Word: morgans
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Dates: during 1950-1959
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...Morgan Guaranty by the custom services and ingenuity in solving financial problems that have become the firm's trademark. Many businessmen agree that Morgan's service is unexcelled. It will do everything from solving the complex problem of establishing the market values of new shares-even though the companies have no established value-to working out a novel method of financing freight cars or oil tankers. After being turned down by several banks, a group of utilities that wanted to finance an atomic reactor turned to Morgan; in a few days, the bank set up the plan...
...sent to explain a legal problem to the younger J. P. Morgan. After he left, Morgan said: "I like that young man." Alexander's law firm assigned him to work as counsel for Morgan in the congressional investigations, and he became Morgan's chief counsel at the Nye munitions hearing, stayed by his side through his entire testimony. On Christmas Eve in 1938, Morgan summoned Alexander to his Wall Street office and invited him into partnership. After agonizing for more than a month about leaving the active practice of law, Alexander became a Morgan partner...
Power & Ruthlessness. The history of the House of Morgan is almost the story of U.S. banking. Founder J. Pierpont Morgan was a great builder and dreamer who helped build the U.S.-and grew so powerful that he helped run it. Morgan left his father's London banking firm at 20 to try his own luck on Wall Street. After acting as agent for his father's firm, he went into business for himself under the name of J. Pierpont Morgan & Co. He performed dazzling feats of finance one after another. His method was to buy control of banks...
...Morgan won control of some 50% of the railroad mileage of the U.S., merged the roads so efficiently that they were soon earning $300 million a year. He helped put together such later industrial giants as General Electric, merged several companies to form U.S. Steel, with the steel works of Andrew Carnegie as its nucleus. When Carnegie scrawled the price he wanted on a scrap of paper ($447 million), Morgan characteristically glanced at it briefly, snapped: "I accept." At one time Morgan controlled six banks and trust companies, three life insurance companies, ten railroads and a cluster of huge corporations...
When the market collapsed in 1929, Morgan tried to stop the panic as it had managed to do before. It headed a pool that put up a reputed $240 million to support the market. But the move had little effect. While Morgan's interests were relatively unscathed by the crash, the Depression spelled the end of concentrated banking power. The New Deal launched a campaign against "the princes of privilege." J. P. Morgan II was hauled down to Washington to appear before a whole series of investigations. Control of U.S. finance passed from Wall Street to Washington. Regulatory bodies...