Word: morgan
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Dates: during 1940-1949
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...with Boston Consolidated and Nevada Consolidated; a cool million for reorganizing the amusement empire of William Fox. For three witnesses whom he examined, he expressed professional admiration : the late Steelmaster Charles M. Schwab, the late John D. Rockefeller Sr. ("He could always read my mind"), the late J. P. Morgan...
Until last week old-style investment bankers led by Manhattan's Morgan Stanley & Co. relied on argument and an attitude of dignified disdain to discourage competitive bidding for corporate securities. Their argument: competitive bidding disrupts the banker-client relationship ("You might as well get bids on an appendectomy...
...February, Chicago Union Station Co. decided to float a refunding issue of $16,000,000 in 3⅛% first mortgage bonds, called in its banker, Manhattan's Kuhn, Loeb & Co., to handle the financing. As Morgan Stanley and the other noncompetitive firms would have done, Kuhn, Loeb withdrew when ICC suggested that Union Station should open the issue to competitive bidding...
Last week, having scrutinized the "competitive" offer, Union Station rejected it, made an announcement that provided Morgan Stanley & friends with their best argument yet against competition. The $16,000,000 issue was sold at $99.43 to Kuhn, Loeb's syndicate. Kuhn, Loeb's bid, made before the issue was thrown open to competition, was better than Halsey, Stuart's offer. Wall Street joyfully ticketed the case as a hard wallop to competition. It showed that "noncompetitors" can and will make bids as high as competitors...
...year-old Chairman Woolley had given way to a tightlipped, hardboiled, 58-year-old chairman, Henry M. Reed, who was given the green light by Radiator's bankers (J. P. Morgan & Co.), told to straighten out its rambling financial structure. One of Reed's first moves was to purge $8,730,703 of German and Italian "assets" from the company's consolidated accounts...