Word: mackay
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...prouder was Merchant Kress last week to know that his name was on the tongue of the entire art world. One purchase of $250,000 had lifted his little known collection of Italian paintings to front-rank eminence. For that sum Mr. Kress had just bought from Clarence Hungerford Mackay one of the four paintings by Duccio di Buoninsegna in the U. S. Art dealers throughout the country agreed that the 5-10-25? storeman had got a bargain...
...bought by Lord Duveen for $3,000,000, brought to the U. S. Lord Duveen quickly wrote off a third of his investment by selling the four Duccios for $1,000,000, two to John D. Rockefeller Jr., one to the Frick Collection, and the fourth to Mr. Mackay who sold it to Mr. Kress for exactly what he paid for it less the Duveen commission. For the same panel six centuries ago the City of Siena paid Artist Duccio two and a half gold florins (about $5.75) in addition to the cost of his pigments and gold leaf...
...Wanamaker was glad to let him occupy his apartment. Wetzel made his clothes free. Kaskel & Kaskel gave him the latest designs in shirts and underwear, only asked that he let it be discreetly known where he got them. Black, Starr & Frost provided watches and cigaret-cases. Mrs. Clarence Mackay got her husband to let him send Postal telegrams for nothing. Mrs. Fish, Mrs. Gould and Mrs. Vanderbilt gave him passes on their husbands' railroads. He advised women on their clothes and social affairs and husbands did not distrust him. Among multimillionaires who, as Elizabeth Drexel Lehr says, "might hold...
...will probably be asked to accept a less preferred position in the capital structure. Knottiest question will be the treat-ment of the common stock, all owned by I. T. & T. The Brothers Behn not only issued more than 300,000 shares of I. T. & T. stock to Clarence Mackay & friends in payment for Postal, but I. T. & T. also subsequently increased its equity by $25,000,000 cash, which was used to finance Postal improvement...
...Mackay did not fare much better than Mr. Behn. The value of his immense I. T. & T. holdings melted like snow when the price dropped from a 1929 high of $149 per share to a Depression low of $2.63. Not long after that low was reached, Mr. Mackay was living in the superintendent's cottage on his Long Island estate, having closed his big house and stopped the salaries of his hundreds of gardeners, grooms and domestics. To-day with non-dividend-paying I. T. & T. selling at $9 Mr. Mackay is certainly solvent but he no longer plays...