Evening star., 1943-03-13
tions and not because of any actual
or potential political relations.

tions and not because of any actual
or potential political relations.
I'VE never had had occasion to
ask favors from legislators or per-
sons in public business"
Mr.. Morgan was born September
7, 1867, at Irvington, N. Y, on the
Hudson.
His ancestors were Welsh. The
first of them to come to this coun-
try, Miles Morgan. arrived in 1886
and settled in the Connecticut River
valley, where a statue to him stands
at Springfield, Mass.
The early Morgans were farmers
and Indian fighters, but not traders
until Joseph Morgan opened a tav-
ern at Hartford, Conn; became
money lender and in 1919 helped
found the Aetna Insurance Co. (not
to be confused with the present
Aetna Life Insurance CO...
Ancestry Traced.
Joseph set up his son, Junius
Spencer Morgan, as Hartford
merchant, but he later went to Lon
don to become head of the J. S.
Morgan Co., bankers. He was
married to the daughter of the
Rev. John Pierpont, Boston
preacher. Their son was named
John Pierpont Morgan, who found
ed the House of Morgan. He was
married to Frances Louise Tracy.
The second John Pierpont Morgan
was educated at St. Paul's School,
Concord, N. H., and at Harvard Uni
versity, receiving his A. B. degree in
1889. Shortly after his graduation
he was married to Jane Norton Grew
of Boston.
-Four children were born to them:
Junius Spencer Morgan, Jane Nor
ton Morgan, who became Mrs.
George Nichols, wife of a dry goods
merchant: Frances Tracy Morgan,
who became Mrs. Paul G. Pennoyer,
wife of lawyer, and Henry Sturgis
Morgan. There we're more than 80
grandchildren and great -grandchil-
dren.
Mrs. Morgan died August IA, 1925,
Of sleeping sickness. Soon after her
death her husband gave the Neuro-
logical Institute 100000 fund to
study the disease. In her memory
he gave the town Of Glen Cove, Long
Island, N. Y, near his Matinicock
Point home, property worth s500,000,
including l6acre park, a beach
and pier.
Trained in London.
He took both of his sons into the
banking business with him. Both
were later made partners, but in
1934-because the 1888 Banking Act
restricted bank dealings in securi-
ties-Henry relinquished his part
nership, to become a partner in
Morgan, Stanley G. Co., an invest
ment house sponsored by the bank.
Mr. Morgan's early training in
the banking business was chiefly in
London. He returned to America in
1901, arriving in the midst of the
Wall Street panic over the spectacu-
lar contest for control of Northern
Pacific between the Hill-Morgan and
Harriman-Standard Oil groups.
His father died in 1913, before the
First World War started The son
succeeded him and the banks name
was often in the press in war days
in connection with loans to the
allies.
Huge loans were made to Russia
and France and the bank acted as
fiscal agent in floating a $500,O00,-
600 bond issue for the allies. Later,
the bank acted as commercial agent
for Great Britain and France and
all purchases of war supplies in
America passed through its hands.
Billions of dollars were involved in
these transactions.
Organization Changed.
At the time the United States
entered the Second World War in
1871, a spokesman for the bank
sad, almost all OF the foreign bonds
offered by the Morgan firm had
been paid off in full. Only one. a
loan for Austria, which had been
undertaken as part of a program
OF European reconstruction initiated
by all the powers, had defaulted
completely.
The new firm, Morgan. STANLEY
q Co, included several old partners
his son, Henry Sturgis Morgan.
Harold Stanley, q utility expert. and
William Ewing. Although some of
The individual members of the old
/ flrm had preferred stock in the new
| company, the bank had no invest
ment as a firm in the new enter
prise.
Inc new firm was made necessary
because under the banking act pri
Vate banks had TO choose between
belng bank Of deposit and an in
/ Vestment house.
The Morgan firm decided to re-
main bank Morgan, Stanley &
Co, separate organization and not
a bank, could deal in securities.
Ihe foreign branches were Nor
gan, Grenfell & Co. Ltd, in London
and Morgan & Gle in Paris.
There was this difference between
father and son, the father over
/ shadoWed his associates. the son
surrounded himself with partnrs who
/ played public role, while he re-
manned II the background.
Some of these partners were Ed
ward r. Stettinius, who was As
slstant Secretary Of War in the First
World War; Henry P. Dawson, who
was wartime head OF the Red Cross :
Thomas w. Lamont, who was Presi-