Business: House Divided

Into the small, dim reception room at No. 23 Wall Street, Manhattan, filed some 30 subdued newshawks one afternoon last week. At 4 p. m. J. P. Morgan & Co. would issue one of its rare statements. Most of the newshawks knew what the statement concerned: division of the House of Morgan into two parts. One would continue commercial banking, which the firm elected to retain under the provisions of the Banking Act of 1933. The other part would re-enter the securities business in a new form...