Word: stettinius
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...week, on an unguarded flank of the Roosevelt Administration, whose big guns for six years have boomed denunciations of "princes of privilege," "entrenched greed," "wolves of Wall Street," "money-barons," etc., etc., they found a rich ammunition dump: at the head of the all-important War Resources Board, Edward Stettinius Jr. Morgan-man, head of U. S. Steel; as a member of the Board, Morgan-man John Lee Pratt of General Motors; in the Federal Reserve Bank of New York's new, powerful financial advisory committee, Morgan-men William C. Potter, Leon Eraser, and Henry Morgan...
Without warning Assistant Secretaries Louis Arthur Johnson (War) and Charles Edison (Navy) suddenly announced the creation of a civilian advisory committee to work with the joint Army & Navy Munitions Board. Its personnel: Able Edward R. Stettinius Jr., young (38) whitehaired chairman of U. S. Steel Corp.; American Telephone & Telegraph's President Walter S. Gifford; Sears Roebuck's Brigadier General Robert E. Wood, who, as Acting Quartermaster General, directed U. S. Army purchases in 1918; able though little known John Lee Pratt, a retired vice president of General Motors; M. I. T.'s Physicist Karl T. Compton; Brookings...
...headed the 1918 War Industries Board. Mr. Baruch's friend and Wartime coworker, Columnist Hugh S. Johnson, who months ago was ruled out of rearmament councils, called this "bumptious folly." Omitted from the official announcement was any explanation of the speed with which Mr. Stettinius, et al. were picked. Plans for allocating U. S. production could be almost as useful to warring friends of the U. S. as to warring U. S. Army & Navy...
...later: "Some of us in America realized that this was our war from the start") and bent their energies to help. When Allied purchasing agents in the U. S. began fruitlessly bidding against one another, the Morgans became central purchasing agent to the Allies, and Morgan Partner Edward R. Stettinius (whose Son Edward was to become chairman of U. S. Steel 21 years later) bought $3,000,000,000 worth of U. S. goods for shipment to England and France...
...price (98). Of this sum the Morgan firm received $66,000. From its 1% commission as purchasing agent for England and France Morgan & Co. got $30,000,000. All that ended when the U. S. entered the War, when Davison became chairman of the Red Cross War Council, and Stettinius became second assistant Secretary of War, when the U. S. Treasury took over the job of Allied banker...