BANKING RECORDS

New Zealand Herald, Volume LXXII, Issue 22209, 9 September 1935, Page 10

BANKING RECORDS

BRITAIN AND FRANCE ''' I i CONTROVERSY IN AMERICA 'WASHINGTON. Sept. 6 The State Department, acting as mediator between the Munitions Committee of the Senate and the British and French Governments, has taken over the custody of a truck load of J. P. Morgan and Company's records covering the financial transactions by the banking house as fiscal agent for the two Governments from 1914 to 1917, when the neutral plan of tho United States was worked out. After the two Governments had objected to having the records turned over to the committee, thoy represented to the State Department that these records of transactions carried on for them by their fiscal agent were their property.

MORGAN CONCERN OFFBHOOT BEING FORMED NEW YORK, Sept. 6 The retirement from J. P. Morgan and Company of tho group of partners headed by Mr. Henry Sturgis Morgan, younger son of tho banker, and Mr. Harold Stanley is announced. They are to form an investment banking firm to be known as Morgan, Stanley and Company. The new concern will conduct the business of underwriting and wholesale dealings in securities which was given up by the parent firm in June. 1934, when, in accordance with the provisions of the Banking Act. 1933, the concern had to choose between its deposit banking business and its investment banking business.