Word: consortium
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Dates: during 1930-1939
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...dramatic stock market events last fall, two have remained outstanding. One, perhaps the most spectacular, was John Davison Rockefeller's bid for 1,000,000 shares of Standard Oil of New Jersey. The other was the formation of the powerful Bankers' Consortium. Last week the Consortium issued its first official statement, making it through Morgan-partner George Whitney. Worded in ultra-conservative fashion, it was: "In behalf of the so-called banking group, consisting of ourselves, First National Bank, National City Bank, Guaranty Trust Co., Chase National Bank, Bankers Trust Co., Guggenheim Bros., which, on Oct. 24 last...
...answer to further questions, Mr. Whitney declined to reveal how the Consortium had acted, admitted however that it came out "a little better than even...
Guggenheim Bros. Although many rumors flew wild during the "then disturbed stock market situation," announcement that the Guggenheims had participated in the Consortium came as a surprise to Wall Street. The chief Guggenheim companies, and the ones to whose aid they probably came, are American Smelting & Refining, and Kennecott Copper...