Morgan Eve

With the years a spacious legend, heavy with the frankincense of gold, has grown up in grey Wall Street about the New Year's Eve of the great House of Morgan. It is told that as the old year passes the Morgan partners assemble in the low chunky marble building which stands at Broad and Wall Streets, the solid fulcrum of the business world. They come to sit in quiet, awful council while Mr. Morgan apportions to each his share of the firm's profits for the previous year. Naturally the largesse of a Morgan is always large. To this partner several hundred thousand dollars; to that one a million; to another a million and a half. Part of the legend is, of course, that no partner ever questions Mr. Morgan's division of earnings. The tale is one that captures the glamorous imaginations of Wall Street men who like to think themselves prosaic. There is less truth in it than in the fable of King Midas whose touch turned all to gold. The ancient myths were not, as this modern one, groundless.

None the less, last week this legendary Morgan Eve was the occasion for a crisp announcement to the press. It read: "Mr. Francis Dwight Bartow, Mr. Arthur Marvin Anderson and Mr. William Ewing, who have hitherto held procuration for our firm in New York, are this day admitted as partners in our firms in New York (J. P. Morgan & Co.), Philadelphia (Drexel & Co.), London (Morgan, Grenfell & Co.) and Paris (Morgan & Co.*)."

To these three men the bestowal of the "golden touch" would seem commonplace beside the marvel of their promotion. Never before have Morgan employes been made Morgan partners./- Horatio Alger imagined for his self-made dime novel heroes no such dizzying climb to altitudes of power.

Dozens of other investment houses changed their personnel at the New Year, most notably Dillon, Read & Co., rapidly becoming a potent, daring rival of J. P. Morgan & Co.

*Better known as Morgan, Harjes & Co., where U. S. tourists stop for mail and money-changing. Henry Herman Harjes died last year and in consequence the firm name had to be changed, for a French law forbids a dead man's name being exploited. Mr. Harjes left two sons, who have not been admitted to partnership. So their names may not be utilized.

/-Exception: Partner George Whitney once worked for the firm, but his uncle was a full partner.