Morgan Trusts Left to Family

Relatives, Friends, Servantsand Employes Remem?bered Generouslyby Financier.
Mr. Morgan left specific legacies,in the form of outright gifts or trustfunds for life, amounting to about
$17,000,000. Annuities of about$250,000 were left to relatives, friendsand servant?.
These were some ofthe larger legace?:
Mrs. Morgan (widow),
trust fund . $1,000,000
Mrs. Morgan iw?dow), an?
na ,iI income. 100.000
J. P. Morgan, jr.. outright. 3.000,000
Mrs. Herbert L. Satterlee
(daughter), trust fund.. 3.OC0.0O0
Mrs. William Pierson
Hamilton (oiughter),
trust fund . 3,000,000
Annie Tracy Morgan
i daughter-1. trust fund.. 3,000,000
Herbert L. Satterlee (son
in-law i. outri’jht . 1,000,000
William Pierson Hamilton
(ssn-in-law), outright.. 1,000,000
Jenny Bigclow Trac/
i widow of brother-in
law), trust fund. 100,000
Clara Tracy Hoppm isis
ter-in-lnw). trust fund . 100.000
Julia N. Brown (sister-in
law?. trust fund. 100,000
Lucy EidnJgo Lee
(friend), trust fund. 100.000
Ethel Bangs Wallace
(friend), trust fund… , 100.000
Trustesa of Diocesan Con?
vention for St. George’s
Church . 500,000
Episcopil Diocese of New
York . 100.000
Hous’; of Rest for Con?
sumptives . 100.000
Mary G. Mcllvaine
(friend), annuity. 25,000
J. Beavor-Webb, designer
of Morgan yachts. 250.000
Belle Da Costa Gieen, pri?
vate librarian . 60400
Ada Thurston, librarian .. “” 10,000
Captain W. B. Porter, sail?
ing master . 15,000
James W. Markoe, physi?
cian . 25.000
Charles W. King, private
secretary . 25,000
Edward Phillips, valet…. 15,000
Total .$16,935,000
Insight Into Character of the Man Is Givenin Bequests?Son to Receive Bulk
of the Estate.GETS ART COLLECTIONS ALSOSpecial Funds for Wife and Children?Friends, Employes
and Servants Are Remembered?$600,000Left to St. George’s Church? Private Charities To Be Continued.
After tlie usual legal preamble designating the instrument as his last
will and testament, the following striking utterance opens J. Pierpont
Morgan’s will:
“I commit my soul into the hands of my Saviour, in full confidence
that, having redeemed it and washed it in His most precious blood, He
will present it faultless before the throne of my Heavenly Father; and I
entreat my children to maintain and defend, at all hazard and at any cost
of personal sacrifice, the blessed doctrine of the complete atonement for
sin through the blood of Jesus Christ, once offered, and through that
With a fervent declaration of his religious faith and an entreaty
to his children always to strive to maintain and defend that faith, in
the opening paragraphs. J. Pierpont Morgan m’ade his last will and
testament in this city on January 4 of this year, only a few days
before he started on the trip to Egypt, his last of many voyages abroad. A codicil was added to the will two days later, on Jan: uary 6. The will is to be filed here for probate to-morrow.No suggestion of the size of the estate is given in the will. The. amount of Mr. Morgan’s fortune probably will not be known accu
i rately until the appraisal of the estate is made. The work of api praisal will require more than a year. In the case of very largeestates a tax on the approximate value of the estate is usually paid
in advance to get the benefit of a reduction in the amount.
In many respects Mr. Morgan’s will is a remarkable instrument.
; While of great length, consisting of about thirteen thousand words.
; it is a clear, logical and essentially human document, with a tone of
! expression in its many provisions characteristic of the affectionate
though intense nature of the man as he was known to his family
I and friends, though perhaps not to the world.
There dees not appear to be a relative, friend, servant or em?
ploye who has been overlooked by the testator. With particular
caution not to embarrass his partners in their future work, every
safeguard is provided for the continuance of the business of the firm
of J. P. Morgan & Co. here and at its branch offices.
J. P. Morgan, jr., is made the sole residuary legatee of his
father’s estate, after provision is made for his widow, his children
and other relatives. He receives, however, the great bulk of the
Mr. Morgan peculiarly showed his trust and confidence in his
grandson. Junius Spencer Morgan, elder son of J. P. Morgan, jr., by
referring to him repeatedly in the will as a possible residuary legatee
1 in case his father did not survive the testator. Junius Spencer Mor
; gan is about twenty-one years old and a student at Harvard.
The $60,000,000 art collection, including the paintings now on
exhibition at the Metropolitan Museum of Art, as well as the price
I less books and art curios in the Morgan private library, in East
: 36th street, go to Mr. Morgan, jr., under the residuary clause of the
? will, which also covers Mr. Morgan’s 502 shares?a controlling in
| terest?of the stock of the Equitable Life Assurance Society.
No request is made for his son to further the mutualization of
the Equitable, which was known to be Mr. Morgan’s earnest desire
I during his life. He made clear what his hopes were for the future
of his art collections. While leaving his son entire freedom in the
matter, he declares that he hopes he will be able to carry out his
j own cherished intentions in regard to them, so they will become
? “permanently available for the instruction and pleasure of the
: American people.”
The will does not suggest the Metropolitan Museum of Art as
the possible owner or trustee of the collections. Instead, the tes?
tator suggests that it would be agreeable to him to have “The Mor?
gan Memorial,” which forms a portion of the property of the Wads
worth Athenaeum at Hartford, Conn., “utilized to effectuate a part
of this purpose.”
In lieu of dower a trust fund of $1,000,000, the income of which
she is to receive for life, is created for Mrs. Morgan, his widow. It
is left to her discretion to dispose of this fund at her pleasure. Be?
sides the income from the $1,000,000 fund, provision is made for the
setting apart of a sufficient sum, in conjunction with the income
from a trust fund created by Junius Spencer Morgan (Mr. Morgan’s
father) by deed dated July 1. 1867, to which Mrs. Morgan has al?
ready been entitled, so that her total income from these two latter
trusts shall amount to $100,000 a year.
Mrs. Morgan also receives during her life Cragston, the Mor?
gan country place at Highland Falls, N. Y., as well as the Morgan
home at No. 219 Madison avenue, with furniture, paintings, etc.
(except family portraits and wines), in both houses. J. P. Morgan,
jr., also receives a legacy outright of $3,000,000. Miss Anne Tracy
Morgan, his sister, receives the income for life from a trust fund of
$3,000.000. In case of her death without children if she should marry
she can bequeath to her husband out of this trust fund $1,000.000.
The two married daughters, Mrs. Herbert L. Satterlee and Mrs.William Pierson Hamilton, will each receive a life income from atrust fund of $1,000,000. Mr. Morgan’s two sons-in-law, Mr. Satterlee and Mr. Hamilton, receive each a legacy outright of $1,000,000.Tenny Bigelow Tracy, widow of his brother-in-law, Charles EdwardTracy, as well as his sisters-in-law, Clara Tracy Hoppin and Julia
( onttntird on ?.?xtli pagr. (trat colunia.;words=funds+trust+TRUSTS+fund?date1=1860&rows=20&searchType=basic&state=&date2=1922&proxtext=trust+fund&y=0&x=0&dateFilterType=yearRange&index=14


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