The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-04-19
DID NOT PAY CASH
j. p. Morgan Gave Only Notes
for His Art Treasures.
Spent Money Freely in Pursuit
of His Hobby.
EXTENT OF FORTUNE unknown
1t Is Known That MOrgan'S
Personal Stock Was Small.
Capital Smaller Than Other
Big Banking Firms.
EXTENT OF FORTUNE UNKNOWN

New York. April 19.-The will of ].
r Morgan is expected to be filed in
the surrogate's office here within a
few days. according to unofficial an
nouncement here today. 1t is said that
the general provisions of the will have
been explained to members of the
family and some phas~- of it to the
members of the Morgan firm, but no
information has been given out as to
its terms
The greatest interest centers in the
disposition of the Morgan art treas
ures. 1t is understood that the di
rectors OF the Metropolitan Museum
have no idea of what Mr.. Morgan has
willed in the matter. 1t was pointed
out, however, that it seemed certain
Mr.. Morgan would not have contem-
plated transfer of the title of the treas
ures to any individual as this might
automatically make many of the works
of art. which were imported without
tax because they were intended for ex-
hibition purposes, subject to duty.
Enormous policies of insurance are
being placed on the treasures it is re-
ported The value of the collection has
been estimated at "a million dollars,
of which "a million dollars represents
the great collections in the museum or
in storage, and 10 million dollars the
books and works of art housed in Mr..
Morgan's library. The insurance is be-
ing taken out by j. p. Morgan, the
son, as trustee.
The following statements were OBJ
tanned today from responsible sources:
1.-The capital owned and employed
by the firm of J. P. Morgan & Co, in
the conduct of it's business was
smaller than the capital of two or
three other international banking firms.
The amount is put at less than $780,
900 900.
2-J. P. Morgan spent money so
freely in his pursuit of objects of art
that latterly he did not pay cash for
his more important purchases; he gave
notes which were met as his profits
from the firm accrued.
3-Mr. Morgan's personal holdings of
stocks We're comparatively Small-cer-
tainly smaller than Mr.. Rockefeller's, E.
H. Harriman's or the late John S.
Kennedy's.
4.-The bulk of securities carried in
the name of J. P. Morgan & Co.. or
Morgan clerks were not for the firms
own account but represented invest
ments for wealthy clients.
5-The firm cleaned up each fIota-
ton as quickly as possible, distributed
the profits to participants and kept its
own working capital in liquid form
whenever practical
The extent of Mr.. Morgan's fortune
is unknown, not even by those who
were among his close associates. The
subject was one he never discussed.
He Was Public Spirited and Generous.
Mr.. Morgan was broad minded,
public spirited and generous" said a
close friend of the late financier to-
day in discussing the possible DISPOSE
ton which he has made of his fortune
and art possessions. land [ think it
will be found he has not departed
from his ideals in his will"
The inference drawn from the re-
mark is that Mr.. Morgan has left his
superb art collection to the city of
New York.
Aside from this bequeSt there is a
growing belief that Mr.. Morgan has
left but little to anyone outside his
i'm mediate family. No great amounts,
it is believed have been willed to chart
ties.
so far as he was personally con-
cerned,'' said this friend, lone might
almost say that money was mere in
cident to Mr.. Morgan. He never
boarded money. He was prodigious
spender. He summoned special trainsI
as the average man calls a taxicab.
artistic tastes. He gave freely to all
worthy causes. In short he was not
prone to count the cost.
Another peculiar trait was the
habit of paying for things but once a
wear in order to avoid the bother of
monthly payments. The persons with
whom he dealt knew of this habit and
charged him accordingly. Mr.. Nor
gan knew he was paying more than
others but he was willing in order