Last week, for the first time since 1871, the New York Stock Exchange was without a Morgan as a member. Reason: In accordance with J. P. Morgan & Co.'s changeover last February from a private bank to a public bank and trust company (TiME, Feb. 26), Junius Spencer Morgan, J. P. the younger's elder son, sold the family's last Exchange seat (purchased about 1906) to Bond Broker Saul Schwamm for $40,000.
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