions are wide and extensive Ohio, involving syndicate work and the loan of $10,000,000.
and his position in the social 1 is equally In 1893 the Southern Railway was created
as strong out of the Richmond Terminal and allied
Physically Mr. Morgan is ♡ and rather lines.
heavily set, measuring a sligh action less In 1895 the Erie Railroad was rehabilitated. than six feet. He has a keen gray rye and being
In 1897 the Lehigh Valley was put on its haughty and arrogant in bearing he is the intifeet, the soft coal combination formed and
mate of but few. He asserts an irresistible the Central Railroad of New Jersey leased by
influence over all he meets and at present the Reading
holds sway over money captains who but a There is also to record the organizing and very short period ago felt themselves secure the floating of the securities of the United behind the wall of their own self-conceit. States Steel Corporation with a capital of $1,- A picture of Mr. Morgan will be found on 100,000,000, the securing of American sub
the cover page.
Gems of Thought.
We can help make people bright by our we find it more blessed to give than to rekeenness, but we can never accomplish any- ceive. We are ourselves served best by serything toward making people good except by ing others.-C. G. Ames. our tenderness.-C. H. Parkhurst, D. D.
We may throw ourselves away, but God He will certainly fail who hopes to know will not throw us away. We belong to Him men deeply and only to get happiness, never still, and He "gathereth up the fragments to get anxiety, distress, disappointment, out of which remain, that nothing be lost.” knowing them; and he has mistaken the first
Do that which is assigned you, and you idea of human companionship who seeks cannot hope too much or dare too much. companionships, friendships and contacts with There is at this moment for you an uttermankind directly and simply for the pleasure ance brave and grand as that of the colossal they will give him.-Phillips Brooks.
chisel of Phidias or trowel of the Egyptians, Take care that your profession does not or the pen of Moses or Dante, but different outrun your possession. Artificiality and from all these. Emerson. hypocrisy tear character to shreds eventually. No man can gauge the value, at this pre--Maltbie D. Babcock, D. D.
sent critical time, of a steady stream of young When we allow our best life to unfold and men, flowing into all professions and all inexpress itself in word or deed, or to go out dustries, who have learned resolutely to speak from us as pure influence, we grow like God, in a society such as ours, "I can't afford.”. wh'ose utterance creatian is. And always
A Corrsepondence School Experience
The following was clipped from the Typographical Journal and shows the result of allowing a few
dollars difference in price to interfere with your enrollment in a practical school.
I can double your salary, if you earn less than $25 repeatedly stated that he was well and favora week, by teaching you how to do 1-10-date advertis
ably known among business men; but the ing. A year ago a $10 clerk comr' ted my system of instruction, and I procured him - position with a
mention of his name elicited most unfavorable land company. Demand for skil! : advertisers greater comment. than ever.
"That man is a fake, pure and simple," said
one advertising agent. "His course of lesI was a proof reader, earning $21 a week, I
sons was printed years ago, and has never was ambitious, and it was rot likely I would
been changed. His ideas are away behind the ever earn much more than that in my line
times.” of business, as I was considered competent,
I could find no opening, though I certainly and had worked in this line for many years.
tried hard. Evidently my teacher found none The above ad sounded tempting, especially as
either, for three years have passed, and I have the advertising mar connected with our firm had no word from him, except a point-blank drew $100 a rek. I entered into correspond
denial that he ever promised me anything, ence with th. n who advertised, stating my coupled with a threat of legal proceedings occupation a salary. Here is an extract
should he hear of any unfavorable comment on from his re
my part. I am still reading proof, the poorer Your experierce as proofreader and knowledge of by $35, the richer by experience. spelling, grammar, punctuation and type faces will be
Mrs. K. J. Murray. of essential benefit, should you take up my course of New York, N. Y. instruction. If you prove competent, there will not be the slightest difficulty in putting you in the way of ob
The Editor of Common-Sense can only draw taining a position which will pay you more than your present salary. Many ad writers earn large salaries, one solution in this affair, and that is that Mrs. and the field is by no means overcrowded. Brains K. J. Murray is more to blame than any one count everywhere, and judging by your letter, I am else. She paid $35.00 for a course of instrucvery certain you would be successful.
tion and expected to be taught a profession
that pays $25.00 a week for this small amount. I invested $35 in this “course of instruc
She claims to be a proof reader and to receive tion.” It was entirely conducted by corres
a salary of $21.00 per week at the present time pondence. I called several times at the gen
and yet when she received the lesson of proof tleman's office, but he was always too busy to see me. Nearly all my leisure time for the reading that this school issues, she did not
even recognize that the teacher had copied the next five months was occupied in the study
lesson verbatim from the pages of an ancient of ad writing. My teacher's comments were
book. If Mrs. Murray will go to the Public always encouraging, and once or twice he
Library and inspect the old “Hill's Manual," praised highly. His criticisms, quite printed in 1871 she will find on page 496 the lengthy at first, grew briefer by degrees, until
original of the main part of the proof reading toward the end he noticed only the headlines
lesson she received. and illustrations suggested.
Mrs. Murray should
have realized the outcome of that cheap course I finished the course; then I asked my pre- of instruction as soon as this paper on proof ceptor to fulfill his promise of "putting me in
reading came into her hands. What would the way of obtaining a position.” He replied
anyone think of a carpenter who tried to build that "business was very dull, and he could do a modern home with a set of tools that the nothing at present, but would bear me in
Puritans used. If Mrs. Murray will take a mind. At the same time, he would have me
mental inventory of her position she will not remember that the only road to success was wonder so much why her experience was not by keeping everlastingly at it."
more satisfactory. Full of confidence in my ability, I tried to The whole thing is simply this: A schoo obtain work from various advertising agencies. that makes the tuition price the important To my amazement, nobody wanted a graduate feature must necessarily make the instruction of a correspondence school. My teacher had conform to the price.