Morgan in Soap

Dwellers in Cincinnati's Millcreek Valley district are well aware of the proximity of Proctor & Gamble Co.'s plant--particularly when the wind blows in their direction. Makers of long-famed Ivory and new-famed Camay soaps and of Crisco shortening, Procter & Gamble Co. is great Cincinnati industry, William Cooper Procter is great Cincinnati tycoon. Last week, however, Procter and Gamble showed a trace of Manhattan influence. To J. P. Morgan & Co. for $10,000,000 went 150,000 shares of P. & G. stock and an option on 100,000 more at $80. Assuming use of the option, the house of Morgan will have about 2% of the 12,250,000 P. & G. shares outstanding since the five-for-one split-up last month.

The new P. & G. shares sold (when as and if) on the curb last week at $92, a marked advance over the $66.66 which J. P. Morgan & Co. paid for its shares. If the option is taken, at $92, J. P. Morgan & Co.'s profits are $5,000,000 on $18,000,000.

Whether the sale was a movement toward including Procter & Gamble in Standard Brands, new Morgan food-products holding company (TIME, July 1 ), was debatable because of the small percentage of Morgan ownership. Yet soap, like yeast, is undeniably distributed in cakes.