The Masters of Capital: A Chronicle of Wall Street

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Yale University Press, 1921 - Capitalists and financiers - 234 pages
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Page 182 - ... that direction for that apparent purpose amount to tens of millions of dollars in present market values. Third, through the confederation of potentially competitive banks and trust companies by means of the system of interlocking directorates. Fourth, through the influence which the more powerful banking houses, banks, and trust companies have secured in the management of insurance companies, railroads, producing and trading corporations, and public utility corporations, by means of stockholdings...
Page 201 - One or more members of the group marketed and have large interests in the securities of this company, though its debt is now being adjusted by Kuhn, Loeb & Co. (e) Interborough Rapid Transit Co. of New York: A member of the group is the banker of this company, and the group has agreed to market its impending bond issue of $170,000,000. (f) Philadelphia Rapid Transit Co.: Members of the group have two representatives in the directorate of this company.
Page 183 - Section 5.— JP Morgan & Co. Organization. JP Morgan & Co. of New York and Drexel & Co. of Philadelphia are one and the same firm, composed of 11 members: JP Morgan, ET Stotesbury, Charles Steele, JP Morgan, jr., Henry P. Davison, Arthur E. Newbold, William P. Hamilton, William H. Porter, Thomas W.
Page 215 - I am inclined to think that the concentration, having gone to the extent it has, does constitute a menace. I wish again, however, to qualify that by saying that I do not mean to sit in judgment upon anybody who controls that, because I do not pretend to know whether they have used it fairly or honestly or otherwise.
Page 197 - Members of the group have three directors or officers in common with this company, and since 1909, in association •with others, have purchased or procured the marketing of its security issues to the amount of $112,000,000 (g) Chicago & Northwestern Railway Members of the group have three directors...
Page 182 - ... stockholdings, voting trusts, fiscal agency contracts, or representation upon their boards of directors, or through supplying the money requirements of railway, industrial, and public utilities corporations and thereby being enabled to participate in the determination of their financial and business policies. Fifth, through partnership or joint account arrangements between a few of the leading banking houses, banks, and trust companies in the purchase of security issues of the great interstate...
Page 187 - More recently, however, it has been drawn into the community of interest existing between the two first named, as is evidenced by a series of important transactions. First. Within three or four years Morgan & Co. acquired $1,500,000 par value of the capital stock of the National City Bank, representing an investment at the stock's present market price of $6,000,000, and JP Morgan, Jr., became a director. (Morgan, R., 1036, 1075, 1076; Davison, R., 1879; Ex.
Page 196 - Thus, leaving out of account the very considerable part which is unknown, the institutions composing this group have resources of upward of $632,000,000, aside from the vast individual resources of Messrs. Morgan, Baker, and Stillman. Further, as heretofore shown, the members of this group, through stockholdings, voting trusts, interlocking directorates, and other relations, have become in some cases the absolutely dominant factor, in others the most important single factor, in the control of the...
Page 201 - Thirty directorships in 10 insurance companies having total assets of $2,293,000,000. One hundred and five directorships in 32 transportation systems having a total capitalization of $11,784,000,000 and a total mileage (excluding express companies and steamship lines) of 150,200.
Page 196 - ... as the aggregate of known banking resources in the city of New York under their control or influence. If there be added also the resources of the Equitable Life Assurance Society controlled through stock ownership of JP Morgan 504.000,000 the amount becomes $2,104,000,000 Second, as regards the greater transportation systems.

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