Word: morgans
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Dates: during 1930-1939
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...almost every type of windjammer from the 15-footers he used to sail off Oyster Bay in his undergraduate Harvard days to the big Class J boats Vanitie and Weetamoe he skippered in the America's Cup trials in 1920 and 1930, after he had married J. P. Morgan's daughter. Once he had gone around the Horn-from New York to Honolulu-in a square rigger...
...Celebrated during the inquisition of J. P. Morgan by Counsel (now New York Supreme Court Justice) Ferdinand Pecora, was a notation found on an income-tax return, made by an Internal Revenue agent, which read: "Returned without examination for the reason that the return was prepared in the office of J. P. Morgan & Co., and it has been our experience that any schedule made by that office is correct...
Conservative banking houses like Morgan Stanley & Co. (divorced underwriting half of J. P. Morgan & Co.) and Kuhn, Loeb & Co. have held themselves coolly aloof from competition for security issues. Their position is that terms reached in direct negotiations with a single underwriter, thoroughly familiar with the financing company, are more likely to be best for borrower and investor than those that come out of a fierce competition among a group of bidding underwriters. Competitive bidding, they hold, "tends to overpricing the issue . . . and to subsequent dissatisfaction and losi of credit and good will of the borrower...
...competitive bidding wave today is red-faced Board Chairman Robert Ralph Young of Allegheny Corp., who has been in the middle of a hectic three-year fight to get control of Allegheny's railroad substructures, notably prosperous Chesapeake & Ohio R. R. Bob Young believes that at every turn Morgan interests blocked his way. One of his retaliations has been to get in the way of Morgan Stanley & Co. every time it goes after a railroad securities issue...
...artful use of newspaper publicity, and by telegrams, letters and phone calls to directors, Broker Young forced competitive bidding for a $30,000,000 C. & O. issue last December. Morgan Stanley, who had had the issue sewed up, stepped out, and C. & O. got an extra $1,350,000 on the issue. Last February, by the same means, Mr. Young forced competition for a $12,000,000 Cincinnati Union Terminal issue; Morgan Stanley withdrew again, and the Terminal got $45,000 extra for its bonds. Last week, after a barrage of letters, wires, phone calls, the directors of Terminal Railroad...