Show MRP f rijcIt Cakc (Tribune 10A Sunday Morning Marcil 14 1943 MVO:4-tk‘2- Financier Met Death in Simple 'Cottage 04 V Eouse of Morgan Held Sway in Three Eras if ii ti 10 ) 440 't70 18§' 11 A United States senate investi- gation in 1933 threw open for the first time the bank's records and the vast ramifications of its enter- prises It revealed the firm as the worlds leading underwriter and fiscal agent whose clients in- eluded industry and banking in America and national exchequers lifetimes Of -- - le :v Q k ::::: --1 0CI ::5-':- - eeeArzo- le r-- 4 :V 7" k Or r r: S ' :' lv( 71c mb 4 L V irt 4i t 0fto ‘pw ov - 4tC SPRING '" - t I 4 rb q:14 ''7 L J P Morgan succumbed to a heart ailment In this simple Florida cottage at Boca Grande The cottage was on the grounds of exclusive partnership wilh father and al4! Gasparilla Inn Mr Morgan's room was in left wing of structure lie had been In ill health for several years -- t) C01 0 °Short 10IPS to 2950 on firm held 167 who directorships in as-89- John Pierpont Morgan had total which founded the House of Morgan He corporations sets of $20000000000 married Frances Louise Tracy in Europe Mor- -' The list included 15 banks and The second John As the years passed the name - gan was educated Pierpont seven miscellatrust Paul's St at companies of the bank was slightly changed neous holding companies 10 rail- - school Concord N H and at from that created by the first John roads five public utility holding Harvard university receiving his inthe early Pierpont Morgan corporations eight public utility A B degree in 1889 Shortly after 1S90s when he called it "J P operating companies 38 individual his graduadtion he married Jane CO" Its original ac- Morgan concerns and six insurance com- - Norton Grew of Boston tivities were limited 0 Four children were born to panies Under the direction of his son-Mr Morgan was born September them: Junius Spencer Morgan who always called himself J P who be7 1867 at Irvington N Y on the Jane Norton Morgan name was Morgan—the changed ment wife of came Nichols Mrs Hudson George J P Morgan and Company At the time of incorporation the a dry 'goods merchant Frances Inc on April 1 1940 He then firm was the greatest remaining Welsh Ancestors Mrs TracyG Morgan who became chairman of the board of fortress of unlimited liability in lawa of wife Paul His were ancestors The Welsh Pennoyer directors instead of senior partner the nation with deposits of more first of them to come to this coun- - yer and Henry Sturgis Morgan Those three letters "Inc" The partners than $600000000 Mrs Morgan died August 14 Miles Morgan arrived in 1636 spelled out vividly part of the their fortunes and reputa- try pledged Soon 1925 of sleeping sickness and in Connecticut settled the had in occurred that tions behind those obligations a statue to after her death her husband gave river where valley By the end of 1941 the deposits him stands at Springfield Mass the Neurological- Institute a $200- Simper b Qua! i ty had climbed to $689000000—a The early Morgans were farm- 000 fund to study the disease high step above the last month of ers and Indian fighters but tot Trained in London the black depression year of 1932 traders until Morg'an when the deposits were $340000- - opened a tavernJoseph Mr llorgan's early training in at Hartford 000 a Conn became lender the money banking business was chiefly FOR BODY FRESHNESS But through the legal entity and in 1819 helped found the London He returned to Amerin Thi Freshness is easily preserved by the known as "corporation" the name Aetna Insurance company (not ) 1901 ca in arriving in the midst consistent use of "Never-Tel"—- a delicately of J P Morgan may be perpetu- be confused with the presentt Of beeven street panic over the ated blood Wall if the Morgan Aetna Life Insurance company) perfumed and quickly effective Deodorant set for control of contest son of superb quality—does not harm cloth- - comes extinct The old partnerhis Junius up Joseph spectacular ship rules would have necessitated Spencer Morgan as a HartfordI !Northern Pacific between the Hilling but deodorizes perspiration dropping the J P Morgan title merchant but he later went ) A Avallabta ot moot ISematv Shoo mad nrolltr"to Morgan and Harriman-Standar- d after 15 years if a Morgan had London to become head of the Oil Oc- Sc sod 7 Sc siren If valor tivolov does not groups ceased to have a hand in the J S Morgan company bankers - Coto bottle today! orrice 'tam '''Nvor-Te- r His father died in 1913 before TIMOted business eipprovtyl by out own laboratory He married the daughter of the the first World war started The The senate investigation of 1933 Bev John Pierpont a Boston son succeeded him and the banks T GERI ANS'AS4C showed that the 20 partners in the preacher Their son was named name was often in the press in war days in connection with loans to the allies Huge loans were made to Rnssla and France and the bank acted as fiscal agent in floating a $500000000 bond issue for the allies Later the bank acted as commercial agent for Great Britain and France and all purchases of war supplies in America passed through its hands Billions of dollars were involved in these transactions Mr Morgan shunned publicity and was rarely interviewed One of his first public statements was Issued July 31 1914 when he counseled Americans to "keep their heads" when war was breakI ing over Europe A Modest to the degree of shyness 44 ti he was made the victim of his in77 nate courtesy when a senate inISIS a 2 quiry wasA in progress at Wash71-p circus publicity agent ington I Introduced a midget woman to him ) it As the finanduring a recess ibr 1 forward to talk to her leaned cier 4 1 the press agent lifted the little --- ' person to Mr Morgan's knee as EFtrzsse cameras clicked The photograph was widely published In later years he grew increasingly deaf and used a hearing His diversions Included device yachting in comfort raising flowers playing backgammon shootLESS DRIVING inrr grouse in Scotland desultory NO MORE HIGH SPEEDS we Oldsmobile dealers speI golf batA d 1 For today's fully charged in ' cialize -Z-operations protective Liked Yachting :rr71- '4--- under" driving your tog t ry and properly '? A—in service developed for today's e In his younger days he played it et hre'' 4 car's timing circuit functioning genera-alIn middle life he fancied are mechanics Our squash —AP turnC type &driving tor and voltage regsmall-boplugs sailing but yachting n thoroughly trained Our equipment was his joy 'His father's ulator will check carburetor choke was scientific—and is and Corsair the modern complete deterioration due to idleness —assuro yacht and heat controls need special attenthe son buying other yachts exour of take not advantage tion or quicker Why starting through the years called them Place Corsair too perience and "know-how!- " - NI Style Suc3ss for flisses or 7JVomen 1 e- -- govern-Th- e ar v L Morgans merit control of finance and taxation of the rich It marked some of that change from the rugged individualistic heydays of the private banker at the beginning of the century to those days near midcentury when it might be more practical for the bank to have the individual submerged in the corporation Steel Corporation The elder Morgan gruff sharp and blunt carefully kept his bank an unincorporated partnership with himself in control but at the same time set the pattern for gigantic American corporations by bringing forth at the turn of the United century the billion-dollStates Steel corporation largest ever formed In this country up to that time The founder of the banking house had set up the steel corporation as an orderly money making plan in the midst of a financial jungle dense with cut-t- o throat competitive money masters Money-savin- g and not money-becam- e making however was the son's reason for tacking "Inc" on the name of the firm which from its inception until the moment of had operated as a corporation '1' t 77F-2- Ari father and son increased fit! - Y!' two the - 444'1 P" By Associated Press 1 P Morgan headed the bank that bore his name—a name that came readily to men's lips when they thought of Wall street and finance—in three great periods in American history: The first World war the world depression and then the second World r--war The House of Morgan did not America during the overlapping untouched or unchanged through those great dislocations bank building itself in the heart of Wall street a well guard- ed citadel was scarred by the blast of a mysterious explosion in 1920 while the banker bore the scar of a bullet wound inflicted by an as- sailant seeking to discourage his efforts in helping the allies in the first world conflict - L4140151we' 1010 'Name Synonomous With U S Development in Banking Forefathers Started Program remain Step Into Spring in Fashions with An Air of Smartness! successively in control One of the son's associates later frankly explained that the partnership had been changed to a corporate status because inheritance taxes raised difficulties of keeping the bank's capital intact as Corpartners died or withdrew porations could sell shares to avoid dispersion of capital and retain surplus and earnings for reinvest- Put your coat dollar Into a style that Will be just as smart next season and the next! 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Short or long sleeves semi-tailor- the Great To his intimate friends he was His bank employes referred to him among themselves as "the senior" He made his first airplane trip in 1938a short hop across Long Island sound and flew several times afterward Time Abroad Until the start of the second World war he spent a good part of every year abroad particularly at his London house or his estate at Wall hall England Ile rented a lodge at Gannochy Forfarshire Scotland for his grouse hunting and developed a long friendship with the late Earl of Strathmore ( r771 ond World war he sold his Corsair IV a $2000000 vessel that had crossed the Atlantic in eight days on its maiden voyage to aBritsh firm for $25000 He pensioned Captain William B Porter who had been his skipper 30 years Two of his friends were heads of two great Christian churches the late Pope Pius XI and the Rev Cosmo Gordon Lang retired archbishop of Canterbury When the pontiff was still Monsignor Ratti he undertook to restore for the Morgan library 60 volumes written in coptic script The re-stored volumes were given a place of honor in the banker's library When he became Pope he conferred upon Mr Morgan the grand cross of the Order of St Gregory - AND SERVICE FOR ALL MAKES OF CARS t ALL-CA- (Th 0 a of okaM Y n et K4) 1 ALL-QUALIT- - r ER water rust acids and to and add your engine's life sludge 1 Lo) for alignmentolder 1 indesiwogm ilEmo 3 IS DR2111 gasoline leakage and use of proper lubricants throughout the car will give you greater gas economy I -i-s- s today the duration! 441:ZO LESS GASOLINE Let us Up"-To-Da- te frequent attention older brakes need more frequent adjustment—e-to offset undue wear ne 5 your car in our hands "Tune It Up"-T- o - Date and "Keep It They're Tops in Flaffery! lj best-know- 121:1 '810 As '435-an- G9' 41 I ' sk (T 0 4:3 it47- - t) °fivers 1095 to 2950 "Jack" ed all Mezzanine Mezzanine or Marked Ceiling Prices in Compliance With Government Regulations OPEN 10 A M TO 6 P M EVERY WEEK DAY DIAL Prices Quoted Do Not Include 2 State Sales Tax Sears Stores Have Posted DIAL 14 t ( 1 l 1 t 1 4 MAIN AT BROADWAY FREE CUSIONIER PARKING SALT LAKE CITY UTAH - m! f r z -- -- !: :: : |