Word: morganized
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Dates: during 1930-1939
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Underwriting. SEC last week announced that registration of new securities in the first quarter of 1938 set a three-year low of $355,819,000. In Wall Street it was considered quite a feat that a banking syndicate headed by Morgan Stanley & Co. managed to float successfully a $60,000,000 refunding for Consolidated Edison Co. of New York. Thus underscored still again was the almost complete stagnation of U. S. money markets which has existed for the last six months. Financiers are agreed that needed expansion of industry cannot occur until this stagnation is ended. But underwriters generally...
...last week scheduled public hearings to question Morgan Partners George Whitney, Francis Bartow and Harry Davison on their knowledge of Richard Whitney's failure. Called to the stand meanwhile was Dick Whitney's predecessor as president of the Exchange, Edward H. H. Simmons, who testified that he knew last November that Dick Whitney had been using the Stock Exchange Gratuity Fund improperly but had not reported it to his fellow Exchange governors because George Whitney made good the deficit. Asked if he considered this the full measure of his duty, he remarked: "It is easy...
Franklin Roosevelt and Senator Burton K. Wheeler are on record as believing that most intermediate holding companies should be eliminated; Governor George Earle of Pennsylvania likes to assert that the long fingers of J. P. Morgan reach into too many crannies for the public good; SEC Chairman William Orville Douglas argues that major financing programs should always be subject to competitive bidding. Last week all three of these themes ran through the complicated story of a battle for control of rich Chesapeake & Ohio Railway...
Young's Case. According to this bitterly angry financier, the whole shebang is a result of "the interests" ganging up on him. Robert Young asserts that when the Vans ran C. & 0., its fat banking account was always handled by J. P. Morgan & Co. or by Guaranty, on whose directorate sit two Morgan partners. Morgan's, claims Mr. Young, also handled all C. & O. financing, which was never offered to competitive bidding from other investment houses. This business would now fall to Morgan Stanley & Co., Morgan's underwriting offshoot since the New Deal divorced deposit banking...
Bradley & Murphy, Robert Young points to Cleveland rumors that they are minions of J. P. Morgan & Co. because Morgan's lent them sufficient money last summer to buy Cleveland's Higbee department store. To prove that "Guaranty Trust Co. has utilized, subverted and abused its fiduciary position as trustee," he claims C. & O.'s present management has shown its worth by its success, that his simplification plans would benefit Alleghany bondholders, that Guaranty's claim to impartiality was exploded when it rejected as possible "impartial" directors for Chesapeake such bigwigs proposed by Young as Pan American...