New-York tribune., 1920-05-17
l.. II Morton
Dies on Goth
Birth d av
tconunusd from paao ons)

lliS CuSIoIHeAS Wy HlS pOlIIeHeSS, TRUTH
fulness and strict attention to business.
The wages he received were small ever
| for those days, but by practicing the
most rigid. economy the young clerk
had saved by the time he was twenty
years old a sum sufficient to start him
in business for himself at Hanover, N.
l II. There he remained about five years,
and then went to Boston, where he be-
came a member of the firm of Beebe.
! Morgan e. Co.
While in Boston Mr. Morton saw
Daniel Webster for the first time. The
great orator made lasting impression
upon him. ~ saw Daniel Webster once
in q while after | had established my
years ago. ~ never had the privilege
of hearing him on the platform, how
ever, and | am sorry for that, but Of
all the men | ever saw when young
man Daniel Webster made the deepest
| impression upon me-"
In 1854 Mr.. Morton moved to New
York and founded the drygoods house
of Morton & Grinnel. At first pros
perity smiled on the firm, but Just as
the Civil War broke out reverses came,
and the firms creditors were obliged to
accept 80 cents on the dollar.
But Mr. Morton was not in the least
!
the banking business in 1853 he made
money rapidly. One day the creditors
of Morton & Grinnell received invita-
tions to dinner. When they sat down
each man found under his plate a
check for an amount sufficient to make
good his entire claim against the old
! firm.
An International Banker.
1t was in 1863 that Mr.. Morton ex-
changed the drygoods business for
finance, and opened an office in New
York as banker and broker under the
name of l.. P. Morton & Co., with a
branch in London, known as Morton,
Burns E. Co. George Bliss entered the
New York house in 1859, and the firm
became known as Morton, Bliss e. Co.,
while Sir John Rose entered the Lon
don house, which became Morton, rose
d co. These two names were there
after for many years synonymous the
world over with financial strength and
integrity.
Sir John Rose had been Minister OF
Finance in Canada, and came to this
country as special commissioner of
the English government or the dispute
which resulted in the settlement of the
Alabama claims. Sir John and Mr.
Morton were jointly intrusted with the
payment of the award, amounting to
$1b,5OO,000, and also with the payment
of the Halifax fisheries award of $5,-
100000.
Mr.. Morton's banking houses were
largely instrumental in making pos
sible the resumption of specie paym ent
in the United States and enabling the
government to fund the United States
bonds. The syndicate formed for this
purpose was headed by Morton, Bliss
& Co.
The credit of the government was
low at the time, but the firms in the
syndicate successfully foated large
issue of per cent bonds. thus decreas
ing the rate of interest on the mass OF
bonds. 1t was estimated that the &C
tion Of the various banking houses or
this occasion saved the governmen,
S70,0O0,0OO.
Another notable achievement of Mr.
Morton's firm was the part it played ir
the sale of $50,000,00O Of New York
Central Railroad stock belonging te
William H. Vanderbilt to English pur
chasers.
Not content with the success of the
enterprises already established, Mr.
Morton founded the banking house OF
Morton, Chaplin & Co. in London HI
, also at various times served as a drec
tor of the Equitable Life Assurance
Society of the United States, the Hom'
Insurance Company the National Banl
of Commerce and the Guaranty Trus
Company, the Industrial Trust Com
pany, of Providence, and the Newpor
Trust Company
The house of Morton, Bliss e. Co
went into voluntary liquidation in 1899
and was succeeded by the Morton Trus
Company, which was named in hono1
', of Mr.. Morton.
Representative in Congress.
Mr.. Morton's business activitie
kept him out of the field of politics
until 1875, when he was persuaded b,
the Republican leaders to make tn,
race for Congress in the old 18th Dis
trlct: His opponent was Benjamin
Willis, then sitting in the lower house
and Mr. Morton was defeated, although
he reduced the usual Democratic ma
,, jority by 400. In speaking of this hi
7rst political battle Mr.. Morton one
SAID ne enjoyed it almost as much a
I he did his early business career.
Mr.: Morton's calls throughout tn
district during his first canvass bor
t fruit when, in 1878, he was again
) Congress ssional candidate. This time h.
was elected by large majority. II
2 congress Mr.. Morton devoted hims sci
: with scrupulous attention to the inter
$ ests OF his constituents and to the af
;, fairs of the nation at large No maj
j., in Congress led buster life. His spe
t cial aptitude for finance naturally in
1 clined him to pay particular attention
, to this department of legislation an
his speeches in the House on this sub
Ject were notable for their straightfor
ward, plain, businesslike presentatio,
! OF facts and for the speakers logica
= differences based thereon.
g Personally, Mr.. Morton was one o
the most popular men in Congress
Among its members, comprising men o
: all parties and professions and from
every walk in life, he had no persona
8 enemies. No suspicion Of jobbery eve
/, attached to his name. Possessed @
' large means and culture, he stood il
the halls of legislation q typical Amer
lean. the blending of the patriot, tn
gentleman and the business man. Fon
Of society and the good things an,
pleasures of life, he yet faithfully de
voted himself to his duties first, at
taching no less Importance to his pub
lie demands than to his private busi
ness. Indeed, he labored as diligentl,
In Congress as if his support depende,
on 1t. At the time of the presentatio,
Of the so-called Warner silver bill
in Congress, when the bullion value O
. the silver dollar was about IS cents
ne took strong ground against its un