Word: morganized
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Dates: during 1930-1939
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Then Mr. Stanley revealed that he would head the new concern, that it would start with $7,500,000 of capital, that it would open for business Sept. 16 at No. 2 Wall Street. Unlike J. P. Morgan & Co., the new house will not be a partnership but a closed corporation. Capital will be provided by sale of $500,000 of common stock and $7,000,000 of preferred, a good deal of which will be bought by certain of the 17 remaining Morgan partners. But all the common stock, which carries the sole right to elect directors, will...
...unthinkable from the start that all of J. P. Morgan's partners could find good use for their talents within the confines of commercial banking. Before the Senate Banking & Currency Committee in Washington two years ago, Mr. Morgan revealed to a surprised audience that "straight" banking, not underwriting, was the backbone of Morgan profits. But a number of partners have always devoted their time to securities. During the previous 14 years, J. P. Morgan & Co. had floated more than $6,000,000,000 of bonds and was by all odds the world's premier house of issue. Wall Street welcomed...
Indeed, the Morgan announcement was construed marketwise as having almost as bullish implications as President Roosevelt's later pronouncement (see p. 11). In the little grey house at the corner of Broad & Wall Streets there was evidently considerable faith in the future of the securities business if not in the future of the whole U. S. Rival firms which have been industriously collecting business scattered by New Deal legislation were not so pleased, and stock in First Boston Corp., currently the leading U. S. investment bankers, dropped $4 per share on the announcement. But the stanch and stolid New York...
...Morgan has two sons, Junius Spencer, 43, and Henry Sturgis ("Harry"'), 34. By last week's division Son Junius apparently becomes heir to the banking tradition, Son Harry to the securities tradition. Born in London, Harry Morgan married Charles Francis Adams' daughter Catherine one week after graduation from Harvard in 1923. He went promptly to work and was admitted to the firm six years later along with two other sons of partners?Thomas Stilwell Lament and Henry Pomeroy Davison. Harry Morgan is youthful in appearance but by reputation he has the money-making drive of his late grandfather...
...Stanley of Morgan Stanley & Co. (there is no comma, no hyphen) was the Morgan utility expert, having been admitted to partnership in 1928 when the firm was exploring the power industry. His father was William Stanley, engineer, inventor (thermos bottles) and founder of what is now General Electric's works in Pittsfield, Mass. Born nearly 50 years ago in Great Barrington, Mass., Son Harold was the eldest in a family of nine, and his brother Clarance is now head of the Mellons' Union Trust Co. in Pittsburgh. After graduation from Yale where he led the intercollegiate championship hockey team...