Excerpt from Contemporary American Biography, Vol. 3: Biographical Sketches of Representative Men of the Day, Representatives of Modern Thought and Progress of the Pulpit, the Press, the Bench and Bar of Legislation, Invention, and the Great Industrial Interests of the Country

These great combinations are a natural evolution of the modern industrial system, and any danger that may be threatened by them is only a passing one. With increased power will come ih creased responsibility and greater caution. In the present age all men, even the richest and most powerful, are subject to the force of public opinion. I don't believe that we are in any more danger of industrial despotism that we are of political Cresarism.

It is interesting to note that so thoroughly experienced a merchant as Mr. John Clafiin, head of the great New York dry-goods corporation, H. B. Claflin Company, entertains similar views. This gentleman, in a speech recently delivered before a representative body of citizens, voiced his opinions in approving the work effected by Mr. Morgan, who, he declared had done more for the commercial world than any other man who ever lived. That this Opinion is widely shared is shown by the ih creasing number of combinations and consolidations effected or contemplated since the birth of the United States Steel Corporation, and in which Mr. Morgan's financial genius and monetary backing have been exercised or invoked. A notable instance is the projected consolidation of leading dry-goods houses, which, under the title of the Associated Merchants' Company, and capitalized at twenty mil lion dollars, may prove the nucleus for a still larger combination ramifying to all parts of the Union; and which, through its influence upon or control of fabric manufacture, machinery production and one or two important branches of agriculture, may ultimately even rival the other industrial giants. Mr. Morgan's marvellous energy and genius seem to resent the limitations of national boundary lines. Like Alexander he sighs for other worlds to conquer; and quite recently has boldly attacked the very citadel of finance - conservative London, where, already, his daring and skill in the massing of indus trial forces and combining of capital have awakened admiration not unmixed with fear. It is said to be Mr. Morgan's purpose to secure the listing of the stock of the U. S. Steel Corporation with the London Stock Exchange, which hitherto, has declined to father an American industrial. Early in the current year (1901) he guaranteed the underwriting of preference shares of the British Electric Traction Company, Ltd., and secured an option of taking of its capital of 000. In London, so it is reported, many persons have taken out insurance on Mr. Morgan's life to pro teet themselves from loss in the event of his demise depressing stocks or values in which they are in terested. The Pacific carrying trade and Japanese and Chinese commerce are still other fields in which Mr. Morgan has placed heavy investments. Commenting upon his activities lately, a leading English newspaper asserted that he was hard at work with the mannheim-bremen Petroleum Stock Company in effecting a consolidation which will put the world at the mercy of a german american trade alliance. Another of Mr. Morgan's financial operations was in connection with the new British War Loan, fifty million dollars of which was promptly subscribed in this country in April.

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