Word: morgans
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Dates: during 1960-1969
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Shortly before 10:45 a.m. on April 16, 1964, Thomas S. Lament stepped away from the Manhattan board room of the Texas Gulf Sulphur Co. and phoned an officer of Morgan Guaranty Trust Co., of which Lamont, 66, is retired vice chairman. The Texas Gulf board meeting had broken up, and Director Lamont advised the banker to watch the Dow-Jones ticker for good news about the company. Ever since, Lamont has been troubled by that phone call...
...bank officer, Executive Vice President Longstreet Hinton, interpreted Lament's message as a confirmation of rumors, which had been circulating for days on Wall Street, that Texas Gulf had struck an ore bonanza near Timmins, Ont. Between 10:45 and 10:59, Morgan Guaranty bought 8,000 shares of Texas Gulf for its accounts, including 3,000 shares for the Nassau County (N.Y.) Hospital. Morgan Guaranty paid between 321 and 34 for stock that rose to a high of 37 that day (last week it closed...
Lamont's reply, which was also filed in the New York federal court, "denies that at the time of his conversation with the officer of Morgan Guaranty ... he had knowledge or information of any facts ... which had not been disclosed to the public...
...answer also declares that Morgan Guaranty purchased stock in Texas Gulf after the time of the public announcement of the mineral strike. Reporters phoned news of the strike to their publications at 10:20 a.m. the day of the announcement, the reply states, and one major brokerage teletyped news to its branch offices...
...answer contends that Morgan Guaranty's purchasers "were affected at various times from approximately 10:54 a.m. to approximately 10:59 a.m." The SEC suit charges that a Dow Jones news service bulletin "at or about" 10:55 a.m. was "the first official public announcement by ... Texas Gulf of the significance of the ... discovery...