Word: funds
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Dates: during 1930-1939
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Despite Richard Whitney's Groton & Harvard background, social connections, family tie-up with J. P. Morgan & Co., his brokerage business apparently went from one financial crisis to another. In 1926 he was so hard-pressed for funds that he hypothecated the funds of his wife's trust fund for a firm loan, subsequently repaid it. In 1929 his brother lent him $500,000. In 1930, same year he became president of the Exchange, Richard Whitney began misusing securities of the New York Yacht Club. By 1931, Depression had nicked him so badly that he used his position...
...Ambassador Joseph Clark Grew with all sorts of small & large contributions, many brought by Japanese school children shepherded by their teachers. In Joe Crew's nondescript kitty there was $10,800 last week when the Ambassador was authorized by Good Neighbor Roosevelt to establish this as a trust fund in perpetuity, income to be spent entirely in Japan "for purposes testifying to good will between Japan and the United States." Part of the money will be spent upkeeping graves of U. S. sailors buried in Japan, part repairing sites associated in one way or another with U. S. citizens...
...Thomas W. Lament for the first time entered the case. Testifying in Washington, Morgan-Partner George Whitney revealed that he had borrowed from Morgan-Partner Lamont the $1,082,000 which he loaned his brother Richard last November to enable him to return securities of the Stock Exchange Gratuity Fund. Said he: "I told him [Lamont] that my brother was in a jam. ... I told him the general terms." Thus added to the record was the name of the second Morgan partner who was in a position last fall to warn the Stock Exchange of the insolvency of Richard Whitney...
...deeper & deeper in the hole, claimed to be engaged in such bizarre business as buying pistols and rifles for British and Chinese syndicates, staved off creditors with talk that Milton Snavely Hershey, the chocolate magnate, was about to give it the job of liquidating a $5,00,000 trust fund...
...Aberdeen University Scotland, in Emerson D, Thursday, April 28 at 4:30 o'clock. Sir Herbert is credited with several standard texts on poetry and is one of the authors of the Cambridge History of English Literature. He is speaking under the auspices of the Morris Gray Poetry Fund...