At this time the public knew nothing of the impending ruin; the fact was, however, that, in July, 1899, the banking house of J.P.Morgan & Company practically controlled this property.

This was the situation which again called Page to New York.
In the preceding year Mr.S.S.McClure, whose recent success as editor and publisher had been little less than a sensation, had joined forces with Mr.Frank N.Doubleday, and organized the new firm of Doubleday & McClure.

This business was making rapid progress; and that it would soon become one of the leading American publishing houses was already apparent.

It was perhaps not unnatural, therefore, that Mr.J.Pierpont Morgan, scanning the horizon for the men who might rescue the Harper concern from approaching disaster, should have had his attention drawn to Mr.McClure and Mr.Doubleday.

"The failure of Harper & Brothers," Mr.Morgan said in a published statement, "would be a national calamity." One morning, therefore, a member of the Harper firm called upon Mr.McClure.Without the slightest hesitation he unfolded the Harper situation to his astonished contemporary.