Word: morganism
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Dates: during 1930-1939
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That by no means completed the list of securities advertised by J. P. Morgan. In their desperate effort to shore up their cracking pyramid in 1930, the Van Sweringens scraped their strong boxes for such items as 196 shares of Long Lake Co.. 250 shares of Huron Fourth Co., a past-due note of Higbee Co. for $1,292,534, second mortgage bonds of Cleveland Terminals Building Co. now in default, a $2,595,399 subordinated note of Van Sweringen Corp, due last...
...will bid for it? That question kept Wall Street buzzing last week. The Morgan banking group made it clear that they would do no more than place bids amounting to upset prices. Old bush-bearded Leonor Fresnel Loree, who two years ago stepped out at 74 to buy a 10% interest in New York Central for his rich little Delaware & Hudson, was spotlighted as a likely bidder. Another suggestion was Frederick Henry Prince, crusty septuagenarian Boston banker who jumped into Armour & Co. a year ago. While either Loree or Prince could undoubtedly lay hands on enough cash, neither...
...them $250,000 annually. (Alleghany is their "public basket.") During the past few years they have staved off disaster through a series of heroic financial efforts, most important of which were voluntary adjustments in publicly-owned issues of Van Sweringen Corp. and Alleghany that were about to default. The Morgan loan was obtained five years ago largely to pay off nearly $20,000,000 owing to the brokerage firm of Paine, Webber & Co. and to purchase Government securities to bolster the shrinking collateral behind Alleghany debentures...
Despite the staggering declines in Van Sweringen securities, the two bachelors of railroading have kept their old friends. Names of the "associates" who will furnish them funds remained a profound secret but one thing was certain: J. P. Morgan is not financing the Van Sweringen comeback...
...Missouri Pacific reorganization Morgan had to defend the interests of bondholders while it was directly interested in the common stock through the Alleghany shares reposing in its vaults?an embarrassing position for which it has been bitterly criticized. To plunge deeper into the Van Sweringen rehabilitation would merely multiply the sources of embarrassment. Thus the Brothers Van Sweringen turn back to the Midwest for their bankers & backers...