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...

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