MR MORGAN'S PHILOSOPHY.

Clutha Leader, Volume XXXIX, Issue 52, 11 February 1913, Page 6

MR MORGAN'S PHILOSOPHY.

"THE THING THAT COUNTS.'-

Mr •!'. Pierpont Morgan's four hours' evidence before the Congressional Committee on the so-called "Money Trust'' in Washington wns a wonderful performance considering liis 7o years. The master-banker is variously criticised, according to their sympathies or aversions, by the American newspapers. Those who, like the 'New York World' and the 'New York American, 1 agree with the object of the committee, to demonstrate the existence of a "Money Trust," lay their chief emphasis on Mr Morgan's illustration of the absence, of anything like, competition in the sale of the securities of great industrial and other corporations.

One statement by Mr Morgan has excited widespread comment. In elucidating the philosophy of his career tho great financier asserted that character was the. thing that counted, adding: "1 have known a man to come to my office and ! bare given him a cheque for a million when I knew he had not a farthing in the world. Many men enjoy great credit who have no money. Tba£ is because people beli?t r e in them." On tho other'hand, Mr Morgan said he would eal! jn the loans of any man whose honesty he suspected., no matter how much security bo hid gives.