TAXATION: Bona Fides

For two years one of the assets of Henry Sturgis ("Harry") Morgan, grandson of the late great John Pierpont Morgan, who rarely dealt in real estate, has been a $500,000 second mortgage. Last week in Manhattan he hustled his lawyers over to the New York County register's office to have it recorded. No ordinary second mortgage, it was junior to a first mortgage of $200,000, was non-interest bearing, payable on demand, and was a lien on a conventional Fifth Avenue mansion CNo. 934).

Last week the owner-occupant of the mansion had worse than mortgages...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!