Word: street
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Dates: during 1950-1959
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...finance. Less than a year ago, J. P. Morgan & Co. was in tenth place among New York commercial banks and 28th in the U.S. It was hard pressed for enough money to lend its rapidly increasing number of customers. Then Alexander pulled off a coup that Wall Street dubbed "Jonah swallowing the whale." He worked out a merger with the much larger Guaranty Trust Co., became the head of the fifth largest U.S. bank.-Overnight his bank's capital funds jumped from $89 million to $512 million. Now Alexander is expanding his business and, as an adviser...
...Alexander's law firm assigned him to work as counsel for Morgan in the congressional investigations, and he became Morgan's chief counsel at the Nye munitions hearing, stayed by his side through his entire testimony. On Christmas Eve in 1938, Morgan summoned Alexander to his Wall Street office and invited him into partnership. After agonizing for more than a month about leaving the active practice of law, Alexander became a Morgan partner...
...almost the story of U.S. banking. Founder J. Pierpont Morgan was a great builder and dreamer who helped build the U.S.-and grew so powerful that he helped run it. Morgan left his father's London banking firm at 20 to try his own luck on Wall Street. After acting as agent for his father's firm, he went into business for himself under the name of J. Pierpont Morgan & Co. He performed dazzling feats of finance one after another. His method was to buy control of banks and other financial institutions, use them to seize a dominating...
...relatively unscathed by the crash, the Depression spelled the end of concentrated banking power. The New Deal launched a campaign against "the princes of privilege." J. P. Morgan II was hauled down to Washington to appear before a whole series of investigations. Control of U.S. finance passed from Wall Street to Washington. Regulatory bodies were established, restrictive bills passed, the Federal Reserve strengthened. The Banking Act of 1933 forced Morgan to split off its investment-banking activities, and a group of partners left to form the separate investment house of Morgan, Stanley...
...Western Union offices, where he rigged up devices to electrocute roaches and rats. When he was 22, Edison landed in New York without a cent. He borrowed a dollar and got a job with a company that manufactured primitive stock tickers. As a repairman, Edison witnessed the 1869 Wall Street panic, when the "Erie Railroad Ring" tried to corner the nation's gold supply. As the crowd surged wildly about him-a prominent banker went mad and had to be restrained by five men-Edison shook hands with a colleague, commented later: "I felt happy because we were poor...