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-its financial institutions,
its insurance companies and even it's
carpet industries.
1t will do no harm now to publish
the fact that latterly Mr.. Morgan's
mania for buying all sorts of art and
quasi-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 it 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 Vanderlip 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
ling that the Eastern trainmen will
go on strike. There are at least TO-
600 men in Wall street who would be
glad to take the Jobs thrown up by
the conductors and trainmen.
Some brokers are paying 3 per cent
for call money. Notwithstanding that
lower rates are obtainable. one
such broker explained his apparent
extravaganza thus: q do not care
to paw off my per cent loans and
take on others at the lower rates.
You see, my bank never charges me
more than 6 per cent for call money,
no matter how high it goes, so that
it would be small business for me to
paw the loan now that the bank is
making a little money out of my
loan. Another thing. if I paid it off
under present conditions l would
probably have to pay the current
rate whenever call funds might be
above 6 per cent in the future"
There are five institutions in Wall
street which do not charge more
than 6 per cent on call money, even
though it might be quoted at 10 or
25 or 125 per cent They are the
National City Bank United States
Trust Company Central Trust Com
pany, Fifth Avenue Bank and the
park National The last institution
does not charge more than per
cent on its own money, but 1t does
charge more than on that lent for
the account Of Out-Of-town cor
respondents.
The First National Bank, Of which
George +. 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 25 per cent
mark. Little wonder the bank has
paid 1850 per cent in dividends
since Mr.. Baker became president in
1873.
STUDENTS HELP UMBERMEN.
The leading forest schools OF the
country. NOT only have their own for
est tracts for continuous experiments.
but give their students actual expert
eucc IN me woods by having them take
part In big numbering operations.