Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1888-06-29

Mr.. Morton's father was the village
preacher. The Morton family is one of
the oldest families in New England 1t
dates It's ancestry back to George Morton,
one of the Pilgrims who came to New
England in the ship Ann in 1923. In its
long and honorable roll are several devout
and earnest preachers and others in his
mothers family, Among these, the Rev
Levi Parsons, his mothers brother,
was famous as the first Ameri-
can missionary to Palestine, ane
for him Mr.. Morton was named. The
school AMI academy of his native town
laid gooC foundation for the intellectual
growth which was afterwards assiduously
cultivated Before he was 20 years of age
living First he secured position as
clerk in clothing and dry goods shop i'll
Hanover, y. ii. At the end of five years
he had saved enough money to secure an
interest in the dry goods firm of Beebe,
Morgan x Co. of Boston. In 1854 he
moved to New York city and established
the dry goods house OF Morton & Grinnell.
For some years the firm was prosperous.
Then through large losses caused by the
breaking out of the war of the rebellion
causing a general suspension of all his
customers III the confederate States his
III III Idlltu. n was llldut. L lit
store on Park place was given up and fog
the time Mr.. Morton was stranded. 1t
was but short period, however. before
his tireless energy, intelligence and pru.
dence put him again on mis- feet
and he has since been steadily
prosperous IN his business ventures
The failure furnished the opportunity for
an act that illustrates the character Of the
man. When Morton 4 Grinnel failed
they were able to pay but 80 cents on q
dollar. few years later the creditors o.
the firm received an invitation from Mr..
Morton TO dine with him. When they sat
down at dinner each man found beneath
his plate a check signed by Mr. Morton for
an amount of money that paid his claim in
full with interest. MIR. Morton was not
legally bound TO pay the money
In 1863 Mr. Morton opened the banking
house which has since become famous
throughout the world MS the firm OF Nor
ton, Bliss & Co., and i've years batter he
founded the London house Of Morton
Rose x Co., his leading partner being Sill
John Rose, late financial minister of Can
ada. These two banking houses We're
largely Instrumental in making resump
ton OF specie pay ment in the Cnlted States
debt, The credit of the government was
low at the time, but Mr.. MurtOn's and
associated firms successfully tloated
a large issue of per cent bonds
Thus decreasing the rate of interest on the
mass OF the bonds II las been estimated
that the various banking firms by their
action nj this time saved the government
S1O,Ou0,0cO. In his banking career Mr.
Morton has made the policy of his house d
careful, conservative system or dealing in
securities of sterling value His aversion
to speculation in wildcat issues has al
ways been marked But he has always
been ready to embark capital in new
ventures, however unpromislng they
might appear to short sighted linanciers
which, to his strong foresight, contained
| solid elements, needing only evelopment
! His confidence III the bonds of the govern
meat of the United States has been abid
ing ana, with patriotic earnestness, he
has used every endeavor TO enhance their
value AT home and abroad. His firm has
| always been one of the most liberal bid
ders for every new issue of bonds, and has
taken part in nearly every syndicate Il
place them advantageously in European
| markets.