Evening star., 1943-03-14

staunch leaders in the financial
world, men of Judgment he chose
sometimes to say who will carry on
the policies that he took from his
father. consolidate and later made
workable under new Government
controls.
Next in authority to y. P" was
Mr.. Lamont, vice chairman of the
board, and now the senior states
man" on Morgan policy.
To Mr.. Lamont, most financial
leaders think. will 60 the chairman
ship, and thus break for the first
time, succession of the Morgan name
as titular head of the banking house.
Next in authority comes George
Whitney. president of the firm, and
after him, Mr. Leffingwell, vice
chairman Of the Executive Com
mittee.
Mr.. Lamont joined the firm as a
partner in 1911 after distinguished
career as a banker; Mr.. Whitney in
1919, and Mr.. Liffingwell in 1928.
With the other officers these three
have had much to say in the hand
ling of Morgan banking enterprises
for more than a decade.
Mr.. Lamont spent two years on
the staff of the New York Tribune,
after graduation from Harvard in
1892, then entered the importing
and exporting business. He was a
successful young businessman, with
an eye on a commercial career,
when a banker neighbor. the late
Henry P. Dawson, urged him to
become secretary and treasurer OF
the Bankers Trust Co. in 1903.
Dawson Arch Picker of Talent.
Mr.. Dawson was known as an
arch picker of talent, and in 1911,
Mr.. Lamont followed him into
partnership in j. P Morgan & Co.
Mr.. Dawson had persuaded the
elder Morgan, who was to die two
years later. that the slim, energetic
banker was his man.
Mr.. Lamont had had internation-
al experience both in importing and
exporting and in banking, and with
the outbreak of the World War, took
an important hand in the negotia-
tlons for the huge Allied loans. He
advised the United States Treas
ury during the Liberty Loan drives.
and at the close of the war acted as
financial advisor for the American
Mission to negotiate the peace.
His brllliance, urbanity and per-
sonal charm soon made him one of
the key men in the Morgan organ
izatlon, along with such famous men
as Mr.. Dawson, the late Dwight
Morrow, who was to become Ambas-
sador to Mexico and Senator from
New Jersey; Thomas S. Gates, who
became president of the University
OF Pennsylvania. and Mr.. Letting
well, Undersecretary of the Treas
ury during the Wilson administra-
ton. Mr.. Lamont became known
as the spokesman for the firm. Upon
the rare occasions when a public
statement was to be issued, it was
usually Mr.. Lamont who made it..
For years it has been the practice
OF Mr.. Morgan to enter the bank
at about 1890 am. and go directly
to his small Office on the second
floor. Shortly afterward, his off,
GERS entered and for perhaps an
hour the group conversed on cur
rent business.
Meetings Highly Informal.
Until the firm was incorporated
last year, these daily meetings were
highly informal No notes we're
made. Each man carried away his
chore for the day. Mr.. Morgan
made little effort to keep uo his
father's reputation for a "one-man
organization" and spread the re-
sponsibility broadly.
To meet the formal atmosphere
imposed upon the firm by corporate
papers, a wall was simply knocked
out between two Offices near J. P.'s
own, and a boardroom was fixed
up"
Here for the past year the meet
ings have continued. But there
has been little change in the in
formallty OF the discussions, and
still no long memos are written un-
less the meeting happens to be a
formal session according to the cor
porate laws.
Irving S. Olds, chairman of the
Board Of Directors of the United
States Steel Corp, of which Mr..
Morgan was the senior director. is
sued a statement today which said
in part:
American finance and industry
have suffered great loss through
the death of Mr.. J. P Morgan. For
upwards Of so years, he has been a
respected and outstanding leader in
the banking and business world. He
was esteemed by countless friends
and associates as a most able citizen
OF the highest character and integ-
rlty, possessing an admirable and
charming personality. His great
ability and vast experience were
ever available for the benefit of the
Nation in time of peace and of
war. ."
Winthrop w. Aldrich, chairman
OF the Board of Directors of the
Chase National Bank. who was en-
route to California, issued the fol-
lowing statement
In the death of J. P. Morgan the