Morgan's Men

At 23 Wall Street one day last week J. P. Morgan humped himself from his desk at the far end of the big room in which all Morgan partners sit, walked through the lobby to a small reception room and greeted reporters with a "Good day, Gentlemen." At that point Mr. Morgan's usual embarrassment overtook him, he muttered something about his firm's being "short-handed," then passed around flimsy sheets bearing the curt announcement:

"Messrs. J. P. Morgan & Co. announce that they propose to admit to general partnership on February 17, 1939, Messrs. Henry C. Alexander, I. C. Raymond Atkin, and William A. Mitchell."

Mr. Morgan seldom talks to reporters, and behind his geniality last week lay what might be interpreted as a subtle character change in the No. 1 U. S. private banking firm. The typical Morgan man has always been one who went to a good preparatory school, graduated from an Eastern university, had influential friends and a high social rating. Of the present twelve partners, ten are university graduates, all are listed in the Social Register. The three new partners are all public-school men; only one went to college; none is in the Social Register; none got his start through influence.

Handsome Henry Clay Alexander graduated from Vanderbilt in 1923, from Yale Law School in 1925. On his Yale record he got a job with Davis, Polk, Wardwell, Gardiner & Reed (Morgan lawyers). Bright work and sound judgment earned him his law partnership in 1935. At 36, Henry Alexander will now pool his legal brains with Partner Russell C. Leffingwell's and Partner Charles Steele's.

Both Isaac Cubitt Raymond Atkin and William Arthur Mitchell got their start with the Traders Bank of Canada as junior clerks (i.e., office boys with standing). Both stayed with the bank when it was merged with the Royal Bank of Canada; both became inspectors. In 1925, when J. P. Morgan needed two good commercial bankers, both were hired. Both went to live in New Jersey, to play golf together on week ends. In 1931 both were upped to the newly created title of manager. Both gained prestige when Morgan gave up underwriting and concentrated on commercial banking in 1934. And so when deaths and resignations reduced the firm from 20 to twelve partners in six years, it was natural to reward tall, slender, shy Raymond Atkin and tall, slender, shy William Mitchell. Both are 47.

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