Word: morganization
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Dates: during 1950-1959
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...sitting room, a hastily thrown coverlet drapes an obviously unmade bed. A litter of books, manuscripts and knick-knacks lines walls and floors like the twigs of a nest. Amiably at home in this cozy mess flutters a rare old bird, the dean of English letters, Edward Morgan Forster...
From young Charlie Schwab, Carnegie's right-hand man, Morgan learned that Carnegie, anxious to retire and devote his life to giving away his millions, might be in a mood to sell. "If Andy is willing," said Morgan, "go and find out his price." Soon Schwab came back with a slip on which Carnegie had scribbled the figure: $400 million. Merely glancing at it, Morgan said: "I accept." On Feb. 25, 1901, Morgan assembled Carnegie Steel and all the other companies into U.S. Steel-and floated $1,400,000,000 in capital, half of it in common stock...
...Steel grew up to match Morgan's grandiose dreams. For 26 years its czar was pious Judge Gary, a teetotaler who ran it like a Sunday school, and who, in the words of one bitter critic, "never saw a blast furnace till after he died." At his annual "Gary dinners," he set the prices for the entire industry. Later he established uniform prices by his Pittsburgh Plus and basing point systems, both now outlawed.* He also fought and licked the Government trustbusters who sought to break up the Steel Trust. He won primarily because in the growing U.S., newcomers...
Tradition Smasher. Gary had not only let the empire shrink; its plants had grown antiquated. To scurf the rust, the House of Morgan brought in Lawyer Myron C. Taylor, who had made $20 million, while still a young man, by putting rickety textile firms back on their feet. Taylor paid off $340 million of Big Steel's bonded debt just before the 1929 crash, thus enabling it to live through the depression, when-for the first time-it lost money. Taylor modernized equipment and, more importantly, changed Big Steel's labor relations...
...approval of Board Chairman Irving S. Olds, 64, and 60-year-old Enders M. ("Van") Voorhees, chairman of the powerful Finance Committee. Olds is a Yale man ('07) who distinguished himself at Harvard Law ('10), served as secretary to Justice Oliver Wendell Holmes, later worked for the Morgans, and now specializes in policy. Voorhees is a crack financier who did so well at Johns-Manville, another Morgan-influenced firm, that he was moved over to Big Steel; he has financed Big Steel's expansion out of earnings. Both Olds and Voorhees have offices at 71 Broadway...