A New Partner

Russell C. Leffingwell, a member of the law firm of Cravath, Henderson, Leffingwell & de Gersdorff, was admitted as a partner to the firm of J. P. Morgan & Co. Mr. Leffingwell, born in New York City in 1878, after graduation from Yale took a law course at Columbia. In 1902 he began his law practice, joining in that year the firm which he has just left.

During 1917-1920 Mr. Leffingwell served as Assistant Secretary of the U.S. Treasury, and was entrusted by Secretary McAdoo with much of the task of floating the Liberty Loans, and extending credits to our Allies. Mr. Leffingwell has long been known as an authority in both railroad and international law.

Ever since the death of Henry P. Davison in May of 1922, J. P. Morgan & Co. has felt the need of a new partner, particularly since the firm's international business has been constantly growing. The choice of Mr. Leffingwell is a natural and happy one, and has been for some time anticipated by the financial center.

The partners of J. P. Morgan & Co. are now: J. P. Morgan, Edward T. Stotesbury, Charles Steele, William H. Porter, Thomas W. Lament, Horatio G. Lloyd, Dwight W. Morrow, Edward R. Stettinius, Thomas Cochran, Junius Spencer Morgan, Jr., Elliot Cowdin Bacon, George Whitney, Thomas S. Gates, Russell C. Leffingwell. The firm holds two " seats " or memberships in the New York Stock Exchange, which stand in the names of J. P. Morgan and his son, Junius S. Morgan, Jr. The number of Morgan partners has always been elastic, and has recently varied from nine to fourteen, so that it cannot be said that Mr. Leffingwell is filling a " vacancy " there.

It is expected that Mr. Leffingwell's immediate duties in J. P. Morgan & Co. will be in connection with the British payment of her U. S. war debt which the firm will handle as fiscal agent for Great Britain. This work will take years to consummate and unnusual financial ability to direct. Mr. Leffingwell's knowledge of official Washington should greatly assist him in this new task.

Mr. Leffingwell as a " dollar-a-year" man during the War period performed notable financial feats for the Government. He was personally in charge of the huge Liberty Loan flotations. After the Armistice, he made a striking appeal for the cancellation by this country of the Allied debts to America, on the basis of not only sentiment but enlightened self interest. It is not yet time to say his view was incorrect; Great Britain alone of our debtors has made arrangements to settle her debts with us, and most of the Allied debts are notoriously uncollectible, and may always remain so. Mr. Leffingwell was more successful in his opposition to the threatened soldiers' bonus bill of 1920. At one time his name was prominently mentioned for Secretary of the U. S. Treasury. Since his resignation from the Government service, he has taken a prominent part in the recent Cuban financing effected in New York, as well as in outlining a plan for the segregation of the railroad and coal properties of the Reading Company.