Word: morgans
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Dates: during 1940-1949
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Eight years in London had a profound effect on the younger Morgan. They made him a conservative banker, interested in doing a safe deposit and security business. And they gave him an undying loyalty to England...
...Morgan Lend-Lease. That loyalty served the U.S. well. In 1913 Morgan the elder died in Rome, and Jack Morgan took over. There was never any question where the Morgan sympathies lay. Testifying long afterwards before a Government committee, Mr. Morgan said: "We find it quite impossible to be impartial as between right and wrong...
...isolationist opposition ran strong. The House of Morgan offered to float a French loan in 1914-Secretary of State William Jennings Bryan turned the idea down cold. By 1915, as the gold stocks of the Allies ran low, the Administration changed heart: Robert Lansing replaced Bryan, and the Morgan firm floated a $500,000,000 loan for both France and Britain, an act roughly corresponding to the first Lend-Lease aid in this...
...House of Morgan also acted as purchasing agents for the British and the French-a function fulfilled in this war by the Anglo-French Purchasing Board. When the U.S. entered the war in 1917, purchasing was turned over to the U.S. Government, which also took responsibility for further loans to the Allies. Up to 1917, Morgan's played the same role the Roosevelt administration did in 1939-41, in helping the Allies "short...
...strength of its war record the firm of Morgan bestrode the postwar world. Between Jan. 1, 1920 and Dec. 15, 1931, the firm floated 39 separate issues for Argentina, Australia, Belgium, Canada and other countries, totaling $1.8 billions, on which the firm made a net of about $9.5 millions. In addition it arranged $68,000,000 of loans for foreign corporations. Yet even at the very pit of the depression these loans stood up with remarkable strength. By 1933 40% of them had been redeemed or retired, 33% of them were selling above the offering price, and none...