The House of Morgan - An American Banking Dynasty and the

Ron Chernow

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Critical Acclaim for Ron Chernow’s The House of Morgan, WIN whole source
Critical Acclaim for Ron Chernow’s The House of Morgan, WINNER OF THE 1990 NATIONAL BOOK AWARD FOR NON-FICTION: “The House of Morgan offer…
(In early 1989, it was still America’s top merger adviser, c whole source
(In early 1989, it was still America’s top merger adviser, claiming $60 billion in deals during the year’s first half.) In the 1980s, it gen…
CHAPTER ONE SCROOGE WHEN Baltimore merchant George Peabody whole source
CHAPTER ONE SCROOGE WHEN Baltimore merchant George Peabody sailed for London in 1835, the world was in the throes of a debt crisis. The def…
George Peabody moves to London whole source
In 1837, Peabody moved to London. A year later he opened a merchant house at 31 Moorgate in London, furnishing it with a mahogany counter, a…
As one congressman said in 1833, “the barometer of the Ameri whole source
As one congressman said in 1833, “the barometer of the American money market hangs up at the stock exchange in London.”4 Peabody, hoping to…
but I have passed too many money panics, unscathed, not to h whole source
but I have passed too many money panics, unscathed, not to have seen how often large Capitals are swept away, and that even with my own I mu…
In May 1853, he visited London with his family, bringing alo whole source
In May 1853, he visited London with his family, bringing along his high-spirited but sickly son, John Pierpont, then recovering from rheumat…
Junius Morgan moves to London whole source
WHEN Morgan moved to London in 1854, it was a more auspicious time for an American banker than it had been when Peabody was flogging the hat…
The 1857 panic made a deep impression on Morgan’s twenty-yea whole source
The 1857 panic made a deep impression on Morgan’s twenty-year-old son, Pierpont, who had just started on Wall Street as an unsalaried appren…
And he began to lecture his son, often at wearisome length, whole source
And he began to lecture his son, often at wearisome length, on the need for conservative business practice; the 1857 panic would be the text…
Junius Morgan takes control of George Peabody and Company whole source
Although Peabody was nominal head until 1864, Junius Morgan assumed control of George Peabody and Company in 1859. In increasingly poor heal…
While Junius Morgan lived, he ruled the family and the busin whole source
While Junius Morgan lived, he ruled the family and the business—his son and his partners.”1 Until Junius died, in 1890, his massive shadow d…
In 1817, Joseph sold his farm in West Springfield, Massachus whole source
In 1817, Joseph sold his farm in West Springfield, Massachusetts, and moved to Hartford, Connecticut, which would become the Morgans’ ancest…
J.P. Morgan is born whole source
This union of Morgan and Pierpont joined together in their infant son, John Pierpont, born in 1837, a wildly improbable set of genes. A poet…
Amid a mad rush of Wall Street profiteering, Pierpont financ whole source
Amid a mad rush of Wall Street profiteering, Pierpont financed a deal in 1861 that, if not unscrupulous, showed a decided lack of judgment.
J.P. Morgan marries Frances Tracy whole source
In May 1865, he married Frances Louisa Tracy—Fanny, as she was known—daughter of a successful lawyer, Charles Tracy, who later performed leg…
Disraeli laughingly confided to Queen Victoria, “I am of the whole source
Disraeli laughingly confided to Queen Victoria, “I am of the opinion, Madame, that there never can be too many Rothschilds.”15 Besides bank…
In his early years, he was exposed to many incorrigible Wall whole source
In his early years, he was exposed to many incorrigible Wall Street rascals, including Daniel Drew, the rustic sharpster who sold Erie stock…
Pierpont then advised the Ramsey forces, now back in control whole source
Pierpont then advised the Ramsey forces, now back in control, to merge their railroad with the friendly Delaware and Hudson line, which they…
The Morgans now had three children, Louisa, born in 1866, Jo whole source
The Morgans now had three children, Louisa, born in 1866, John Pierpont, Jr., or Jack, born in 1867, and Juliet, born in 1870. Before long,…
“There is only one way of getting real rest,” he told Junius whole source
“There is only one way of getting real rest,” he told Junius, “and that is to get on board of a steamer.”8 Two years after its debut, in 18…
Treasury moves to refund Civil War bonded debt whole source
In 1873, Washington decided to refund, at lower interest rates, the $300 million in bonded debt remaining from the Civil War. Until then, Ja…
Jay Cooke finances the Northern Pacific Railroad whole source
Cooke seemed invincible to competitors—at least until he financed the Northern Pacific Railroad in 1869. His promotion for $100 million in N…
Even before the 1873 panic, a new way of dealing with railro whole source
Even before the 1873 panic, a new way of dealing with railroad rascality had appeared, devised, improbably, by Jay Gould. When investors boy…
August Belmont, Sr., thought Pierpont “brusque but fair.”23 whole source
August Belmont, Sr., thought Pierpont “brusque but fair.”23 Andrew Carnegie, who raised the money for his first rolling mill by brokering bo…
United States resumes specie payment whole source
By 1879, the ascendant Morgans were joining with August Belmont and the Rothschilds to market the last Civil War refunding loan. The United…
Drexel, Morgan offices wired for Edison's electricity whole source
Downtown, Drexel, Morgan hosted early meetings of the Edison company and in 1882 became the first Wall Street office to draw electricity fro…
In 1893, Markoe told him of an operation he had performed in whole source
In 1893, Markoe told him of an operation he had performed in a tenement kitchen to save an immigrant mother and her baby. Pierpont counted o…
In 1882, he visited Palestine whole source
In 1882, he visited Palestine. Deeply moved, he wrote Fanny about the sensations he experienced before the doorway of Christ’s sepulcher: “T…
When his son, Jack, was born, the infant’s horoscope showed whole source
When his son, Jack, was born, the infant’s horoscope showed a cardinal cross, associated with depressions—an apt prophecy for the Morgan who…
Morgan brokers the Corsair Compact railroad treaty whole source
The newspapers lionized the author of this Great Railroad Treaty of 1885, also known as the Corsair Compact.23 Pierpont had pulled off such…
Railroad chiefs plan Interstate Commerce Railway Association whole source
A similar gathering took place at Pierpont’s “black library” in January 1889. This one yielded plans for a huge centralized group to regulat…
Pierpont’s last stab at establishing railroad stability took whole source
Pierpont’s last stab at establishing railroad stability took place at a meeting on December 15, 1890. Besides the earlier luminaries, this g…
Morgan buys his first literary manuscript whole source
Before Junius’s death, Pierpont’s collections were modest; in 1888, he had bought his first literary manuscript, a Thackeray. Now he embarke…
The oral history that has come down through the Morgan famil whole source
The oral history that has come down through the Morgan family contends that Jack wanted to be a doctor and became a banker only when his fat…
Anthony Drexel dies at Karlsbad whole source
In June 1893, Tony Drexel died while visiting the Austro-Hungarian health resort of Karlsbad, leaving an estate said to be worth between $25…
He had long bewailed his inability to delegate authority—“It whole source
He had long bewailed his inability to delegate authority—“It is my nature and I cannot help it”—and held no formal meeting of his partners u…
The most shocking death was Coster’s, in March 1900, at age whole source
The most shocking death was Coster’s, in March 1900, at age forty-eight. He contracted flu or pneumonia and died within a week.
Mixing sympathy with outrage, the New York Times charged tha whole source
Mixing sympathy with outrage, the New York Times charged that the tasks piled upon Coster had grown “far heavier than any one man ought to b…
This exodus of metal was greatly accelerated by the 1893 pan whole source
This exodus of metal was greatly accelerated by the 1893 panic, with its bank failures and railroad bankruptcies. Adding to European jitters…
As the 1893 panic worsened, agrarian populists asked the gov whole source
As the 1893 panic worsened, agrarian populists asked the government to mint silver coins and create cheap money, a move supported by the new…
There was some question as to the legality of the proposed i whole source
There was some question as to the legality of the proposed issue, and either Morgan or Carlisle dusted off an 1862 statute that granted the…
Generous contributions by Morgan and other bankers to the ca whole source
Generous contributions by Morgan and other bankers to the campaign of William McKinley—23 Wall Street was hung with banners in his support—w…
In 1906, Pierpont vouchsafed a private tour of his art colle whole source
In 1906, Pierpont vouchsafed a private tour of his art collection at 13 Princes Gate, the townhouse he inherited from his father, to King Ed…
In 1898, a friend, architect William West Durant, defaulted whole source
In 1898, a friend, architect William West Durant, defaulted on a loan and signed over the rustic camp as payment. Deep in the woods, Camp Un…
In 1898, over his heated protest, the navy conscripted Corsa whole source
In 1898, over his heated protest, the navy conscripted Corsair II for use in the Spanish-American War. The Morgans had opposed the war, and…
As Jack told his mother of one 1898 ocean voyage, “JPM has b whole source
As Jack told his mother of one 1898 ocean voyage, “JPM has been so worried and bothered by the number of things on his mind and this annoyan…
Perkins that a Morgan issue “from the desert of Sahara” woul whole source
Perkins that a Morgan issue “from the desert of Sahara” would find buyers.39 For its services, the syndicate took in $57.5 million in stock…
From an opening price of 38, its stock zoomed to 55, only to whole source
From an opening price of 38, its stock zoomed to 55, only to skid to less than 9 during the “rich man’s panic” of 1903.
Steichen photographs J.P. Morgan whole source
In 1903, Pierpont sat for two minutes as Edward Steichen snapped the famous photograph of him: from deep shadow and gripping the blade-like…
A battle had been brewing since 1895, when Pierpont decided whole source
A battle had been brewing since 1895, when Pierpont decided not to reorganize the bankrupt Union Pacific, which he scoffed at as “two streak…
After Pierpont’s heroic role in the 1907 panic, Schiff said, whole source
After Pierpont’s heroic role in the 1907 panic, Schiff said, “Probably no one could have got the banks to act together .
Northern Pacific corner triggers Wall Street panic whole source
The New York Herald banner headline of May 9, 1901, summed up the popular view: “GIANTS OF WALL STREET, IN FIERCE BATTLE FOR MASTERY, PRECIP…
In 1897, Pierpont’s brother-in-law Walter Hayes Burns died a whole source
In 1897, Pierpont’s brother-in-law Walter Hayes Burns died and was replaced by Jack’s cousin Walter Spencer Morgan Burns. The senior Burns’s…
A photograph of Pierpont at a house party at the Harcourt es whole source
A photograph of Pierpont at a house party at the Harcourt estate, Nuneham Park, in 1902 shows Mary Harcourt seated next to King Edward VII.…
When Jack arrived in 1898, his father gave him and his wife, whole source
When Jack arrived in 1898, his father gave him and his wife, Jessie, the use of 13 Princes Gate. Pierpont added 14 Princes Gate to the prope…
Sir Clinton Dawkins called the chancellor, Hicks-Beach, “not whole source
Sir Clinton Dawkins called the chancellor, Hicks-Beach, “notoriously stupid and most unbusinesslike.”13 The Boer War financing of 1900 had d…
In 1900, he signed up as a partner Sir Clinton E whole source
In 1900, he signed up as a partner Sir Clinton E. Dawkins, a distinguished civil servant who had just completed a tour of duty in Egypt and…
“I expect there is little sympathy and less confidence betwe whole source
“I expect there is little sympathy and less confidence between father and son,” said Revelstoke, who was also afraid of being smothered by P…
In 1904, Edward Grenfell was elevated to partner; he became whole source
In 1904, Edward Grenfell was elevated to partner; he became a Bank of England director a year later. A cool, dapper young bachelor who wore…
They wanted to avenge a 10-percent wage increase granted the whole source
They wanted to avenge a 10-percent wage increase granted the miners in 1900—a deal that Pierpont had helped to broker—and reacted to the str…
Before he joined the bank in 1901, he was already an empire- whole source
Before he joined the bank in 1901, he was already an empire-building executive at New York Life Insurance. A voluble, glad-handing deal make…
White observed that Perkins “made quick decisions, spoke in whole source
White observed that Perkins “made quick decisions, spoke in a soft voice, smiled ingratiatingly, easily.” He wrote, “I used to watch him fis…
Morgan bank funds Roosevelt's 1904 reelection whole source
In the 1904 campaign, the Morgan bank gave $ 150,000 toward Roosevelt’s reelection. In return, Pierpont was sternly lectured by TR at a 1907…
By tearing down an intervening house, Jack and his father li whole source
By tearing down an intervening house, Jack and his father lived as next-door neighbors, with a common garden in between, from 1905 until Pie…
In 1901, when she visited Rome, Jack wrote her a letter that whole source
In 1901, when she visited Rome, Jack wrote her a letter that poignantly stated his conviction that she had to submit to her fate. Although P…
Maxine Elliott builds first woman-owned Broadway theater whole source
Maxine Elliott was the first woman to build a Broadway theater, purchasing the needed lot two months after the 1907 panic. Scandalmongers at…
Like Pierpont, she burned her letters and diaries before she whole source
Like Pierpont, she burned her letters and diaries before she died in 1950. In Belle Greene, Pierpont’s infatuation with women and art conver…
After 1897, he gave steadily to the Metropolitan Museum of A whole source
After 1897, he gave steadily to the Metropolitan Museum of Art and became its board president in 1904. The board of trustees often met in hi…
The October 1907 panic found him at the Episcopal Convention whole source
The October 1907 panic found him at the Episcopal Convention in Richmond, Virginia. As a lay delegate from New York, he would attend these c…
“They do not know what to do, and I don’t know what to do, b whole source
“They do not know what to do, and I don’t know what to do, but I am going back.”3 The 1907 panic was Pierpont’s last hurrah. Although semir…
The 1907 panic would be the last time that bankers loomed so whole source
The 1907 panic would be the last time that bankers loomed so much larger than regulators in a crisis. Afterward, the pendulum would swing de…
Morgan rescues Trust Company of America whole source
During the 1907 panic, Pierpont proved that American finance could aspire to high drama. In an elaborate finale on Saturday night, November…
Despite this controversy, Pierpont reached the zenith of his whole source
Despite this controversy, Pierpont reached the zenith of his influence with the 1907 panic. As his biographer Frederick Lewis Allen wrote, “…
The 1907 panic exposed many systemic defects whole source
The 1907 panic exposed many systemic defects. As people hoarded money and banks called in loans, there was no central bank to instill confid…
Warburg of Kuhn, Loeb, one of the key theoreticians at the m whole source
Warburg of Kuhn, Loeb, one of the key theoreticians at the meeting, later said, “Davison had an uncanny gift in sensing the proper moment fo…
WHEN the Republican president William Howard Taft took offic whole source
WHEN the Republican president William Howard Taft took office in 1909, the wily George Perkins flattered himself, thinking that he had alrea…
John Hay declares the Open Door Policy in China whole source
In 1899, Secretary of State John Hay had declared an “open door” policy toward China that was supposed to guarantee unrestricted foreign acc…
From 1909 to 1913, the American Group served as a conduit fo whole source
From 1909 to 1913, the American Group served as a conduit for all Morgan dealings with China. Its representative in China was the most dashi…
In 1904, he went to Japan to report on the Russo-Japanese Wa whole source
In 1904, he went to Japan to report on the Russo-Japanese War for Reuters and the Associated Press. A friend in those years described him as…
His letters were spiced with vivid, exotic imagery, describi whole source
His letters were spiced with vivid, exotic imagery, describing China as “the storm center of world politics,” a place “where everyone more o…
In 1910, he had a collapse that was diagnosed as strain and whole source
In 1910, he had a collapse that was diagnosed as strain and fatigue. So for a number of reasons, he wanted a strong lieutenant, a powerful r…
After he became a partner in January 1909, he seemed to have whole source
After he became a partner in January 1909, he seemed to have almost exclusive access to Pierpont in his library. As was clear in the 1907 pa…
As was clear in the 1907 panic, the handsome Davison had sta whole source
As was clear in the 1907 panic, the handsome Davison had star quality, a square-jawed toughness noticed by everyone on Wall Street. He had g…
In 1893, Davison married Kate Trubee, and they moved to New whole source
In 1893, Davison married Kate Trubee, and they moved to New York so Harry could start work at the Astor Trust Company. One day, a crank appe…
Davison founds Bankers Trust Company whole source
While there, he organized Bankers Trust in 1903, assisted in the 1907 panic negotiations, and represented Wall Street on Senator Aldrich’s N…
In 1903, at the age of thirty-three, he was returning home o whole source
In 1903, at the age of thirty-three, he was returning home on the commuter train to Englewood when Harry Davison took his life in hand. As h…
U.S. Steel acquires Tennessee Coal and Iron whole source
Steel’s acquisition of Tennessee Coal and Iron during the 1907 panic. This was the deal that Judge Gary and Henry Frick had gotten TR to app…
Taft-Roosevelt split elects Woodrow Wilson whole source
The 1912 split between Taft and Roosevelt brought to power the man who had lectured Pierpont on his moral duty: Woodrow Wilson.
After the 1907 panic, Pierpont also took a large block of Na whole source
After the 1907 panic, Pierpont also took a large block of National City stock and put Jack on its board. The public could be forgiven for su…
Wilson signs the Federal Reserve Act whole source
In December 1913, President Wilson signed the Federal Reserve Act, providing the government with a central bank and freeing it of reliance o…
James Markoe, who pumped Pierpont with medication during the whole source
James Markoe, who pumped Pierpont with medication during the 1907 panic, received a $25,000 annuity, which was to revert to his pretty wife,…
Pierpont was buried in the family mausoleum at Hartford’s Ce whole source
Pierpont was buried in the family mausoleum at Hartford’s Cedar Hill Cemetery, according to his wishes: “opposite the place where my father’…
Steel, the cornering of Northern Pacific, the negotiations i whole source
Steel, the cornering of Northern Pacific, the negotiations in the 1907 panic—were exclusively American in character. After Pierpont Morgan’s…
When he solicited a gold loan in Paris during the 1907 panic whole source
When he solicited a gold loan in Paris during the 1907 panic, the Banque de France rebuffed him—a hard knock for Junius Morgan’s grandson. W…
Where Pierpont held no regular meetings until the 1907 panic whole source
Where Pierpont held no regular meetings until the 1907 panic, Jack scheduled daily partners’ meetings in the informal style of a British mer…
It had forty-five rooms in all, including twelve bedrooms, t whole source
It had forty-five rooms in all, including twelve bedrooms, thirteen bathrooms, eighteen marble fireplaces, a sixteen-car garage, and even a…
The son of eastern European immigrants, a Harvard Law gradua whole source
The son of eastern European immigrants, a Harvard Law graduate, Brandeis was already a millionaire lawyer in 1907 when he took on the New Ha…
New Haven train wreck kills seven at Stamford whole source
That Pierpont’s sins would be visited on Jack became evident on June 12, 1913, when a New Haven collision at the Stamford station killed sev…
Sixteenth Amendment ratified, income tax established whole source
In 1913, the Sixteenth Amendment was ratified; the following year, income taxes soared, and the Federal Trade Commission was created. Jack a…
Wilson signs the Federal Reserve Act whole source
On December 23, 1913, President Wilson signed the Federal Reserve Act. Wilson, of course, had insisted on a Federal Reserve Board in Washing…
He was a protege of Harry Davison, who had made him a secret whole source
He was a protege of Harry Davison, who had made him a secretary of Bankers Trust and brought him in as Pierpont’s personal auditor during th…
In 1974, Greenhill was field marshal for Morgan Stanley’s first hos... whole source
In 1974, Greenhill was field marshal for Morgan Stanley’s first hostile takeover—International Nickel’s raid on ESB, the world’s largest mak…
It wasn’t the first unsolicited takeover in Wall Street history: wh... whole source
It wasn’t the first unsolicited takeover in Wall Street history: what was the 1901 Northern Pacific corner if not a raid by Edward H. Harrim…
After the 1973 Arab oil embargo, Inco was tantalized by Philadelphi... whole source
After the 1973 Arab oil embargo, Inco was tantalized by Philadelphia-based ESB, and there was fanciful talk about electric cars powered by E…
In 1974, $100 million was still considered a big deal whole source
In 1974, $100 million was still considered a big deal. By 1978, over eighty deals exceeded that amount, with a $500- to $600-million range a…
By 1978, over eighty deals exceeded that amount, with a $500- to $6... whole source
By 1978, over eighty deals exceeded that amount, with a $500- to $600-million range already commonplace. Unlike the conglomerate takeovers o…
The Wall Street move into merger work accelerated into a stampede a... whole source
The Wall Street move into merger work accelerated into a stampede after May 1, 1975, when the SEC abolished fixed commissions on stock trade…
CHAPTER THIRTY SHEIKS FOR Morgan Guaranty, too, the recession of 1... whole source
CHAPTER THIRTY SHEIKS FOR Morgan Guaranty, too, the recession of 1973–74 disclosed a turbulent new world. The Arab oil embargo and conseque…
In November 1973, Morgan president Walter Hines Page warned friends... whole source
In November 1973, Morgan president Walter Hines Page warned friends at Franklin National Bank against excessive foreign-exchange gambling an…
In May 1974, Franklin’s foreign-exchange losses led to the first ma... whole source
In May 1974, Franklin’s foreign-exchange losses led to the first major bank run since the Depression and the biggest bank failure in U.S. hi…
The explosion of oil prices in late 1973 and early 1974 put too muc... whole source
The explosion of oil prices in late 1973 and early 1974 put too much wealth at the disposal of young Saudis; business opportunities at home…
In early 1975, Senator Frank Church tried to extract figures on pet... whole source
In early 1975, Senator Frank Church tried to extract figures on petrodollar deposits. He feared that by threatening to pull out their short-…
In 1976, the American Jewish Congress singled out Morgan Guaranty a... whole source
In 1976, the American Jewish Congress singled out Morgan Guaranty and Citibank for loyally executing this dirty work and cited their “pivota…
In 1975, Morgan Grenfell became the first merchant bank to win the ... whole source
In 1975, Morgan Grenfell became the first merchant bank to win the Queen’s Award for Export Achievement, for managing over a quarter of the…
Aside from Saudi Arabia, most Arab states before 1973 were too impo... whole source
Aside from Saudi Arabia, most Arab states before 1973 were too impoverished to be considered good credit risks. The sudden, almost overnight…
The sudden, almost overnight, revolution in their financial status ... whole source
The sudden, almost overnight, revolution in their financial status was revealed in a controversial loan that Sir John Stevens secretly negot…
This clandestine lobbying continued during the 1976 presidential ca... whole source
This clandestine lobbying continued during the 1976 presidential campaign, when Henry Ford II was a leading business fund-raiser for Jimmy C…
In February 1977, promoting his proposed Egyptian operation, Ford m... whole source
In February 1977, promoting his proposed Egyptian operation, Ford met privately with President Sadat for several hours. Sadat saw the Ford p…
In May 1977, Morgan Grenfell nearly pulled off the supreme trick of... whole source
In May 1977, Morgan Grenfell nearly pulled off the supreme trick of Middle East politics: Egypt announced a joint venture with Ford to assem…
In 1977, it supervised Wall Street’s end of a $1-billion offering o... whole source
In 1977, it supervised Wall Street’s end of a $1-billion offering of British Petroleum shares owned by the British government, the largest s…
Each year, it sprouted a new wing: portfolio management (1975), gov... whole source
Each year, it sprouted a new wing: portfolio management (1975), government bond trading and automated brokerage for institutions (1976), and…
During the Great Alphabet War of 1976, Halsey, Stuart adopted its p... whole source
During the Great Alphabet War of 1976, Halsey, Stuart adopted its parent’s name, Bache, just to bootstrap up a few lines in tombstones. This…
This squeamishness dated back at least to the preferred-list disast... whole source
This squeamishness dated back at least to the preferred-list disaster of 1929. In 1980, perhaps taking a swipe at IBM, Morgan Stanley introd…
In 1980, perhaps taking a swipe at IBM, Morgan Stanley introduced r... whole source
In 1980, perhaps taking a swipe at IBM, Morgan Stanley introduced rival Apple Computer to the stock market. (It also bought Hitachi computer…
(It also bought Hitachi computers for the office, something it woul... whole source
(It also bought Hitachi computers for the office, something it wouldn’t have done before 1979.) For a long time, the firm had resisted high-…
In 1979, Morgan Stanley earned a stratospheric $14.3-million fee fo... whole source
In 1979, Morgan Stanley earned a stratospheric $14.3-million fee for advising Belridge Oil on its sale to Shell Oil—then history’s largest t…
Du Pont acquires Conoco whole source
This was again revealed in August 1981, when Du Pont bought Conoco for $7.8 billion. Advised by Morgan Stanley, Conoco turned to Du Pont as…
Because Greenhill and Flom were already teamed up with Conoco, Du P... whole source
Because Greenhill and Flom were already teamed up with Conoco, Du Pont—a House of Morgan mainstay from the World War I Export Department and…
“It would be a little like a fish out of water for us to run a syst... whole source
“It would be a little like a fish out of water for us to run a system of branches in Germany or England when we don’t have it here,” said th…
There were more recent cases of debt repudiation as well, including... whole source
There were more recent cases of debt repudiation as well, including China in 1949, Cuba in 1961, and North Korea in 1974. Banks could forecl…
In 1976, when Peru was nearly bankrupt, Citibank, Morgans, and othe... whole source
In 1976, when Peru was nearly bankrupt, Citibank, Morgans, and other banks imposed an austerity plan in exchange for a $400-million loan. Re…
In 1980, it vainly badgered the country to go to the IMF whole source
In 1980, it vainly badgered the country to go to the IMF. When the bank went to the IMF instead to get its perspective on Brazil—an exercise…
The full extent of this bondage wouldn’t become apparent until the ... whole source
The full extent of this bondage wouldn’t become apparent until the fall of 1982. Then everyone would rediscover the old adage that if a debt…
THE April 1982 war over the Falkland Islands cast a black cloud ove... whole source
THE April 1982 war over the Falkland Islands cast a black cloud over Latin American lending, projecting a view of the whole region as unstab…
In early 1983, Morgan credit officers worked around the clock to ra... whole source
In early 1983, Morgan credit officers worked around the clock to raise the $4.4 billion. Although the megaloan was assembled in a remarkable…
On February, 24, 1983, Brazil hosted a dinner at the Waldorf-Astori... whole source
On February, 24, 1983, Brazil hosted a dinner at the Waldorf-Astoria to thank their bankers for the rescue loans. Over dessert, the Brazilia…
By the spring of 1983, Brazil was missing its IMF economic-reform t... whole source
By the spring of 1983, Brazil was missing its IMF economic-reform targets, and the fund and the banks halted their emergency payments. The F…
“They particularly don’t want monthly statements or any other mail ... whole source
“They particularly don’t want monthly statements or any other mail sent to their home countries,” noted Fortune in 1982. “Their accounts at…
In 1982, even as Brazil teetered on the edge, Gebauer took $1.5 mil... whole source
In 1982, even as Brazil teetered on the edge, Gebauer took $1.5 million from the account of a Brazilian named Francisco Catao. This money re…
Late in the summer of 1985, after a twenty-four-year Morgan career,... whole source
Late in the summer of 1985, after a twenty-four-year Morgan career, he left for Drexel Burnham Lambert, to work with Michael Milken on a spe…
Starting in 1979, the London-based Morgan Guaranty Ltd whole source
Starting in 1979, the London-based Morgan Guaranty Ltd. became a major underwriter in the Euromarkets. How could Morgan Guaranty retain a on…
The London bank’s home success had bred hopes for bigger things abr... whole source
The London bank’s home success had bred hopes for bigger things abroad, especially in New York, where it had had a small office since 1974.…
So in 1981, the Morgan chairman, Lew Preston, and president, Robert V whole source
So in 1981, the Morgan chairman, Lew Preston, and president, Robert V. “Rod” Lindsay, flew to London to inform Lord Stephen Catto, over dinn…
Penn Square Bank fails whole source
Continental began to unravel during the Fourth of July weekend of 1982 with the failure of the Penn Square Bank. This was the notorious Okla…
“We had the Continental Illinois Reassurance Brigade and we fanned ... whole source
“We had the Continental Illinois Reassurance Brigade and we fanned out all around the world,” said David Taylor, Continental’s chairman in 1…
Why did Continental choose Morgan to lead the rescue—a choice so re... whole source
Why did Continental choose Morgan to lead the rescue—a choice so reminiscent of 1907 and 1929? “Morgan Guaranty was the obvious choice,” exp…
The force of 415 was swiftly revealed in its trial usage by AT&T in... whole source
The force of 415 was swiftly revealed in its trial usage by AT&T in 1982. A year earlier, Morgan Stanley had mustered a traditional AT&T syn…
On May 6, 1982, Morgan Stanley agreed to buy two million shares of ... whole source
On May 6, 1982, Morgan Stanley agreed to buy two million shares of AT&T stock at $55.40 a share, $.15 above the current market price. It hop…
In 1981, Morgan Stanley reigned as number one in underwriting, as i... whole source
In 1981, Morgan Stanley reigned as number one in underwriting, as it mostly had since 1935. By 1983—after the 415 shake-up—it plummeted to s…
In mid-1982, Morgan Stanley joined with Hambrecht and Quist to spon... whole source
In mid-1982, Morgan Stanley joined with Hambrecht and Quist to sponsor the first public offerings of People Express, the pioneering no-frill…
Between 1983 and 1986, Morgan Stanley underwrote more than $500 mil... whole source
Between 1983 and 1986, Morgan Stanley underwrote more than $500 million in junk bonds for People. As if still leary of its junk bond departu…
Morgan Stanley enters the junk bond market whole source
In 1982, T. Boone Pickens enlisted Morgan Stanley to raid the Dallas-based General American Oil. “They were delighted to get the business,”…
CHAPTER THIRTY-FOUR BANG IN late 1986, Morgan Grenfell presented a... whole source
CHAPTER THIRTY-FOUR BANG IN late 1986, Morgan Grenfell presented a curious study in contrasts. Outwardly it maintained a sedate air. Uphold…
Morgan Grenfell's Mackworth-Young dies of lung cancer whole source
A heavy smoker, Mackworth-Young died abruptly of lung cancer in 1984. Later, the City would ritually repeat that had he lived, Morgan Grenfe…
A graduate of Malvern College, he worked at the Bank of England and... whole source
A graduate of Malvern College, he worked at the Bank of England and the merchant bank of Hill Samuel before Sir John Stevens recruited him t…
In 1984, Morgan Grenfell was approached by the brokerage house of R... whole source
In 1984, Morgan Grenfell was approached by the brokerage house of Rowe and Pitman, Mackworth-Young’s old firm, about a possible alliance. Af…
Right before Big Bang, in June 1986, Morgans overcame historic rese... whole source
Right before Big Bang, in June 1986, Morgans overcame historic reservations and sold shares to the public to amass capital for trading. It r…
As London’s premier takeover house, it was handling an awesome volu... whole source
As London’s premier takeover house, it was handling an awesome volume of business—some fifty-one deals in 1986 valued at almost £14 billion.…
His Jewish parents had fled Nazi-controlled Austria in 1938 and set... whole source
His Jewish parents had fled Nazi-controlled Austria in 1938 and settled in London. The Jewish-born Ernst Schleyer was re-invented as the Ang…
At a dinner at the Connaught hotel in early 1985, Christopher Reeve... whole source
At a dinner at the Connaught hotel in early 1985, Christopher Reeves advised Saunders to expand aggressively, lest Guinness itself be a take…
In June 1985, advised by Tony Richmond-Watson of Morgan Grenfell, S... whole source
In June 1985, advised by Tony Richmond-Watson of Morgan Grenfell, Saunders launched a £330-million hostile bid for the Scotch whisky and hot…
Guinness transfers £69 million in share-support scheme whole source
During the summer of 1986, Guinness transferred £69 million to a venture fund managed by Ivan Boesky, who had invested so heavily in Guinnes…
The year 1986 was one of double scandal for Morgan Grenfell whole source
The year 1986 was one of double scandal for Morgan Grenfell. Right after Big Bang and before the Guinness revelations surfaced, the firm was…
In the past, British authorities had taken a relaxed attitude towar... whole source
In the past, British authorities had taken a relaxed attitude toward insider trading, which wasn’t even a criminal offense until 1980. This…
Ernest Saunders arrested in Guinness scandal whole source
In May 1987, Ernest Saunders was arrested for allegedly destroying and fabricating Guinness documents. Later that year, Roger Seelig was arr…
Roger Seelig arrested in Guinness affair whole source
Later that year, Roger Seelig was arrested and charged with faking £2.5 million in invoices that were used, at least in part, as covers to i…
The firm’s long-time rival, Warburgs, stepped briskly over its blee... whole source
The firm’s long-time rival, Warburgs, stepped briskly over its bleeding body to gain the number-one takeover spot, but Morgan Grenfell clung…
By 1986, one of every ten Yale College graduates applied for a job ... whole source
By 1986, one of every ten Yale College graduates applied for a job at First Boston and over 30 percent of Harvard Business School graduates…
Morgan Stanley names Eric Gleacher M&A chief whole source
In 1985, Morgan Stanley named Eric Gleacher to succeed Joe Fogg as head of Mergers and Acquisitions; at Lehman Brothers Kuhn Loeb, Gleacher…
Ronald Perelman acquires Revlon whole source
Perelman, who acquired Revlon Incorporated in a bitter 1985 fight. In his merger factory, Gleacher had a team of ten bright young people who…
Morgan Stanley and CIGNA create leveraged buyout fund whole source
In 1985, it joined with CIGNA Insurance to create a leveraged buyout fund. It struck spectacular deals that made merger profits look like sm…
Morgan Stanley partners with Jefferson Smurfit whole source
In 1986, it joined with an Irish paperboard concern, Jefferson Smurfit, to purchase Container Corporation of America from Mobil for $1.2 bil…
In 1986, to raise capital for these new activities and strengthen i... whole source
In 1986, to raise capital for these new activities and strengthen its position in world capital markets, Morgan Stanley sold 20 percent of i…
Black Monday stock market crash whole source
THE parallel with the 1920s had its inevitable sequel on October 19, 1987, when the Dow Jones industrial average fell 508 points. Some $500…
Depression, migraine headaches, even sexual impotence were later re... whole source
Depression, migraine headaches, even sexual impotence were later reported among investors, but no aerial artistry as in 1929. Aside from a s…
The Morgan houses were actually less remote from the 1987 crash tha... whole source
The Morgan houses were actually less remote from the 1987 crash than they’d been from the one in 1929. All the banks and brokerage houses we…
Mayday deregulates Wall Street commissions whole source
Brokerage commissions dropped after Mayday in 1975 and underwriting margins shrank after Rule 415 in 1982. Now trading profits plunged with…
Alexander Hamilton founds the Bank of New York whole source
The Bank of New York was founded by Alexander Hamilton and his associates in 1784—no other bank had operated so long with the same name—whil…
By early 1989, it had begun to fire one hundred people from the for... whole source
By early 1989, it had begun to fire one hundred people from the foreign side. As an Irving executive said: “The bloodbath has begun.”22 No f…
The situation was not unlike 1929, when the bank submitted to the f... whole source
The situation was not unlike 1929, when the bank submitted to the fad of forming holding companies with the Alleghany and United Corporation…
Then, in January 1988, Morgans became the first commercial bank to ... whole source
Then, in January 1988, Morgans became the first commercial bank to counsel a hostile raider in a billion-dollar deal, advising F. Hoffman-La…
After its Valium patent expired in 1985, it needed new products in ... whole source
After its Valium patent expired in 1985, it needed new products in order to fill the sales pipeline. Sterling made Bayer aspirin, Phillips m…
CHAPTER THIRTY-SIX SKYSCRAPER IN 1989, Morgan Stanley, with sixty-... whole source
CHAPTER THIRTY-SIX SKYSCRAPER IN 1989, Morgan Stanley, with sixty-four hundred employees, occupied seventeen floors of the Exxon Building o…
Such touches aside, the new Morgan Stanley—bold, rich, swaggering—h... whole source
Such touches aside, the new Morgan Stanley—bold, rich, swaggering—had little in common with the mandarin firm that started life in September…
In 1988, Merrill Lynch, once scorned as plebeian, led domestic unde... whole source
In 1988, Merrill Lynch, once scorned as plebeian, led domestic underwriters for the first time as Morgan Stanley slumped to sixth place. Mor…
Morgan Grenfell shuts its securities operation whole source
On December 6, 1988, Morgan Grenfell abruptly shut its securities operation, ending its chances of becoming an integrated global investment…
Morgan Grenfell reports its first annual loss whole source
In March 1989, John Craven announced a loss for 1988—perhaps the first in Morgan Grenfell’s 151-year history. The modern world wasn’t charit…
(Deutsche Bank had bought a 4.9-percent stake in 1984.) “He’s a bul... whole source
(Deutsche Bank had bought a 4.9-percent stake in 1984.) “He’s a bulldog—he won’t let anything slip out of his bite.” Morgan Grenfell had lon…
By 1989, the bank had outgrown its shrine at 23 Wall whole source
By 1989, the bank had outgrown its shrine at 23 Wall. Lew Preston wanted a personal computer on every banker’s desk, and trading desks requi…
Morgan bank borrows $400 million from Dai-Ichi Mutual whole source
In 1988, the Morgan bank borrowed $400 million from the Dai-Ichi Mutual Life Insurance Company to help finance the new tower. Preston said t…
On the eve of the bank’s departure for 60 Wall in the summer of 198... whole source
On the eve of the bank’s departure for 60 Wall in the summer of 1989, reports circulated that the bank would have to cut ten percent of its…
As members of a private bank before 1940, Morgan partners had a pro... whole source
As members of a private bank before 1940, Morgan partners had a proprietary feeling toward their papers and freely donated them to education…
But the post-1913 history of the bank has remained virgin territory... whole source
But the post-1913 history of the bank has remained virgin territory, even though it was the heyday of global Morgan power. Only a thin, acad…
Only a thin, academic volume, published in 1984, chronicles the lif... whole source
Only a thin, academic volume, published in 1984, chronicles the life of J. P. Morgan, Jr., and I wanted to remedy that extraordinary omissio…
FB, May 20, 1985; Hamilton, Financial Revolution, p whole source
FB, May 20, 1985; Hamilton, Financial Revolution, p. 80. 2.
II, July 1976 whole source
II, July 1976. 3. S.
Parker Gilbert, comments made at Morgan Stanley Annual Meeting, May... whole source
Parker Gilbert, comments made at Morgan Stanley Annual Meeting, May 5, 1988. 4. Hoffman, Deal Makers, p.
JPMJ, Box 6, Folder 3, letter to Frances Tracy Morgan, January 2, 1900 whole source
JPMJ, Box 6, Folder 3, letter to Frances Tracy Morgan, January 2, 1900. 51. JPMI, Box 7, Folder 1, letter to Frances Tracy Morgan, April 3,…
JPMI, Box 7, Folder 1, letter to Frances Tracy Morgan, April 3, 1901 whole source
JPMI, Box 7, Folder 1, letter to Frances Tracy Morgan, April 3, 1901. 52. Smalley, Anglo-American Memories, p.
In 1911, Munsey’s Magazine described Mellon as the “J.P. Morgan of the Stee... whole source
Morgan, Sr., June 23, 1911. 71. SEP, August 26, 1922.
Grenfell, April 22, 1920 whole source
Grenfell, April 22, 1920. 29. Ibid., Letter Press Book 18, Box 29, letter to Paul Tynes.
BM, July/August 1984 whole source
BM, July/August 1984. 31. HPD, cable to Nelson W.
Aldrich, April 7, 1913 whole source
Aldrich, April 7, 1913. 32. Lamont, Henry P.
Grenfell, December 13 and 30, 1930 whole source
Grenfell, December 13 and 30, 1930. 15. RCL, Group 1030, Series I, Box 4, Folder ?, letter to Benjamin Joy, January 23, 1931.
RCL, Group 1030, Series I, Box 4, Folder ?, letter to Benjamin Joy,... whole source
RCL, Group 1030, Series I, Box 4, Folder ?, letter to Benjamin Joy, January 23, 1931. 16. NYT, October 30, 1929.
NYT, October 30, 1929 whole source
NYT, October 30, 1929. 17. TWL, Box 98, Folder 18, memorandum to Russell C.
Ibid., Box 191, Folder 13, memo of interview with il Duce (Benito M... whole source
Ibid., Box 191, Folder 13, memo of interview with il Duce (Benito Mussolini), April 16, 1937, p. 1. 30.
Ibid., letter to Giovanni Fummi, April 19, 1937 whole source
Ibid., letter to Giovanni Fummi, April 19, 1937. 36. Ibid., memorandum to Giovanni Fummi, April 19, 1937.
Ibid., memorandum to Giovanni Fummi, April 19, 1937 whole source
Ibid., memorandum to Giovanni Fummi, April 19, 1937. 37. NYT, February 3, 1948.
NYT, May 2, 1950 whole source
NYT, May 2, 1950. 33. DDE, letter to George Whitney, June 14, 1951.
DDE, letter to George Whitney, June 14, 1951 whole source
DDE, letter to George Whitney, June 14, 1951. 34. DDE, letter from George Whitney, October 16, 1951.
DDE, letter to George Whitney, June 14, 1951 whole source
DDE, letter from George Whitney, October 16, 1951. 35. DDE, Box 34, George Whitney Folder, telegram from Mamie and Dwight D.
Ibid., March 22, 1988 whole source
Ibid., March 22, 1988. 24. Robert V.
FO, April 28, 1986 whole source
FO, April 28, 1986. 27. Robert G.
NYT, January 23, 1979 whole source
NYT, January 23, 1979. 29. WSJ, March 6, 1989.
New York: Pierpont Morgan Library, 1964 whole source
New York: Pierpont Morgan Library, 1964. Adler, Cyrus. Jacob H.
Freeport, N.Y.: Books for Libraries Press, 1928 whole source
Freeport, N.Y.: Books for Libraries Press, 1928. Alinsky, Saul. John L.
Putnam’s Sons, 1949 whole source
Putnam’s Sons, 1949. Allen, Frederick Lewis. The Great Pierpont Morgan.
Baltimore: Johns Hopkins University Press, 1986 whole source
Baltimore: Johns Hopkins University Press, 1986. Kneisel, William J. Morgan Stanley & Co., Inc: A Brief History.
New York: Morgan Stanley, 1977 whole source
New York: Morgan Stanley, 1977. Kobler, John. Otto the Magnificent.
New York: Charles Scribner’s Sons, 1988 whole source
New York: Charles Scribner’s Sons, 1988. Kochan, Nick, and Hugh Pym. The Guinness Affair: Anatomy of a Scandal.
Chicago and London: University of Chicago Press, 1985 whole source
Chicago and London: University of Chicago Press, 1985. Wade, Wyn Craig. The Titanic: End of a Dream.
Gairy flies to New York to discuss cosmic phenomena whole source
New York: Penguin Books, 1979. Wechsberg, Joseph. The Merchant Bankers.
Boston and Toronto: Little, Brown, 1966 whole source
Boston and Toronto: Little, Brown, 1966. Wecter, Dixon. The Saga of American Society: A Record of Social Aspiration, 1607–1937.
Anti-Morgan Agitation During World War I whole source
During rallies at the Corner, agitators would point to 23 Wall and blame Morgan partners for killing thousands of innocents.
Asquith approves Morgan purchasing plan whole source
On December 16, 1914, Davison lunched with the prime minister, Herbert H. Asquith, and the chancellor, David Lloyd George.
British mission investigates Morgan war purchasing whole source
To investigate charges of favoritism, Great Britain sent a mission to New York under the Welsh coal magnate David Alfred Thomas, later Lord…
Morgan becomes British military purchasing agent whole source
On January 15, 1915, the House of Morgan signed the Commercial Agreement with the Army Council and the Admiralty.
British Treasury sends purchasing mission to New York whole source
In October 1914, the British Treasury sent over Sir George Paish and Basil Blackett to look into the problem.
New York Stock Exchange closes whole source
By the morning of July 31, 1914, a staggering accumulation of overnight sell orders threatened a thunderous crash.
Death of Morgan partner Howard Boocock whole source
On March 22, 1915, he came home from the bank early and rather agitated.
Morgan lends $8.5 million to du Pont whole source
To counter this threat, the du Ponts obtained an $8.5-million loan from Morgans, tightly locking u
US opposes recognizing Carranza's Mexico whole source
In 1917, under leftist president Venustiano Carranza, Mexico had enacted a radical constitution, which asserted Mexican o
James Cox Favors League of Nations in 1920 Election whole source
In the election that year, Lamont cast his lone Democratic presidential vote, favoring Governor James M. Cox of Ohio over Warren G. Harding…
Morgan partners rescue William Durant whole source
By the night of November 18, 1920, Durant needed close to $1 million to meet margin calls before the market opened the next morning.
Morgan sponsors General Motors stock offering whole source
In 1920, J. P. Morgan and Company sponsored a $64-million stock offering to finance a General Motors expansion.
Harding requires state approval of foreign loans whole source
At a White House conference on May 25, 1921, President Harding told Tom Lamont and other Wall Street bankers that henceforth all foreign loa…
Wall Street bombing whole source
In the weeks ahead, J. P. Morgan and Company muddled through, with canvas sheets draped over its windows and a shaky dome, propped up by sca…
Dempsey-Carpentier fight aids French relief whole source
The extraordinary Anne Morgan was gathering hundreds of American women to rebuild French villages and raise money for schools, hospitals, an…
Morgan Concerns Over Fascism in Italy whole source
I wonder if you all in New York know just what you are doing in backing Fascistism in Italy.
Lamont negotiates Mexican debt agreement whole source
In 1922, he negotiated an agreement with the Mexican finance minister, de la Huerta, that won Obregón the U.S. recognition he had craved.
Stettinius shares GE insider information whole source
In 1923, Morgan partner Herman Harjes in Paris asked about buying General Electric shares.
Morgan partners aid Japan earthquake relief whole source
When the news was learned at 23 Wall, Morgan publicity chief Martin Egan paid a condolence call at the Wall Street office of the Yokohama Sp…
Bull Market of Twenties Compressed into Second Half of Decade whole source
WE picture the bull market of the twenties as spanning the entire decade, when in fact it was compressed into the second half.
Morgan Partners Fit Exclusive Profile whole source
They fit a rough profile—white, male, Republican, Episcopalian, and Anglophile, with an Ivy League education and eastern seaboard antecedent…
Teddy Grenfell Describes Bank of England Governor Norman whole source
Norman elaborates his own schemes by himself and does not take anyone into his counsel unless he is obliged to do so in order to combat oppo…
Morgan partners fund Lindbergh's transatlantic flight whole source
Under the original scheme, Lindbergh had planned to compete for the $25,000 Orteig Prize, set up to reward the first nonstop flight between…
Black Thursday stock market crash whole source
Within the first two hours of trading, almost $10 billion was lost on paper.
Irving Fisher calls crash a buying opportunity whole source
The redoubtable Irving Fisher found it consoling that weak investors were shaken from the market and that stocks now rested in stronger hand…
Morgan rescues Kidder Peabody whole source
In 1930, it was hit by multiple blows. The Italian government removed $8 million in deposits, and the new Bank for International Settlements…
Dwight Morrow Disappoints Liberal Supporters in Senate whole source
As senator, Morrow seemed worn from the immense burdens he had carried over the years.
Morgan Bank Overlooks Japanese Aggression in Manchuria whole source
Japan was a major Morgan client, and no business came from China, which was still in default on a substantial portion of its foreign debt.
Lausanne Conference ends reparations payments whole source
In July of 1932, it looked as if the world economy might finally cast off the twin burdens of German reparations and Allied war debt.
Glass-Steagall Act separates commercial and investment banking whole source
With the Glass-Steagall Act, America experienced the catharsis awaited since Black Thursday.
Pecora hearings investigate House of Morgan whole source
The House of Morgan was the first private bank investigated by Pecora.
Jack Morgan photographed with Lya Graf whole source
The next day, pictures of Jack and Lya Graf appeared on front pages across America.
Roosevelt takes the dollar off the domestic gold standard whole source
This is the end of Western civilization.
Jack Morgan Opposes War whole source
he had been appalled by the outbreak of war and had issued appeals to belligerents in 1914 to stop the combat
House of Morgan issues the Dawes Loan whole source
the celebrated 1924 Dawes loan and 1930 Young loan
Morgan banks issue the Young Loan whole source
the celebrated 1924 Dawes loan and 1930 Young loan
Hitler takes office as Chancellor whole source
From a political standpoint, no instant alarm sounded at the House of Morgan when Hitler took office in 1933 and gained the power to rule by…
Schacht sent to Washington over German debt whole source
In May 1933, Hitler dispatched Schacht to Washington for eight days of talks.
Morgan Partners Reference Dawes Loan Success whole source
Prior to the issue of the External Loan of 1924, we had not been associated with German finance
Truman joins Wheeler railroad finance inquiry whole source
In 1935, Truman joined a subcommittee chaired by Burton K. Wheeler, a progressive Montana Democrat, investigating banker influence over rail…
Richard Whitney Takes Large Loan whole source
In February 1938, Richard took a $100,000 loan
France signs armistice with Nazi Germany whole source
ON June 22, 1940, the new French Premier, Marshal Henri Philippe Petain, submitted to the Nazi blitzkrieg and signed an armistice with Hitle…
J. P. Morgan becomes a public corporation whole source
In announcing the transformation in February 1940, Jack made an unprecedented appearance at the press conference.
Jack Morgan dies whole source
He died in a coma on March 13, 1943, and his body was brought north in a special Pullman car
Bernardino Nogara Calls Vatican Banking Debt whole source
In 1942, Bernardino Nogara tried to call in his IOU for his help in the release of Leonard Rist and Giovanni Fummi.
Morgan Stanley leads record GM debt issue whole source
the General Motors $300-million debt issue of 1953
Kennedy Years Begin for Wall Street whole source
Although his father had been snubbed by Jack Morgan and the financial establishment, President John F. Kennedy wanted to court Wall Street
Treasury Bill Auction and Leach's Large Bid whole source
In August 1962, the Treasury auctioned $1.3 billion in bills maturing in three months. Leach placed a shockingly large bid
Texas Gulf Sulphur announces copper discovery whole source
On April 12, prodded by the SEC, Texas Gulf issued a statement