Word: bankes
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Dates: during 1920-1929
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...directors are Junius Spencer Morgan Jr. and Walter Sherman Gifford. Junius Spencer Morgan Jr. is named for his great-grandfather, the Junius Spencer Morgan who in 1854 left the Boston dry goods field to become a partner in the London bank of George Peabody & Co. It was this Junius Spencer Morgan (not John Pierpont Morgan I) who originated the famed remark that "Any one who sells a bear on the United States will go broke." The present Junius Spencer Morgan Jr. was graduated from Harvard in 1914, is a Morgan partner, a director of General Motors, grandson of the late...
What Wall Street delicately terms a "combination of interests," what on other thoroughfares would more bluntly be called a merger, last week transpired between the International Acceptance Bank and the Bank of the Manhattan Co., both of Manhattan. The distinction between interest combination and merger lies in the fact that the two banks will not merge physical properties, but that their stockholders will arrange an interchange of securities. Later there will be formed an investment bank, to be known as International Manhattan Co., so that, like many another bank, the new combination will have an affiliated financing organization whose operations...
...union of Bank of the Manhattan Co. with International Acceptance brings together one of the oldest of U. S. banking families and one of the oldest of international banking families. The U. S. family is Baker, contemporary Baker being J. Stewart, president of the Bank of the Manhattan Co., Vice Chairman of International Acceptance. The international family is Warburg, current Warburgs being Brothers Paul & Felix. The present story, however, concerns only Brother Paul, Board Chairman of International Acceptance, Associate Chairman of Bank of the Manhattan Co., and his son, James P., who will become president of International Manhattan...
...with the U. S. branch of the Warburg family, however, that the U. S. financial world is most concerned. For it was Paul M. Warburg who organized the International Acceptance Bank in 1921. Born in Hamburg in 1868, Paul M. Warburg entered a Hamburg export house at 18, entered the House of Warburg at 20. Followed experience in English, in French banking houses, a world tour, a return to Hamburg, and, in 1896, membership in the Warburg firm. In 1894 Mr. Warburg had married Nina, daughter of Solomon Loeb of Kuhn, Loeb & Co. In 1902 he came to live...
Hardly less ancient than the House of Warburg is the House of Baker, but the Bakers have not so continuously been bankers, and the Baker bank has not remained always in Baker control. This bank-the Bank of the Manhattan Co., was organized in 1799. One of its original stockholders was Stephen Baker. The Bank of the Manhattan Co. did not remain a Baker property, but did return to the Baker family 35 years ago. J. Stewart Baker, present head, succeeded his father, Stephen Baker, grandson of Stephen the Founder...