The Washington times., 1933-05-30
NAMES REVEAL
METHOD USED
BYMORGAN
Customers, Let in on "Ground
Floor" Reaped Big Profit
on Stock Deals

inquiry is resumed, Senate nVeStl-
gators announced today.
The new list will deal with
preferred customers of the Morgan
firm, who were given an oppor
tunity to purchase United Cor
poration stock, through optional
warrants at $27.50 q share,
when it was selling on the open
market for $56.
The United Corporation was
organized by j. Pierpont Morgan
and his associates to control pub
lie utilities. 1t grew from $685.
100000 corporation in 1929 to a
$500, 100000 firm in 1882.
Reveals Morgan Methods
A compilation of the business
connections of men whose names
appeared on the first two lists of
Favored clients" shed some light
on the Morgan business methods.
The first two lists dealt with sale
of Allegheny Corporation and
Standard Brands, Inc, stock.
Morgan also placed in the re-
cord a long list of corporations
which had an average daily
balance of $1,0O0,0OO on deposit
with the firm in any one year
from 1927 to 1882.
Some of the depositing firms
and their officials who accepted
Morgan largess follow:
Alaska Development and Min
eral Company: Stephen Birch,
president, and John N. Steele,
director.
Alaska Steamship Company:
Stephen Birch, president.
William H. WoOdin Listed
American Car g. Foundry Co.:
William H. Woodin, now Secre-
tary of the Treasury, but then
president of the company.
American Telephone and Tele-
graph Co.: Walter F. Clifford,
president; Myron c. Taylor and
T. Nelson Perkins, direcorS.
Atcheson, Topeka and Sante
Fe Railway: w. C. Pooter, former
president and director; Myron C.
Taylor, director. Charles Steele,
Morgan partner, also is a direc-
tor.
Chesapeake & Ohio Railway:
John j. Bernet, president; w. j.
Harahan, senior vice president.
Chicago, Burlington & Quincy
Railway: Stephen Birch, vice
president; Charles I. SturgiS, d.
rector, secretary and treasurer;
Arthur CurtiSs James, director.
Commonwealth and Southern
Corporation: George H. Howard,
director.
E. I. Dupont de Nemours &
Co., Ind: John j. RaSkob and
Alfred P. Sloan, directors.
Whitney Is Director
Continental Oil Company: Dan
lei j. Moran, president. George
Whitney, Morgan partner, is a
director.
Erie Railroad: Charles Bradley,
chairman of the board; Stephen
Birch, director.
General Electric: Seward Pros
ser and George F. Baker, direc-
tors. Thomas Cochrane, Morgan
partner, is also director.
General Motors Corporation:
Alfred P. Sloan, president; Law
renee P. Fisher, vice president;
Seward Prosser and John ]. Ras-
kob, directors.
International Telephone and
Telegraph Company: SostheneS
Behn, chairman of the board;
Hernand Behn, president. A. M.
Anderson, Morgan partner, is a
director.
Johns-Manville Corporation: H.
E. Manville, president. George
B. Everitt, director F. D. Barlow,
a Morgan partner, is director.
Guggenheim Is Named
Kennecott Copper Corpora
ton: Stephen Birch, president;
Murry CMorris) Guggenheim, d.
rector.
Montgomery Ward & Co.:
George B. Everitt, president.
New York Central Railway:
Patrick E. Crowley, former preSi-
dent; Myron C. Taylor, director.
Niagara Hudson Power Corpora
ton: F.. L. Carlisle, chairman of
board George H. Howard, chair
man executive committee; Arthur
v. Davis, director.
Northern Pacific Railway:
Thomas w. Lamont, Morgan part
ner, is director.
Pere Marquette Railway: John
j. Bernet, president: w. J. Hara-
han, senior vice president.
Pullman Car Company
Pullman Car Company: George
F. Baker. alfred P. Sloan, j. R.
Morror, (CQ) directors. J. Pier
pont Morgan and George Whitney
are directors too.
Standard Brands, Inc: Joseph
Wiltshire, president; Max C.
Wiltshire, president; Max c..
Fleischmann. director. William
Ewing, Morgan partner, is direc-
tor too.
Standard Oil of New Jersey:
Walter C. Teagle, president.
Texas Gulf Sulphur Company:
w. G. Aldridge, president.
United States Steel: Myron c..
Taylor, chairman of the board;
George F. Baker, director. j. Pier
pont Morgan was formerly chair
man of the board. Thomas w.
Lamont. Morgan partner, is a
director.
The total deposits with Nor.
pan'S firm were S340, ,000. 900 on