Evening star., 1933-06-02

after Is years from such time, unless
before the expiration of such Is years
there should again be such q lneal des-
cendant of Mr.. j. Pierpont Morgan in the
partnership, in which case the right TO
use said firm name shall continue un-
impaired until Is years after such time
as there should again be no such nneai
descendant Of Mr.. j. Pierpont Morgan
in the partnership.
In no event shall the good win Of
the business or the right to use the firm
names have any cash or money value
either as between the existing partners
or as between the existing partners ana
|, any withdrawing or former partner, or
the estate of any deceased partner or
any descendant of MIR. j. Pierpont Nor
gan, whether or not such descendant
has ever been a partner in the partner
ship.
Promise Not to Use Name.
And each of the parties hereto hereby
covenants with each of the others that
he will never become or be partner
in any partnership using, and that he
will never use, said firm name OF j.
P. Morgan g. Co. in violation OF the
provisions of this article.
Thirteenth. 1t is further agreed not
only with respect to the partnership
hereby formed, but also with respect
to any successor partnership, that upon
the death of any partner and the
termination of his interest or that OF
his estate in the partnership, or upon
the voluntary or compulsory withdrawal
Of any partner or partners, or upon
the dissolution of the partnership and
the formation of a successor partner
ship, the good will of the business and
the right to use the firm names shall
belong to the surviving or continuing
partners and that In no case shall any
estimate ever be put upon the good will
or right to use the firm names in
ascertaining the amount due any with
drawing partner, whether such with
drawal be voluntary or compulsory, or
the estate of any deceased partner.
The valuations, decisions and deter
limitations made by Mr.. Morgan or the
majority in interest as hereinbefore
conclusive against a withdrawing part
ner or the estate of a deceased partner.
Fourteenth. The books of the part
nership shall be settled on the 31st of
December in each year. One-half of
each partners proportion of profits
shall be placed to his credit. The other
half shall be set aside and kept as
undivided profits until such time as
Mr.. John Pierpont Morgan may consent
to its division among the various par
ties in interest as provided in article
3. 1t Is also understood that no part
ner shall draw from the partnership
any money beyond the amount placed
to his credit, without the consent OF
the other parties hereto.
Fifteenth. 1t is understood and agreed
that no partner shall engage In any
other business or be a general or spe-
ctal partner in any other firm.
Name Used Only In Business.
Sixteenth. The firm name shall not
be used by any partner except in the
partnership business.
Seventeenth. Speculation In stocks
or anything else, by the individual men,
pers OF the partnership is prohibited;
but this clause shall not be construed so
as to prohibit any partner from invest
ing his private means in such way as
he NAV see fit.
Eighteenth. No member Of the part
nership shall become security or endorse,
except in the partnership business, with
out the consent of the parties hereto.
Nineteenth. The firms of ]. P. Nor
gan & Co. and Drexel g. Co. being part
ners In the firms of Morgan, Grenfell
d Co. OF London, and Morgan, Harjes
& Co. of Paris, their proportion of the
capital thereof shall be supplied out of
the partnership capital mentioned in
article second hereof, and the profit or
loss therein shall be included In the
partnership accounts hereunder.
Witness our hands and seals the day
and year first above written In the
presence of
Cat this point there was another blank
in the document made public, in accord
ance with the committee vote not to
make public the names of the partners.
IG was said in committee quarters, how
ever, that there are no secret partners
and that the names are well lnowu.)
There then followed these supplement
tary notes to the agreement:
December 81, 1916.-Thomas Cochran
has this day become q partner in the
firms Of j. P. Morgan & Co. and Drexel