Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-20
OCCASIONAL
OBSERVATIONS

The late ]. p Morgan's heart more
than his head entered into his invest
ments. So the detailed list shows.
He did not leave one important block
Of either bonds or stocks The vet
eran banker was not the Croesus that
was popularity supposed. He was loyal
to Hartford financial institutions,
it's insurance companies and even its
carpet industries.
II will do no harm now to publish
the fact that latterly Mr.. Morgan's
mania for buying all sorts Of art and
quasl-art treasures became so abnor-
NAL that his partners and his family
had occasion for alarm. He spent
more millions than he was making
during the closing years Of his life.
He had regal contempt for money
when 1t was weighed in the balance
with art or his special brands of
philanthropy OF course, he would
brook no interference In his pur-
chases. most of which toward the
close were paid for by notes which
were discharged when he collected his
profits from his firm.
II bankers are correct in their
diagnosis, there will be no currency
legislation this session. Legislators
object to doing a double shift They
want to go home the moment the
tariff bill is signed Then, too, every
lawmaker has "A currency plan of
his own up his sleeve, which he will
try to force down the threats of his
colleagues.
Neither james Speyer nor Presi-
dent Nanderlip of the National city
Bank will go to Europe this summer.
they have their hands full at home
with railroad problems.
Many wall street people are hop
ing that the Eastern trainmen will
go on strike. There are at least TO-
OO0 men in Wall street who would be
glad to take the jobs thrown up by
the conductors and trainmen.
Some brokers are paying 2 per cent
for call money. Notwithstanding that
lower rates are ohtainable. one
such broker explained his apparent
extraVaEanCe thus. Il do not care
to pay off my 3 per cent loans and
take on others at the lower rates.
You see, my bank never charges me
more than per cent for call money.
no matter how high il goes, SO that
1t would be small business for me to
pay the loan now that the bank is
making a little money out of my
/ loan. Another thing, il l paid It OF
under present conditions | would
/ probably have to pay the current
| rate whenever call funds might be
above per cent in the future
/ There are five institutions in Wall
/ street which do not charge more
than per cent on call money. even
though il might be quoted at 10 or
I 25 or l25 per cent. They are the
National City Bank. United States
Z Trust Company. Central Trust Com
pany. Fifth Avenue Bank and the
( Park National. The last institution
does not charge more than per
1 cent on its own money but II does
charge more than on that lent for
] the account of out-of-town cor
/ respondents.
/ The First National Bank. Of which
/ George F. Baker is president. is con-
sidered the biggest 'Shylock' in the
/ financial district 1t always gets as
much for its money as it can and in
times when money is very high its
reserve sinks below the % per cent
d mark Little wonder the bank has
paid 1850 per cent in dividends
since Mr.. Baker became president in
1873
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/ but give their students actual expert