The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1943-03-13
]. Pierpont Morgan, Widely
Known Banker, Dies Early
Today At Boca Grande, Fla.
,By Associated Prs.D

boCA GhANDEss T Ia, Mar. Is.
~. Pierpont Morgan. rs. of New
York. widely knows International
banker. died at his winter cottage
here at 3:ls o'clock this morning.
He had been suffering from a
recurring heart ailrnent and had
been in coma three days. Yester-
day he was put under an oxygen
tent. but his condition continued
TO become gradually worse.
One son. Lieutenant Command
er Henry Sturgis Morgan. USN.
was at the bedside when death
came. Another son. Junius Spen-
Ger Morgan. is overseas in the
armed services of the United
States.
Mr.. Morgan was born on Sep
TENDER 2. 1857. and was given his
fathers name. ]. Pierpont. The
elder Morgan was the founder of
fhe House of Morgan. which is
among the worlds greatest finan-
cial institutions.
The body was shipped to New
York this morning.
Third in the line as head of ''the
house of Morgan j. P. Morgan
steered the huge private banking
firm bearing the family name
through the world war. the post
war reconstruction. initiation and
boom years and the depression
period starting in 1929, maintain
ing it in a position unparalleled
in the history of world finance
When in 1888 an investigation
by the banking committee of the
United States senate turned a
floodlight of publicity upon its
transactions, the firm was reveal
ed as the worlds greatest under
writer and fiscal agent, its clients
embracing industry and banking
and state and municipal govern
mants in this country and national
exchequers in Europe.
The house operated as j. P. Nor
gan & Company. New York; Drex-
ell g. Company. Philadelphia; Nor
gan, GrenfeIl & COMPANY, Lon
don: and Morgan & Company,
Paris.
:. Its sse IS reached $7e3, 90q. :
403.69 on January 2, 1881. and its
net worth a peak of S118,604,-
1875 on November 81, 1929. But
on December 81. 1882, the assets
had shrunk to s424. 7n8. O95 Sc and
the net worth to $53,194, 076.80.
Deposits on that date were $340,+
047, 701 .88. For thesfive years end
ing December 81. 1887 daily aver
age deposits of million dollars
or more were maintained with the
finn by 81 American railroad and
industrial companies.
Directorships Touch 1854
Companies
A score of men were partners
but j. P. Morgan. as senior part
ner, held veto over virtually all
acts or policies of the firm.
The senate investigation dis
closed that the partners held l67
directorships in SO corporations
which had total assets of $50, 00O.-
600, 900. The list included Is banks
and trust companies. seven mis-
cellaneous holding comranies, ten
railroads, five public utility hold
ing corporations. eight public util-
ity operating companies, 38 indus
trial concerns and six insurance
companies. On the same boards
were 537 other directors. not con-
nected with Morgan & Company.
who sat on the boards of 2,305
companies in which Morgan part
nerships were not represented.
1t also was put on record that
in the years 1871 the firm par
ticipated in more than so pools,
syndicates and joint accounts in
the stock market. In that period
also its profits from security flo
tations were 1929, 900.
A practice which attracted wide
attention was the offering to sell
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