He financed many trunk lines of railway, the ocean steamship business, the coal and railway business of Pennsylvania, the Guarantee Trust Company, with a capital of $150,000,000, and the United States Steel Corporation, with a capital of $1,400,000,000. It is said that he controlled three billion dollars of railway properties.
The secret of Morgan's success lay in his skill in estimating railway values, his unerring memory, and his extraordinary genius for detail. He had immense determination and force hidden behind a profound reticence. His aims were broad and his outlook was over the country as a whole. His fame rests on his ability both as a financier and as a great collector, for he used much of his enormous wealth in building up one of the world's great collections of books, manuscripts, pictures, and curios.
Read from "The Life Story of Pierpont Morgan," by Carl Hovey (Sturgis and Walton). Study the lives of other financiers of our time, comparing and contrasting them, taking especially the two men of great wealth, Rockefeller and Carnegie.
VIII—KELVIN—SCIENTIST
William Thomson, later Sir William, and later still Baron Kelvin, the greatest exponent of physical science in our age, was born in Belfast in 1824, the son of a teacher of mathematics. At twenty-two he was made professor of natural philosophy at Glasgow, and he held this position for more than fifty years.
In 1851 he read his first paper before the Royal Society; its subject was "The Dissipation of Energy," and it was the original statement of the law now universally accepted. He made many leading discoveries concerning elasticity, electricity, heat, vortex motion, and magnetism, and was recognized as the leading authority upon them. He was also a practical inventor, with fifty-six patents to his credit. He devised the instrument which made ocean telegraphy practical, the device now universally used for measuring electricity, the present form of the marine compass, the tide gauge, and the deep sea sounding apparatus. He was knighted for his work in 1866 and made Lord Kelvin in 1892, besides receiving countless honors from universities, academies, and governments. He died in 1907.
Read from "Lord Kelvin," by Andrew Gray, in the English Men of Science series. Clubs may also study the work of Sir William Ramsay and the Curies.
IX—PEARY AND AMUNDSEN—EXPLORERS
The finding of the North and South Poles is among the great events of our times. The discoverer of the former was Robert E. Peary, who was born in 1856 in Pennsylvania, was educated at Bowdoin College, and became an engineer in the United States Navy, ranking as lieutenant. In 1886 he explored Greenland and five years later headed an expedition to that country and proved that it is an island.
Four northern trips succeeded this, the latter two under the auspices of the specially formed Peary Arctic Club. He was then given the rank of commander and was made president of the American Geographical Society. In 1905 and 1908 he went north in the ship Roosevelt, and on the latter trip the Pole was reached April 6, 1909.