Word: morganism
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Dates: during 1930-1939
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Sailing for Scotland on his annual grouse-shooting junket, cob-nosed John Pierpont Morgan groused: "If they start war, certainly my shooting will be interrupted, because everybody would rush off to do what they'd have to do and I wouldn't have anybody with me." Also sailing was the President's mother, Mrs. James Roosevelt. To the question of the hour she replied: "I don't know. I suppose so. But if it does come I'll live through...
...utility super-holding companies, J. P. Morgan's United Corp. was the biggest and fell the hardest. United now looks back ruefully on its ten checkered years of existence and hopes that it has finished taking its licking. In this connection it announced last week its first step toward quitting business as a utility holding company and setting up as an investment trust. It reported that in the past three months it had invested nearly $2,500,000 in 15 leading common stocks (Chrysler, DuPont, General Electric...
United Corp. was created Jan. 7, 1929, when J. P. Morgan and Co., in common with most U. S. elevator boys and other brokerage hangers-on, was somewhat overexuberant. Morgan & Co. and its "good neighbor" Bonbright & Co., put up $20,000,000, plus common stocks of great utility systems, giving United $150,000,000 in assets. They installed softspoken, aristocratic George Henry Howard as president of the new utility combine. Howard was one of the smartest graduates of the informal law school that the late Dwight Morrow ran at Simpson, Thacher & Bartlett's Manhattan lawshop, before Morrow became...
...later during the famed investigation which sired the Securities Exchange Act, Inquisitor Ferdinand Pecora brought out that at that peak the "United group" controlled 22-to-23% of U. S. electric production, some 22% of gas output; and that its half billion dollars of common stocks had brought under Morgan domination a utility empire* ("worth...
...holdings to a dominant (22.1%) interest in upper New York's giant utility, Niagara Hudson Power Corp. (assets then $784,298,192). This deal elevated someone new to a dominant position in United: an extraordinary young banker named Floyd Carlisle, who has always been thought of as a "Morgan man," and is today the No. 1 U. S. utility magnate. Carlisle then ran and still runs the St. Regis Paper Co., which happened to own 4,070,000 shares of Niagara Hudson common. By an exchange of stock, United became the largest stockholder of Niagara Hudson and Mr. Carlisle...