Word: morganized
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Dates: during 1930-1939
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Married. Mrs. Clara Le Baron Morgan Warren, widow of Wyoming's Senator Francis Emroy Warren, mother-in-law of General John Joseph Pershing; and Albert Wells Russel, retired Cleveland businessman; by Rev. ZëBarney Thorne Phillips, chaplain of the U. S. Senate; in the Washington apartment of Associate Justice Willis Van Devanter of the U. S. Supreme Court...
...grey-mustached septuagenarian with a frosty fringe around his bald cranium, told how he and Cleveland's George Ashley Tomlinson, to whom the late O. P. Van Sweringen appealed for aid in 1935, formed Midamerica Corp., put up $3,121,000 to buy at auction from J. P. Morgan & Co. collateral that had once secured a $39,500,000 loan to the Van Sweringens (TIME, Dec. 14). He went on to tell a lot more: how $274,000 of their purchase price bought 47% control of Alleghany Corp.; how they promptly gave the Vans irrevocable proxy to vote this...
Spiciest bit was a memorandum found in the files of George F. Baker, Chairman of Manhattan's First National Bank, which Senator Wheeler read into the rec ord. It related a telephone conversation in March 1935 in which Harold Stanley, then a Morgan partner, told a vice president of the First National that "the Van Sweringens, heretofore having drawn no salaries from the enterprises and for some time having been living on their insurance, are up against it to provide for living expenses. They estimate their joint require ments to be $150,000 a year, the principal items being...
Before adjourning the hearings until after the turn of the year, Senator Wheeler summoned Morgan Partner George Whitney to explain a loan made to MOP by the big banking house at No. 23 Wall Street. At the time RFC was being organized, MOP needed $1,500,000 to tide it over an interest date, and the House of Morgan, already a large MOP creditor, furnished the money on condition that it would be repaid promptly from the road's RFC borrowings...
Edward Townsend Stotesbury, Civil War drummer boy and senior Philadelphia partner of Drexel & Co., a Morgan affiliate, surprised photographers at the Philadelphia Union League's Kindergarten Club dinner by declaring he would never again be photographed in his familiar act of beating a drum. A Kansas City woman had written him that he should be ashamed of such puerile publicity...