The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-12
MORCAN'S SON
TO HEAD OWN
BANKING FIRM
Enters investment Field:
Learned Business From
Ground Up

BIZ Scripps-Hoicard Nc'cspaDer Alliance
NEW YORK. Sept. 12.-~The only
Morgan who had 10 learn Wall
Street from the bottom up"
That is the way they describe 35-
vear-old Harry S Morgan. the
younger son whom J. P. Morgan has
assigned TO the Job Of making the
family name again dominant in in
vestment banking.
When young Morgan walks out of
his fathers squat. famous banking
house a few days hence to open his
desk in his own new firm Of Nor
gan. Stanley & Co, Inc. oldSters will
remember the day he came down
fresh and green from Harvard. They
still chuckle about that around the
House Of Morgan.
Starts at Bottom
II was Oct. l 1923. J. P. Nor
gan apparently had not revealed to
his son what branch of international
banking he would be indicted into.
After he had shaken hands with the
score Of Morgan partners a gray
haired employe broke the news to
him gently.
You're to start in the messenger
room. Mr.. Harry"
Young Harry Morgan, grandson of
old J. P. Morgan the magnificent,
saw more Of Wall Street in those
first three months than he has ever
seen since. He sat on bench with
IS other runners, most of them
middle-aged professionals, and when
there was a hurry job most run
ming jobs in Wall Street are hurry
jobs he had to hurry His pay
was $40 a month.
Promoted to Mail Room
After three months of it he was
promoted to the mail room, where
for two months he sorted and de-
livered incoming mail. and adj
dressed and posted outgoing mail.
AT J. P. Morgan 81 Co. the mail
room stays open until every desk in
the building has been closed and
the final item of the days business
completed. There were times when
young Harry's dinner had to be
kept waiting for him.
He graduated to a clerkship, and
finally after two years and three
months of discovering what banking
looks ike from the bottom he was
given the power to sign by pro-
duration" which means he was
given a limited right to sign the
firms name to financial inStru-
ments. Not until Dec. 81. 1923, was
he made a partner.
Elder Brother Had 1t Easy.
His elder brother. Junius Spencer
Morgan, did not get such a break
ing in. When he came down from
Harvard in 1915, war business was
swapping the famous banking
house at Wall and Broad-Sts and
he was impressed into heavy duty
almost Immediately.
The older son will remain with
the House of Morgan and when his
father retires will become head of
the firm. In Wall Street. however.
there is a feeling that the name and
fame of the family eventually may
be more IN the hands Of the younger
son, who IS relinquishing his part
nership to go into business on his
own. Though the House of Morgan
has always been a deposit bank, its
great exploits were in investment
banking and the fiotation of secur-
tiles.
J. p. Morgan, the elder, lives in
history not as a counting room
banker but as a fierce and ruthless
promoter and manipulation of big
business.
Chose Deposit Banking
Under the Banking Act of 1888
the firm had to chose whether 1t
would continue as a deposit bank or
as an investment bank The law
prohibited it from being both. II
chose to relinquish its security bust
ness dhere was little security bust
ness in 1888 and 1880 and became
a S400000000 bank of deposit.
Harry Morgan. in carrying on in
the footsteps of his grandfather
will have as mentor Harold Stanley.
IS. who is also reSigning his part
nership in J. P Morgan & Co. to be-
come head of the new firm.
The firm will also include anoth-
or resigned Morgan partner. Will
liam Ewing. and two resigned part
ierS of DreXel & Co. the Morgan
branch in Philadelphia.
Wed Adams Daughter
The younger Morgan became en-
gagged while in Harvard 10 Miss
Catherine Adams. daughter of
Charles Francis Adams. former sec
rotary Of the navy. They were mar
ried a few months before he began
running messages in Wall Street.
They occupy a town house around
the corner from his fathers man
sion. and they have a summer place
at Glen Cove. L. L. where young
Morgan buSies himself with a small
sailing craft
His father-in-law. a noted yachts
man. has taught him the fine points
of sailing and they often sail to-
gether and against each other.
The young man was born in Lon
don in 1900 He attended Groton
before going to Harvard At Har-
ward he rowed No. on the crew.