Morgan to the Public

Anybody with $206 had a chance to become a stockholder of J. P. Morgan & Co. this week. The House of Morgan, once the archsymbol of financial privacy, took the first step toward public ownership when it incorporated in 1940. This week it took another; through Smith, Barney & Co. it offered 16,500 of its 200,000 capital shares for sale at $206 each.*

Virtually all Morgan stockholders were identified with the company, were ex-Morgan partners or their families until this sale. The absence of a market for the stock was doubtless a hardship to more than one upper-bracket heir.

*Last year the House of Morgan earned $20.45 a share, paid $4.

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