Word: seligmans
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Dates: during 1930-1939
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Earle Bailie had been called from the banking firm of J. & W. Seligman, of which he is the most active partner, to coach Acting Secretary Morgenthau, himself no banker, on large scale bond flotations. Had Senator Couzens been pressed to explain why he wanted Earle Bailie fired, he would have pointed to the Senate's foreign bond investigation which two years ago found some defaulted Peruvian bonds sponsored by J. & W. Seligman, and a $415,000 "commission" paid by the firm to the son of Peru's late President Leguia...
...resignation, as contained in a letter to Mr. Morgenthau, was all innocence. Wrote he: "Dear Henry. . . . When you first asked me to come down to Washington ... I told you that I could do so only on a temporary basis; that one of my then senior partners, Mr. Henry Seligman, was not in good health. . . . Needless to say, I regret very much having to pull out. . . . I have had a grand time working with you and it has been a privilege which I shall not forget. ... As you know, when Mr. Seligman died two weeks ago I told you that...
Since Partner Seligman was 76 when he died, had been inactive in the firm for years, politicians viewed this reason as polite fiction. Senator Couzens' threats seemed more plausible; proved again that any Wall Streeter is good mincemeat for the Congressional sausage-machine...
...handsome, bright-eyed, good-humored, but since his college days at the University of Minnesota and Harvard Law School has made his way by personal brilliance. He joined the conservative Manhattan law fir in of Cravath & Henderson in 1916 and entered private banking because as a lawyer he helped Seligman & Co. with railroad reorganizations (Pere Marquette, Frisco, International Great Northern, M. K. T.). Yet, no stuffed-shirt, he leans toward the liberal side on economic questions, is familiar with (and discourses ably on) a wide range of modern economic thought. Last week accompanied by Mrs. Bailie (a professional landscape architect...
...just ''took things easily," never tried hard, never let other people know what he was trying for. He married twice. He traveled. With his own hands he tinkered with his Ford coupe and battered old Duesenberg. In February 1932 by dickering with Blyth & Co. and J. & W. Seligman, he, aged 39, got control of 520,000 of the 1,000,000 shares of Pacific Western Oil Corp...